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Archive for February, 2014

How many properties without Title Deeds?

Although a figure of 130,000 has often been quoted for the number of properties waiting to be issued with Title Deeds, this was based on statistics published by the Department of Lands and Surveys in 2008.

Cyprus slips out of the top 10

Cyprus has slipped out of the top 10 in the Top of the Props chart published by the which records the most searched for overseas destinations to buy property.

Property Developers: Run Forrest! Run!

If property developers fail to repay their bank loans, then the banks may not have sufficient funds to repay us the money that we deposited with them that they used to finance these loans.

Fugitive lawyer sentenced

Marios Shiaeles, a lawyer who was believed to have fled Cyprus with his wife in 2006 allegedly taking with him client funds estimated to be more than three million Cyprus Pounds, has been sentenced.

Capital controls eased further

Before the capital controls involving money transfers abroad are scrapped, enabling those who have sold their homes to repatriate the proceeds more easily, domestic controls will be fully eased first.

Dramatic drop in building permits

The dramatic decline in the Cyprus construction sector continued in December with the number of building permits authorised during the month falling once again compared to the same period in the previous year.

Troika back-tracks on Title Deed backlog

The Troika has dashed the hopes of those waiting for Title Deeds to be issued for the reported backlog of 130,000 ‘deed-less’ properties as it has changed the scope and definition of ‘the backlog’.

Property sales going from bad to worse (updated)

Update – 17 February. The Cyprus real estate market continues to decline with property sales in January falling 22 per cent compared to January 2013 according to the latest statistics issued by the Department of Lands and Surveys.

Courts can amend foreign currency loans

Advocate General Niels Wahl of the EU Court of Justice has advised that national courts can force banks to replace unfair contract terms for customers holding foreign-currency loans.

Capital controls could be lifted by year-end

The capital controls that currently hinder the repatriation of proceeds from the sale of property in Cyprus could be lifted by the end of the year if substantive progress is made on the economic adjustment programme.

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