Words: Ashley Rigg
Published: 16th September 2009
Cyprus: Industry split on title deeds
Proposals by the Cyprus government to speed up the issuing of title deeds has been met with a mixed response from the industry.
Plans put forward by Interior Minister Neoclis Sylikiotis include measures to allow properties not built according to their original planning permits to be issued with deeds and the removal of obstacles to allow single units in larger developments to gain full legal status.
Although the proposals have generally met a favourable response from agents and developers, Panayiotis Makedonas, Sales & Marketing Director of Country Rose told Cyprus Property Magazine the problem also lies owners and the large transfer fee which discourages them from applying for the deeds.
“Although there are many who claim they do not get their Title Deeds on time there is still a large percentage that does not want to pay the hefty transfer fees (up to 8% on the purchase price)….In addition to that there is an interest or penalty inflicted on the buyer if he does not transfer. In spite of this, it seems that the developer is always the bad guy."
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.
Full story from
Cyprus Property Magazine
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