- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Title Deed reforms before Cyprus parliament soon

ACCORDING to a report in Stockwatch, the five bills aimed at speeding up the issue of Title Deeds, which include an urban planning amnesty, will be submitted to the Council of Ministers and the Parliament shortly.

Before the end of next week, the Attorney General will finalize the elaboration and the week after the five bills will be submitted to the Council of Ministers and then to the Parliament”, the Cyprus Interior Minister Neoclis Silikiotis stated on Friday.

The initial estimate was that the bills would be approved by the Parliament in September 2009.

Those draft laws aim to facilitate the issue of Title Deeds. The promotion of this approach in the issue of Title Deeds is carried out so as to have substantial results and not only to strengthen the state revenues”, he said.

Our aim is to facilitate the citizens who had not had Title Deeds for years now and to avoid similar phenomena in the future”, he reiterated.

Mr. Silikiotis made the statements within the framework of his meeting with the General Secretary of AKEL, Andros Kyprianou, who was informed on the course of the restructuring plans of the local administration.

Editor’s comment

Last year, the Cyprus Bar Association opposed the three initial draft bills saying that they “will lead us into a labyrinth without solving the problem”. Property groups KSIA and CPAG were reported to doubtful that the new laws would resolve all of the problems.

Commenting at the time David Pollard, commercial director of agent Universal Vacations Realty, said that “Simply bringing out new laws will not increase the speed at which some developers apply for Title Deeds,” adding that, “It will only make them more inventive because they have too much to lose.

But Savvas Georgiades, of developer Aristo, welcomed the initial proposals saying that: “We believe that the simplification of the whole process will help enormously,” adding that “90% of the deeds are not expected to be problematic, with the other 10% having problems regarding unauthorised changes to their plans and these could be corrected by the amnesty measures proposed by the Minister”.

It is unclear whether Mr Silikiotis has addressed those initial concerns in the five new bills shortly to be presented to the Council of Ministers and Parliament.