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Title Deed bills to Cyprus parliament today

The six bills concerning reforms to the legal framework governing building permits and the issue of Title Deeds will be submitted to Cyprus parliament today.

YESTERDAY, the Council of Ministers approved six bills concerning reforms to the legal framework governing building permits and the issue of Title Deeds.

In a statement made after the meeting, spokesman for the Cyprus government Stephanos Stephanou said that the six bills aim to solve the problem of Title Deeds and that the improvements will also bring respectable revenues to the state.

The bills will be submitted to Parliament tomorrow (Thursday) and all the necessary procedures will be followed”, he said.

On the question whether this approval is linked to the urban planning amnesty, Mr. Stephanou said that it includes the urban planning amnesty too.

Further details of the bills will be released by the Interior Minister. The Interior Ministry has been working on this complicated issue for year and a half”, he added.

Mr. Stephanou also outlined that the bills have been formed in an open way with the use of modern technology in the sense that the proposals were on the Internet.

Responding to questions, Mr. Stephanou said that the state revenue largely depends on the number of the Title Deeds that will be issued.

In a statement last November, the Cyprus Interior Minister Neoclis Sylikiotis said “If you assume an average €8,000 charge to complete the issue of the final Title Deed and considering that we expect 20,000 units to be processed through 2010, then it’s safe to assume that the government could receive up to €160 million next year alone, plus more revenue in the following years.

An estimated 130,000 units (houses, flats, hotels) in Cyprus are currently without Title Deeds.

Readers' comments

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  • Matt says:

    How will the Bill help a situation where the land owner (Developer) has re-mortgaged his land for further developments and he has now gone bust or can’t repay the loan for another 25yrs!

    The bank holds the title deeds until all outstanding loans are paid in full. Which means home owners are not the legal owners of the land that their house sits on.

    The Cyprus land situations will turn messy once all the hidden facts start coming out of the woodwork.

    For a small country to have 200,000 outstanding applications to process, there is something definitely dodgy going on…and there will be losers at the end of the day. The Banks of course, will never lose out….never

  • Peter says:

    It’s about time and let’s hope the bills are approved and implemented as soon as possible. We’d be delighted to be able to pay for and get the Title Deeds to our property !!

  • Andrew says:

    This was also part of the statement made by Mr Stephanou and published on the Internet:

    Thousands of home buyers, including many foreign nationals, remain without title deeds for various reasons like minor irregularities in the building or more seriously, the developer not having paid off or is unable to pay off the mortgage“.

    Developer mortgages are likely to be the biggest threat to home-owners unless this matter is dealt with immediately.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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