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

Title Deeds issuance completed by year end

INTERIOR Minister Socrates Hasikos has announced that the exercise to bring property values up-to-date will be completed by June 2014 and by the end of the year the Land Registry will have reduced the backlog of outstanding Title Deeds to 2,000 cases (the target agreed with the troika).

Responding to a journalist’s question on the subject, the Minister said that “the titles of 45,000 properties that are currently pending nationwide will be reduced to just 2,000 by the end of the year. It’s a great effort, but we will get there.”

The Minister expressed his optimism that the Land Registry will complete property revaluations within the stated timeframe and on the subject of the outstanding Title Deeds he said “we hope that we will succeed.” He added that the Land Registry has drafted in staff from other agencies to help clear the backlog of outstanding deeds.

Referring to the task of revaluing properties the Minister admitted that “we have a few problems with some of the municipalities.” He repeated the need for more help from the municipalities which he said had been requested from them both verbally and in writing.

Turning to the Mayor of Limassol, Andreas Christou, Mr Hasikos said that “the Limassol Municipality is among those who are helping with property revaluations.”

Andreas Christou said that the Limassol Municipality had recruited twelve people to help: young graduates, architects and engineers to help at total cost of around €50,000, adding that everyone was interested and anxious for a positive outcome for the excercise.

Editor’s note

The Title Deed backlog of 45,000 refers to those cases where (a) An application has been made to the Land Registry to issue a Title Deed and (b) A Certificate of Final Approval has been issued, thereby enabling the Land Registry to issue the relevant Title Deeds.

It is unclear from the Minister’s announcement whether a Title Deed, once issued, will be free of any encumbrances preventing the transfer of ownership of the property to which it relates.