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

Property Transfer Fees reduction

Cyprus Property Transfer FeesTHE GOVERNMENT is looking into the possibility of reducing Property Transfer Fees by 50 per cent to help clear a backlog of some 28,000 Title Deed applications.

Interior Minister Socratis Hasikos said the cabinet was close to approving the change but noted that it would be a temporary arrangement.

“One the hand the reduction to Property Transfer Fees will help people get their title deeds … on the other there will be income for the state,” he told state radio. This would also help in clearing a backlog of 28,000 applications.

The arrangement will be in place for one or one and a half years, the minister said.

Clearing the backlog is part of the island’s bailout terms. Cyprus must cut down the number to around 2,000 by the end of the year.

Yesterday, the Cabinet approved a bill that aims at resolving aging problems relating to demarcation and development of jointly owned, unallocated and enclosed housing plots.

Papadopoulos said that the bill also simplified the process of examining town-planning amnesty applications, and reduces the 30 per cent offset cost payable by applicants who have exceeded the total area allowed by the building permit.

Asked to elaborate on the bill’s provisions, Papadopoulos said that until now, in case a plot of land was owned by two or more people, if at least one did not consent to its development or demarcation nothing could be done.

“The new bill will allow demarcation given the consent of 60 per cent of the owners,” he said.

Papadopoulos added that the bill would address issues relating to roads and passageways for enclosed plots.

“If the owners of a plot surrounding an enclosed plot do not consent to demarcation, the Land Registry head will be allowed to examine the applicant’s request to build a road and develop the property,” he said.

Cyprus Mail