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

EU report into property development

IN 2011 the EU wrote to Cyprus seeking answers on the Title Deeds issue. Responding to a petition from the Cyprus Property Action Group (CPAG) and 41 MEPs, EU Commission Vice President Viviane Reding said that:

“…an administrative letter has been sent to the Cypriot authorities enquiring on the one hand, as to the actions carried out at national level to address the reported practices and… On the other hand, about the measures taken to ensure that consumers are adequately informed about the Cypriot law transposing Directive 2005/29/EC on Unfair Commercial Practices (the ‘UCPD’).

“Should the information communicated be unsatisfactory, the European Commission is prepared to take further action as appropriate”.

Although the EU received a reply from Cyprus in January 2012 and completed its report into the matter last April, nothing further has been heard from the EU.

In a written question to the European Commission, Scottish MEP David Martin has requested an update:

Question for written answer E-010363/2012
to the Commission
Rule 117
David Martin (S&D)

Subject: Commission report on property development in Cyprus

The Commission will be aware that in January 2012 it received a reply to a letter it had sent to Cyprus. The Commission’s initial letter was an enquiry into the actions carried out at a national level to address the practices of property developers and the measures taken to ensure that consumers are adequately informed about the Cypriot law on unfair commercial practices.

In April 2012 the Commission finalised its report on the Cypriot response.

Could the Commission outline the conclusions of this report and provide an update on the situation regarding consumer protection in dealings with property developers (this question is with regard to Alpha Panareti Limited specifically)?