There was some good news for the
troubled Cyprus property market last month. After a stagnant period, official figures showed that there
was a 22 per cent increase in local buyers in December 2011 compared to the
same period in 2010.
And, the Cyprus city of Limassol
has also been identified as a ââ¬Ëproperty hotspotââ¬â¢ in 2012.
Sales of properties to Cyprus residents up 22 per cent
The figures from the Department
of Lands and Surveys showed that there was a 22 per cent increase in the number
of property sale contracts deposited at Land Registries across the island in
December 2011 compared with the same month in 2010.
Domestic sales in Paphos in
December rose by over 300 per cent compared with December 2010, followed by a
52 per cent increase in Famagusta.
Recent government legislation has
been identified as the reason for the increase. New property laws including the temporary
abolition/reduction in property transfer fees on the first sale of a
residential property and a permanent reduction in VAT on real estate purchases
for first time buyers who are residents of Cyprus have seemingly encouraged
more locals to buy.
Limassol identified as property hotspot in 2012
In other positive news, the
Cyprus city of Limassol has been named as a potential property hotspot in 2012
by the City Investment Guide from
Property Venture.
The guide points to the new
marina in Limassol which will be operational in 2012, predicting that it will
have a positive impact on the local economy. As well as generating jobs, the new marina is expected to
attract a more upmarket clientele to the cosmopolitan city.
The report identifies Limassol as
a year round city for many Europeans who want to escape to the warm beaches of
Cyprus during their own harsh, cold winters.
