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26th February 2024
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HomeNewsForty thousand non-Cypriots caught in Title Deed trap

Forty thousand non-Cypriots caught in Title Deed trap

NON-CYPRIOTS have purchased more that 51,500 properties since the start of the millennium, but fewer than 11,500 Title Deeds have been transferred, despite government efforts to speed up their issue.

Source: Department of Lands and Surveys

When we last reported on the impact of these delays in October 2008 (see Title Deeds delays affect 30,000 non-Cypriots), there were 29,949 Title Deeds outstanding for properties that had been bought by overseas buyers.

To address the delays in issuing deeds, Interior Minister Neoclis Sylikiotis set up special team made up of senior officials from each of the relevant departments of his ministry in 2009. This team was charged with overseeing teams of officials in each of the Island’s districts that were monitoring progress on the Title Deeds question.

But despite the efforts of Mr Sylikiotis and those of his team, that figure of 29,949 had risen to 40,170 by the end of November 2011. Moreover, it appears that the problem is getting worse as the gap between the number of properties sold to non-Cypriots and the number of Title Deeds transferred to them continues to widen.