From January to mid-May 2023, property sales in Cyprus have increased by 20%.
This was announced by the senior officer of the Department of Lands and Surveys, Elikkos Elia, on Monday, May 22.
He noted that during the mentioned period, the department received 987 more sales contracts compared to the same period in 2022 (5,694 contracts versus 4,707). However, the number of real estate transactions that are still pending completion currently stands at 9,500, compared to 20,000 in 2022. Elia also emphasized that the decrease in the number of mortgage loans in Cyprus over the past 4.5 months is 35%, or 2,125 loans (from 6,058 to 3,933).
At the same time, he mentioned that these fluctuations are primarily related to the real estate market situation in Cyprus and not the recent cyber attack on the Land Department. Elia explained that after the cyber attack that the department faced on March 8, 2023, "significant efforts were required to restore its normal operation." However, within less than a week, activities related to transfers, mortgages, and general encumbrances were restored. Furthermore, on April 10, the Land Department's website was launched in a new format, and within two months after the cyber attack, all internal functions of the department were fully restored.
Elia indicated that the interactive features of the Land Department's portal remain inaccessible to citizens outside of Cyprus due to security reasons.
The INSPIRE portal, which provides specialized access to geographic data, also remains closed.
Elia expressed gratitude to those who played a decisive role in the prompt restoration of the department's operations, including the Minister of Interior, the Deputy Minister, the head of the Deputy Ministry of Research, Innovation, and Digital Policy, the IT Services Department, and the Digital Security Unit.
Elia also touched upon the issue of issuing property ownership documents in Cyprus. He mentioned that the process of issuing titles for problematic projects began around 2006, and by 2009, over 100,000 titles were awaiting issuance. After the implementation of relevant urban planning legislation in 2011, approximately 65,000 property ownership documents were not processed in Cyprus. In 2015, in response to the requirements of external bodies overseeing the Cyprus Economic Restructuring Program, applications for all constructions awaiting property ownership documents were opened, resulting in the issuance of around 45,000 titles.
With the initiation of the Recovery and Sustainability Plan in 2021, approximately 20,000 titles were under consideration, which were associated with approximately 1,050 applications for mandatory building upgrades.
The commitment outlined in the plan is to review a total of 16,000 property ownership documents, representing 80% of the applications, stated Elia. He also noted that as per the plan, 10,500 property ownership documents were reviewed, of which around 4,700 were issued and approximately 5,800 were rejected. Currently, around 9,500 titles corresponding to approximately 500 applications are awaiting review, he added.
Elia highlighted that during the latest assessment of 45,000 applications, it became evident that over 15% of the total number of constructions in Cyprus have significant violations. These include the lack of necessary construction permits, illegal building alterations, and incomplete infrastructure projects. This makes it impossible to issue property ownership documents for such projects.
The majority of cases related to the aforementioned issues are still awaiting review within the framework of the Recovery and Resilience Plan, as the violations have not been rectified over time, he stated. Finally, Elia assured that the Land Department is making "every possible effort" to fulfill its commitments.
Are you interested in property on the island? Take a look at the number one real estate agency in Cyprus, DOM! The agency's website features the largest property database in the country, with over 30,000 residential and commercial properties across the entire island. Choose and reach out to professional brokers who will assist you in making the right choice!