Topic: News

Property sales up 44%. Paphos still the No1.

The number of properties sold in Cyprus during September rose by 44% compared to September 2015 according to the latest official figures published by the Department of Lands and Surveys.

PROPERTY sales in Cyprus increased by 44% in September compared to September last year according to the latest official figures published by the Department of Lands and Surveys.

During September a total of 556 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; an increase of 44% over the 385 sold in September last year.

September’s increase follows a 50% increase in August, a 26% increase in July, and a 42% increase in June.

Of those 556 contracts, 77% (427) were deposited by domestic (Cypriot) purchasers, while 23% (129) were deposited by overseas (non-Cypriot) purchasers. The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property in the domestic (Cypriot) market.

During September sales rose in all district compared with September 2015. In percentage terms:

Sales in Limassol rose 71% Sales in Larnaca rose 42% Sales in Paphos rose 40% Sales in Nicosia rose 25% Sales in Famagusta rose 7%.

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Great News for property buyers and Investors in Cyprus.

The Cyprus Government has approved a revised scheme for granting Cypriot citizenship to non-european entrepreneurs and investors.

New Criteria for Cyprus Passport:

  1. For Individuals who wish to buy only 1 single residential property, then:
    Then they can invest only 2.0m Euro and get their passport.
  2. However, if individuals do not want to buy only 1 single residential property, then:
    The amount needed for obtaining the passport is 2.0m Euro invested in Residential and /or Commercial Properties. For commercial investments, an additional 500.000 Euro for a residential property is also needed. The investment of 2.0m Euro should be kept for 3 years only and after this period the investor can sell the investment. The only requirement after the 3rdyear is to maintain a residential property of minimum value 500.000 euro.
  3. Other Information:
    The passport scheme covers the applicant and family
  • Approval within 3 months under fast track procedure
  • Freedom to live, travel, invest, work, study anywhere in the EU
  • Benefit from the legal rights and privileges of natural born EU citizens
  • No Residing or Language Requirement
  • Travel to over 160+ countries without a visa
  • Children up to the age of 28 may also be eligible
  • The parents of the investor may also obtain the citizenship with an extra residential property of 500.000 euro.


Reduced Property Transfer Fees Till end 2016!

The law reducing the Cyprus Property Transfer Fees for transfers that take place before 31 December 2016 has been published and will be particularly welcomed by those waiting for their deeds.
FURTHER details have emerged of the eagerly anticipated reduction in Property Transfer Fees, which are paid by the purchaser and become payable whenever a property in Cyprus changes hands and are the Cyprus equivalent of the Stamp Duty Land Tax (SDLT) payable in the UK.
The key features of the legislation are as follows: For transfers that take place before the 31st December 2016: (a) If VAT was paid on the property, no Property Transfer Fees are payable. (b) IF VAT was not paid on the property, the Property Transfer Fees are reduced by 50%. However if the Director of the Land Registry considers that the price stated on the contract of sale does not reflect the market value of the property at its date of purchase he may, at his discretion, charge the full Property Transfer Fees based on the market value of the property at its date of sale less the price stated on the contract of sale.
In addition, where a property is transferred from parent to child, Property Transfer Fees have been abolished. Those who have or will purchase property between December 2, 2011 and December 31, 2016 will benefit from the reduced Property Transfer Fees regardless of when the transfer takes place. (Article Transfer fee abolition/reduction law published at last! refers.) The law make no mention of a refund to those who have already paid their Property Transfer Fees. However, in a statement he made last year, the Interior Minister was reported as saying that there was no point in putting off transferring the deeds as any reduction would have retroactive effect if it is decided and that amounts commensurate with the reduction will be returned to all impacted parties.

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