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Welcome to TheMoveChannel.com Cyprus News Homepage, where you can keep up with all the latest Cypriot property news, covering a range of property investment, real estate industry and personal finance news topics. If you like our news, why not sign up to one of our newsletters or RSS feeds and read it every day!Cyprus property sales jump 97 per cent
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Cyprus has long been the black sheep of the overseas property family. With its economy in turmoil, hit hard by the Eurozone crisis, prices and demand have been plummeting for months. But Cyprus surprised the world this week with the news that domestic property sales in January jumped by 97 per cent compared to 2011.
The figures, published by the Department of Land and Surveys, show that 697 local sales were completed in January, compared to 354 in January the year before, marking the second consecutive monthly increase in transactions for the market.
The rise, which followed a 22 per cent increase in December, has been attributed to the tax incentives introduced by the government last year. The incentive, which reduces VAT for first-time-buyers who live there permanently, also abolishes Property Transfer Fees on the first sale of a property for six months.
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This year has been a disaster for the Cyprus property market with the number of sales falling below those of 2009, the year the market crashed, and prices that are in a downward spiral with no sign of a recovery.
Residential property prices and rents continued to fall in Cyprus in the third quarter of 2011, according to the quarterly index from the Royal Institution of Chartered Surveyors.
The world's housing markets had a weak third quarter of 2011, according to the latest survey of worldwide house price indices prepared by the Global Property Guide. During the year to end Q3 2011, house prices fell in 25 countries (out of the 44 for which quarterly house price statistics are available) and rose in only 19.
In an attempt to stimulate the Cypriot property market, the island's MPs unanimously voted in the House of Representatives this week to abolish or reduce its official “Property Transfer Fees” for a period of six months.
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The Cyprus property market shrank by 21 per cent in October compared with October 2010 and the number of sales recorded so far this year are down by more that 11 per cent on the number sold in 2009, the year the market collapsed.
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