THE department of Lands and Surveys is now publishing monthly statistics on the number of Title Deeds issued for development projects.
Under the terms of the Memorandum of Agreement (MoU) agreed with its international lenders, Cyprus must ensure that the Title Deed issuance backlog drops to less than 2,000 cases of immovable property units with title deed issuance pending for more than one year by Q4-2014 (backlog refers to (i) applications, (ii) units that are eligible for the “exofficio” issuance of title deeds, required certificates and permits).
At the beginning of July this year the backlog stood at more than 23,000. During July and August a further 3,334 Title Deeds were issued for development projects, reducing the number outstanding to below 20,000.
But in addition to this backlog, many sale contracts have been registered for which neither an application to issue Title Deeds has been received nor units that are eligible for the “exofficio” issuance of title deeds.
Furthermore, although the Land Registries have issued 10,602 Title Deeds this year, there is no indication as to whether these properties are unencumbered and therefore available for transfer to their purchasers.