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Speeding up issue of Title Deeds

The Cyprus government is ready discuss ways to reduce the time taken to issue Title Deeds, which has tarnished the reputation of Cyprus as a safe place to buy property by overseas investors.

Pantelis Leptos said that that while investor interest in real estate on the island is unprecedented thanks to the state’s efforts, the government is ready to discuss ways to speed up the issue of Title Deeds.

Leptos who was commenting after a meeting with President Nicos Anastasiades in Nicosia on Monday, said that while the real estate market was out of the woods and the situation was currently better compared with three years ago, there is still way to go to improve the quality of the services and the product offered by Cypriot developers.

The chairman of the business group told reporters following the meeting, also attended by Interior Minister Constantinos Petrides, that he discussed “the matter of the timely issue of various permits to avoid delays and the overhaul of the Title Deed issue system,” according to a message emailed by the Press and Information Office.

Delays in the issue of Title Deeds to buyers, usually resulting from town planning violations by developers or outstanding in their financial obligations, has tarnished the reputation of the island’s builders abroad, as it relies on property sales to foreigners to support economic growth and prevent property prices – which stabilised last year for the first time after the crisis – from further decline, which would in turn negatively affect the balance sheet of fragile Cypriot lenders.

Government policies, such as the Golden Visa scheme which allows investors to acquire either a Cypriot passport or a permanent residency and tax breaks and town planning relaxations, have helped increase both demand and supply on the real estate market as well as construction activity.

A study carried out by the CLBDA, showed that outsourcing preparatory work required for the Title Deed issue, such as permits and certificates, to the private sector, “mainly civil engineers,” could help both property buyers and sellers.

The government’s reaction to the proposals of the CLBDA, whose deputy chairman is Yiannis Misirlis, son-in-law of President Anastasiades, was very positive, Leptos said that added that there will be further meetings with the interior minister and officials of relevant government departments.

Readers' comments

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  • natkin says:

    After all this time they still believe that people will accept their ‘bull-….’

    None of them have any credibility.

    I say again – Anyone who is considering buying property here in Cyprus must have more money than sense or be completely mad!

  • Jill says:

    Oh goody – they’re ready to discuss it are they? Excuse me, I thought they’d been doing this for years!! But, of course, there’ll always be something or someone standing in the way of us getting them (the local Council because they refuse to issue a completion certificate unless they carry out works not done by the developer (paid for in the thousands up front of course), or, of course, the developer themselves who know they can add almost endless ‘charges’ if somebody tries to sell – actually it’s still impossible to get ‘clean’ title deeds (after 14 years)!! So being ready to discuss it just don’t cut it I’m afraid….. As someone said, they’re SO good at talking aren’t they, but actually getting down to doing anything, well that’s something else altogether. The illegal stuff just goes on. They are laughing at us as always.

  • Nikos Theodoulou says:

    Please to receive it.
    Thank you.

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