The Council for the Registration of Real Estate Agents recently announced that an important step would be adopted soon that will affect the Cypriot property market and how prospective purchasers perceive property pricing.
The proposed legislation will attempt to remove, or at the very least reduce, any misconceptions and other concerns caused by the generic real estate assessment issued by the land and surveys department.
Following the promotion of one of its own initiatives, and in the context of its positive cooperation with the land and surveys department, the council is now convinced of the need to state that the general valuation assessment is only useful for tax purposes and does not represent the market value of the property.
This statement will be included on every title deed to ensure that both property owners and future buyers are aware of it.
“As the Director of the Land and Survey Department himself has told us, the aforementioned step would be publicly proclaimed by the department by December 2022,” stated Marinos Kineyirou, president of the Council for Registration of Real Estate Agents.
“This is a very important development and success for the council, and we believe it will help to alleviate the problems that arise because owners and potential buyers believe that the general assessment performed by the land registry refers to the market value of the property,” the council president added.
“Unfortunately, this is continuing happening despite the clarifying notifications that we have already given, both from outside and inside the land and survey department,” Kineyirou said.
The council went on to say that the land registry’s general assessment is a useful tool for citizens, allowing them to easily and quickly gain access to relevant information about any properties they are interested in, before emphasising that this is only for general information and taxation purposes.
“Prices are not used for other objectives such as purchasing or selling real estate, investing, financing, or expropriating real estate,” the council emphasised.
In November, a total of 1,293 property sales contracts were deposited at Land Registry offices across Cyprus, up from 1,149 in the same month previous year, representing a 13% increase.
However, sales in Nicosia declined for the second month in a row, while sales in Famagusta and Larnaca also fell. However, these declines were offset by increasing sales in Limassol and Paphos, the most popular destinations for international purchasers.
Limassol leads the way with 465 sales, followed by Paphos (317), Nicosia (242), Larnaca (196), and finally Famagusta with 73 sales.
In the first eleven months of 2022, a total of 12,074 contracts were lodged at Land Registry offices, a 33% increase over the 9,063 contracts deposited during the same period in 2021, with sales reaching their highest level since 2008.
Sales in the capital (Nicosia) were somewhat lower than in 2021, but sales in Famagusta stayed stable. However, double-digit growth in sales in the districts of Paphos, Larnaca, and Limassol are expected to make 2022 the strongest year for the sector since 2008.
In November, a total of 1,293 property sales contracts were deposited at Land Registry offices across Cyprus, up from 1,149 in the same month previous year, representing a 13% increase.
Domestic real estate sales in November decreased 6% compared to November 2021, as assessed by the number of sale contracts submitted at Land Registry offices, with sales falling in Nicosia, Famagusta, and Larnaca. Nicosia had the most sales, followed by Limassol, Paphos, Larnaca, and Famagusta. During the first eleven months of 2022, sales to the domestic market reached 6,791, a 15% rise over the previous year’s figure.
