The increase in sales that was registered with the Cyprus Land registry department in May and accounted to 23%, was not followed by June’s sales that actually recorded a reduction of 8% on nationwide sales of Cyprus property.
However as we are at the half of 2012, the picture is slightly better than last year once again as a total of 3710 sale documents were registered, compared to 3577 in the half of last year and which represents an increase of 4%.
Although only the January and June sales were showing a positive signs, +54% and +23% respectively, the increase was enough to cover the remaining months that recorded a decline. This fact indicates that the temporary reduction in transfer tax was successful, although this was just a temporary measure. This is of course the the main reason than this reduction in transfer fees has now been extended up to the end of 2012.
7 July 2012