Words: Ashley Rigg
Published: 21st September 2009
Cyprus government title deed proposals
The Cypriot government has submitted four draft bills to help solve the Title Deed issue problem.
An estimated 130,000 properties are without Title Deeds, including around 30,000 purchased by foreign buyers. The government’s official target is to have 20,000 deeds issued by mid 2010.
Cyprus Property Magazine provides full details of the plans which are summarized below:
- A building amnesty is proposed. Title will be given to certain buildings that have been built outside the specifications of their building permit. A Special Committee (to be appointed) will decide which buildings apply, with the main criteria being that the “illegality” does not affect the interest of nearby properties.
- Depending on the extent of the building violation, there will be three types of Titles:
1. ‘Final Title’ (with no violations);
2. ‘Incomplete Title’ (on which the violations are minor and will be so recorded on the Title);
3. ‘Incomplete Title’ (which will include serious violations and they will also be recorded on the Deed).
Buildings with “Incomplete Title” will not be allowed to be sold/transferred, mortgaged etc, until the violations are removed. Titles with non-serious violations will have to pay compensation.
After discussions with interested parties, a final proposal is expected to be submitted to the House for final approval by the end of the year.
Full story on
Cyprus Property Magazine
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