articles | 09 October 2014

Cyprus property sales up in September 2014

Property sales displayed a new increase in September 2014, albeit in the shadow of concerns of the repossessions bill.

The number of submitted sales documents reached 373 in September, a 31% increase on the 285 submitted in September 2013. The increase was also higher than the 26% rise recorded comparing August 2013 and 2014.

However, Vice Chairman at Real Estate Agents Association Solomon Kourouklides has cautioned the figures are not representative of true market conditions.

In comments to Stockwatch, Kourouklides said: “People expected the law on repossessions to be voted in and many rushed to make some sales to service their loans. These sales are not ordinary sales; they are made out of necessity by land developers and private individuals.”

This also led to a different kind of property purchasing, Kourkoulides said, noting some people were attempting to take advantage of low prices.

He said how the property market would be affected by the repossessions law depended on how the banks would be enforcing it as well as what other legislation the House would vote in, including the solvency law in particular.

Between the start of the year and September, there have been 3,328 property sales, a 24% increase on the 2,684 sales made over the same period in 2013.

Increases were recorded in all townswith Limassol enjoying the greatest rise - 51% - with 1,057 compared to 702.

Next is the free Famagusta district where property sales rose 37% from 172 to 235.

A 24% increase was recorded in Larnaca with 557 until September this year compared to 449 by the end of the same month last year.

In Nicosia, the increase was 24% rising from 501 to 583 while Paphos had the lowest increase but a significant volume of properties with a 4% rise from 860 to 896.

Source: InCyprus

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