Latest Headlines

Reports written by George Psyllides

Sea caves development a ‘litany of irregularities’

A special audit report into the procedures that resulted in the desecration of the sea caves area of Pegeia in Paphos on the west coast of Cyprus has uncovered a litany of irregularities.

Doubts over new moves on Title Deeds

Questions remain over how the gentlemen’s agreement enabling ‘trapped buyers’ to get the Title Deeds to properties they purchased and paid for in good faith will work in practice; the Association of Cyprus Banks has yet to respond.

Trapped buyers breakthrough

It appears that a gentlemen’s agreement has been reached enabling trapped buyers who were duped by nefarious developers and lawyers into buying property on land that the developer had earlier mortgaged to get their Title Deeds.

Non-performing loans (NPLs) initiative

Following comments from the troika on the extremely high levels of non-performing loans (NPLs) the Cyprus government is preparing proposals to improve the insolvency and foreclosure laws.

Determined action over Title Deed fiasco

AKEL has seized the initiative to settle the long-standing Title Deed cum fraud mess with proposals that should enable all trapped buyers to obtain the Title Deed for the properties they’ve purchased.

Local authorities delaying title deeds process

The title deeds process is being delayed by the local authorities who need to decide what type of certificate to grant to properties depending on their condition; a final certificate of approval, a certificate with remarks, or one with a prohibition.

Cyprus plans asset management company

Nearly five years after the troika of Cyprus’ international lenders proposed that the country establish an asset management company to help reduce the high level of NPLs, Cyprus will present plans for an AMC in Brussels next week.

Government striving for Title Deeds solution

The Cyprus government is trying to expedite a resolution to the Title Deeds-cum-fraud mess in which people were duped into buying property built on land that the developer had earlier mortgaged to the bank.

Unfair contracts languishing at Legal Service

Fifty two decisions by the Cyprus Consumer Protection Service relating to unfair contracts have been languishing at the Legal Service for two-and-a-half years instead of being brought to court.

Parliament approves VAT on building land

The new bill imposing VAT on building land has been approved by parliament and will come into force on 2nd January 2018 some ten years after the deadline set by the European Union.

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