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Property sales up 31%

08/10/2014 08:38
Property sales in September recorded a new increase in the shadow of the foreclosures bills approved by the legislature.

More specifically, the deeds of sale in September 2014 recorded an annual increase of 31% to 373 from 285 in September 2013.

In August, they increased by 26%.

According to Vice Chairman of the Pancyprian Association of Realtors, Solomon Kourouklides, "people expected that the foreclosures bill would be approved and many rushed to make sales to service their loans. These are exceptional sales made by developers and individuals under unusual circumstances”.

“There is a second type of sales as well; some are trying to take advantage of falling prices in the property market”, Mr. Kourouklides added.

As for the impact of the foreclosures law on real estate prices, he said it depends on how this will be implemented by the banks and what legislation will be passed by the Parliament regarding insolvency.

For the period January-September 2014, property sales recorded an increase of 24% to 3328 from 2684 last year.

Property sales have increased in all cities.

The largest increase of 51% is registered in Limassol with the deeds of sale amounting to 1057 from 702.

Limassol is followed by Famagusta where sales increased by 37% to 235 from 172.

Sales in Larnaca increased by 24% to 557 from 449, while those in Nicosia increased by 16% to 583 from 501.

In Paphos sales rose 4%.