Latest Headlines

Troikans bump into elephant

During their recent visit to Cyprus, the delegation from the island’s troika of international lenders bumped into the elephant in the room; the unacceptable delay in issuing Title Deeds.

Troikans bump into elephantON A RECENT visit, the Troikans were quite appalled to find out the glacial speed with which the Lands and Surveys Department issued Title Deeds.

They were discussing the privatisation of the Cyprus Ports Authority, examining its assets and discovered that the Authority had no Title Deeds for the land on which the Limassol Port was built.

Back in 1972, the government had asked for a loan from the World Bank for the building of the port. The Bank said the Authority would have to have assets to use as collateral for the loan and so the government transferred the state land to it.

Forty-three years later, the Lands and Surveys Department had still not got round to issuing the Title Deeds.

Readers' comments

Comments on this article are no longer being accepted.

  • Mike G says:

    Sorry left tusk.

  • Mike G says:

    The elephant looks like its missing part of its right tusk. I hope not.

  • Peter Davis says:

    Problem is how do we privatise something we don’t own?

  • Costas Apacket says:

    The problem in Cyprus is that it’s not just one elephant, but a herd of them affecting every facet of life.

  • Dunn good says:

    When we bought our place and were fleeced by the developer and Alpha Bank we were told that we should have performed our `due Diligence` before entering the contract.

    Did the Troika not do theirs or like us did they believe the words of the Lawyers and trust in their expert knowledge of the Law in their own Island, what hope have they of ever getting the Truth in Cyprus!

  • Richard says:

    Spot on Mike.

    The E.U has a flag, an anthem, a court system and a central bank controlled by some very wealthy people via (largely undemocratically ‘placed’ rather than elected representatives). It is indeed a country – and one we seemingly appear to all be covertly at war with. If not at war – then certainly at odds with.

    Some people cleverer than me have already worked out that mathematically the E.U cannot survive. I frankly don’t care one way or the other. As far as I’m concerned – the whole thing is a corrupt farce that’s only served those within it.

    What matters now is realism comes into play. 80% of people are OK and always willing to do the right thing. We’re all heartedly sick & fed up with everything being tilted towards the 20% who will never do the right thing – no matter what you do with them or for them. They are incurable – and like incurable diseases – we need to eradicate them now and vaccinate against them in the future.

  • Deanna says:

    Bravo Nigel for a brilliant editorial which made me splutter into my morning coffee!
    And well said Mike for you first posting which prolonged my smile.
    Our (collective) sense of humour is the only thing they can’t take away from us, so hang onto it for all your worth.

  • Mike says:

    Sorry, couldn’t resist that.

    On a more serious note I suggest there is an ulterior political motive for the reluctance to issue title in that by doing so the banking systems collateral portfolio may collapse to nothing thereby rendering the outstanding loans worthless. The loans may also have been sold on together with the collateral values so explaining to the investment banks that they have been sold a worthless product would be difficult.

    Whatever the reason I see difficult times ahead and I don’t see the EU, despite the rhetoric, lifting a finger to help individuals at all. Their interest lies in the Euro dream and super state that is Europe not individuals tragedies. That is for sovereign states to resolve – and we know what that means in Cyprus.

  • Mike says:

    What’s the rush my friend? The sun is shining in Protaras it also shines in Paphos even Limassol has sun. The port is clearly working – everything you have has been processed through it. You worry too much. Relax, open a bottle of wine, lie back and let the sun kiss your bones.

    This is Kypros my friend, you don’t need bits of paper to tell you what you already know you have, trust me, I know these things.

    This elephant – does he need a permit to be here?

  • Jill says:

    Oh so the Troika are concerned about Title Deeds are they? Does that mean they’re also concerned about all of us who have paid for our houses in full, yet still await completion of our development after 11 years? And still have no sign of our Deeds, let alone the developer?

    Perhaps the Troika, being representative of the EU, should show a bit of concern that developers are allowed to get away with this, when the so-called ‘Government’ could be raking in millions just by issuing our legal entitlement!!!!!

  • Stuart says:

    Reading the above article ‘Minister boldly goes where no-one has gone before‘ from August, 2009, does go a long way to explain the prevailing attitude and culture behind the glacial speed with which the Lands and Surveys Department issue Title Deeds.

    The target set by the MoU for the reduction in the Title Deeds backlog has long since been consigned to the dustbin of history so the Troika will need to start treating this issue in the same way it has tackled the progress of the foreclosure legislation.

  • Aggis Demetriou says:

    Did you really think for a minute there would be a title?
    When I went to the ministry of interior last year I could get my head around the illegal add ons the building had over the years.
    I’m sure that doesn’t have planning or title.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

  • Text size

SELECTED REPORTS

Back to top