Assets gross sales in acquired off to a flying get started in 2022 in accordance to formal studies from the Department of Lands and Surveys.
The full selection of property income (as calculated by the amount of contracts deposited at Land Registry places of work) in January 2022 rose 67% compared to January 2020. This is the maximum January figure on history considering that 2008.
The contracts will have included properties, flats, professional structures and land.
In Paphos, 214 contracts have been deposited at the Land Registry an enhance of 182% compared to the 76 deposited in January 2021.
In Larnaca, 150 contracts had been deposited, compared to 93 in January 2021 an maximize of 61%.
In Limassol, 276 contracts have been deposited, when compared to 159 in January 2021 an improve of 74%.
In Nicosia, 188 contracts ended up deposited, when compared to 153 in January 2021 an raise of 23%
Ultimately, in Famagusta, the range of contracts deposited fell 18% to 27 compared with the 32 deposited in January 2021.
It’s achievable that the report range of sales resulted from a previous-moment sprint by Cypriots wanting to just take gain of the government’s desire charge subsidy scheme that concluded at the finish of 2021. The plan provided an desire subsidy of 1.5% for a period of time of four a long time for loans not exceeding €400,000 for residence purchases.
Also, it is probably that that the history figures include things like an unreported number of ‘non-sale’ agreements these as financial loan restructurings, recoveries and personal debt-to-asset swaps agreed among the banking institutions and defaulting borrowers in initiatives by the banking companies to decrease their non-performing financial loan portfolios.
(Although the number of debt-to-asset swaps isn’t revealed, some indication of their extent can be discovered in the quarterly accounts of the Financial institution of Cyprus. As the financial institution is the island’s premier loan provider it is most likely that it has agreed extra debt-to-asset swaps than other banks and economic institutions.)