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

Title Deed problems resolved by new bills?

Title Deed Gordian KnotSPEAKING at a news conference, Interior Minister Neoclis Sylikiotis spoke of the progress made by his ministry over the past three years.

During his speech he made a particular reference to the “town planning amnesty” bills. These are the four bills that were recently approved by parliament to resolve what has come to be known as the “Title Deed-cum-fraud” mess that has blighted Cyprus’ once lucrative property market. (Deputies rejected a fifth bill amending the Island’s contract law).

According to Mr Sylikiotis “The approval by parliament of the four of the five bills will solve the Gordian knot for the thousands of title deeds that have been pending for years now.”

Although we have yet to receive a full assessment of the new laws, we understand that they do not address the most pressing problem; i.e. those who have been mislead into buying property built on land that the developer has previously mortgaged.

The new laws will give some relief for those whose properties suffer from minor planning infringements. But it appears that those with more pressing problems will get little comfort from the Interior Minister’s words.