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Cyprus Property Action Group report

Cyprus Property Action Group reportESTABLISHED in 2007, the Cyprus Property Action Group (CPAG) has lobbied the Cyprus government and, more recently, the European Union and the Troika team in its efforts to resolve the many problems with the island’s property industry.

It its latest update the Group details the progress that it and other lobbying groups have made and says that it is “very optimistic” that changes to the industry and the attitude taken by the Cypriot authorities “may be inevitable”.

The Group says with some certainty that the outside pressure is starting to bear fruit. For example, the draft Memorandum of Understanding between the government of Cyprus and international lenders concerning the island’s bailout terms makes several references to property issues, including:

“By [Q4-2014], eliminate the title deed issuance backlog to less than 2,000 cases of immovable property sales contracts with title deed issuance pending for more than one year. The authorities will enhance cooperation with the financial sector to ensure the swift clearing of encumbrances on title deeds to be transferred to purchasers of immovable property, and implement guaranteed timeframes for the issuance of building (completion?) certificates and title deeds;”

“Publish quarterly progress reviews of the issuance of building and planning permits, certificates, and title deeds, as well as title deed transfers and related mortgage operations throughout the duration of the programme;

CPAG has also raised an issue with the European Union that the Cyprus Consumer Protection Service (CCPS) is failing to enforce the Unfair Terms in Consumer Contracts that Cyprus transposed into The Unfair Business-to-Consumer Commercial Practices – Law 103(I) of 2007. The European Union is continuing its Investigations.

Several other ‘interesting’ questions concern the accuracy of statements made by a government minister and the veracity of responses given by Cyprus diplomatic staff in response to questions raised by MEPs.

Further reading

UPDATE : January 2013 – Cyprus Bailout Conditions – EU Commission