02.10.2022
The number of property sales increased by 18% in the first nine months of 2022 compared to the corresponding period last year, while in 2022 there was a 36% increase in the filing of sales documents, said Department Director Elikkos Ilias told KYPE, emphasizing at the same time that the department “constitutes an important pillar of the local economy.”
In particular, the director of TKX said that “the contribution of TKX’s activities to the economy of Cyprus can be estimated if we take into account that annually 18-19,000 transactions for the sale of real estate worth from 3 to 4 billion dollars are accepted.” euros,” adding that “about 16,000 mortgages are also accepted each year for loans in excess of 3 billion euros.” In addition, he said that about 10,000 sales documents are filed each year and 16-17,000 donations are made.
According to TKX data, there were 18,463 property sales totaling €3.19 billion in 2021, of which 15,406 were Cypriots, 1,987 other EU citizens and 1,070 non-EU citizens. .
In all of 2020, there were 14,663 property sales totaling €2.73 billion , in 2019 there were 17,988 transactions worth €3.55 billion and in 2018 there were 18,336 transactions worth €3.61 . billion.
Sales filings were 10,347 in 2021, 7,968 in 2020, 10,366 in 2019 and 9,242 in 2018.
While stating that these figures show an increase in 2022, Mr. Ilias cited data analyzed by TKX to date, showing that sales increased by 18% in 2022 compared to the corresponding period in 2021.
“2022 also saw an impressive 36% increase in sales filings compared to the corresponding period in 2021,” he said, noting that the worst year in the last five years was 2020 due to the effects caused by the pandemic. He also mentioned that TKX has published its 2018-2021 annual work progress in a brochure that briefly and graphically shows the work it does while “at the same time highlighting its contribution to the local economy.”
The Director of the Department stated that the Department protects the rights of individuals (individuals and non-individuals) to real estate, and the work it performs is enhanced largely due to the trust of citizens in it.
“Citizens trust us,” said Mr. Ilias, “and this helps us and encourages us to work even harder to serve them.”
According to TKX, the number of visitors to the online real estate portal reached 4.83 million in 2021, 3.95 million in 2020, and 3.85 million in 2019. In addition, the number of online applications reached 179,141 in 2021, 112,943 in 2020 and 65,381 in 2019.
Newsletters on various issues of the land cadastre
In addition, Mr. Ilias also mentioned the importance of informing citizens on various issues of the Land Registry, noting that “the department prepares information leaflets in a simple and understandable language, both in Greek and in English”.
He stated that the first published information brochure addressed the problems that can arise with joint ownership, and then the citizens were informed about the importance of submitting a Document of Sale to the tax register when buying real estate without title.
Perhaps the most important brochure, according to the director of TKH, concerns the basic information that citizens should know before buying real estate.
These pamphlets, Mr. Ilias told KYPE, “will harass citizens and possibly protect them from bad decisions and various astute people who take advantage of ‘real estate illiteracy’ to make money at the expense of unsuspecting citizens.”
