Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 15th July 2020
Home News Cyprus Could Suffer from Nightmare Property Red Tape

Cyprus Could Suffer from Nightmare Property Red Tape

IF THE problem with the title deeds is not resolved soon, Cyprus will suffer irreparable damages both on a local and an international scale, chartered surveyor and property appraiser Antonis Loizou warned yesterday.

Loizou was speaking after a meeting of the House Commerce Committee, which discussed the difficulties faced by house buyers.

The property appraiser said the main problem in Cyprus was the non-availability of land, and the time-consuming proceedings to obtain building permits.

In order to construct a new building, you need at least 12 licences,” said Loizou, adding: “It takes seven to eight months for each licence to be issued. And then it takes four to five years after it is built to obtain its title deeds.

The lengthy delays in obtaining title deeds have reached such dimensions, not just with locals but with foreigners who have bought land on the island, that it will soon be broadcast in a documentary on Britain’s Channel 4, something Loizou warned could be a blow for economy.

Cyprus receives around £700 million a year from foreign property buyers. If this problem continues, foreigners will be put off,” he said.

And the Turkish Cypriot side may take advantage of this weakness, he added.

Turkish Cypriots will now say: ‘You have problems over there with your title deeds? Then come over here’.”

Referring to the problems faced by the average family to purchase a new home, Committee Chairman Lefteris Christoforou of DISY said it was the state’s obligation to offer a solution to the problem.

The prices are unattractive and 28 to 30 per cent of the costs to build new buildings go to the state. I believe the state should collaborate with Parliament and implement a directive, simplifying all the procedures needed to obtain licensing.”

He added that it was unacceptable for Cypriots and foreigners to have to go through such time-consuming procedures in order to obtain their title deeds.

Copyright © Cyprus Mail 2006



EUR - Euro Member Countries


COVID-19 hits new homes in Cyprus

Permits for the construction of new homes in Cyprus fell by more than a half during April; the second month during which the COVID-19 containment measures continued to apply.

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)