Cyprus Property News magazine for overseas buyers & real estate investors

Saturday 11th July 2020

George Psyllides

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.

New obstacle to solving Title Deeds mess

Solutions to the Title Deed mess resulting from court decisions declaring that the 'Trapped Buyers' law is unconstitutional will be the subject of a meeting between all parties on 16th June.

Cyprus justice subverted by corruption

Former ECHR judge has charged that corruption has crept into the Cyprus justice system casting doubt over certain decisions; the judiciary is lacking knowledge, impartiality, and self-awareness.

Local authorities obstructing Title Deeds

Local authorities are preventing the Land Registry from issuing Title Deeds to trapped buyers by refusing to issue Certificates of Approval for properties suffering from trivial planning infringements.

Land wrongly designated as Turkish Cypriot

A British citizen of Turkish Cypriot descent has been awarded thousands of Euros in damages by the Larnaca District Court as the state wrongly designated his land as Turkish Cypriot.

Trapped buyers apply for title deeds

Around 4,000 ‘trapped buyers’ who have paid for their property but cannot get their Title Deeds have submitted applications since the ‘hidden mortgage’ law came into force on Thursday 3rd September.

Illegal building extensions amnesty

The Cyprus government is to introduce new measures to legalise formerly illegal building extensions by allowing people to add 20 per cent of their building's co-efficient until the end of 2020.

Title Deed regulations approved (updated)

The Cabinet has approved the Title Deed regulations needed to implement the 'hidden mortgages' law to protect home buyers in Cyprus who were duped into buying property that developers has previously mortgaged to the bank.

Troika turns up the heat on Title Deeds

Cyprus will not receive the next tranche of the bailout loan from the troika until it enacts legislation to protect those home buyers who have paid for their properties but have not received Title Deeds.

MP defends hidden mortgages delay

Cypriot MP Giorgos Perdikis has defended the delay in passing the 'hidden mortgages' bill saying that "If they (the government) had wanted the (title deeds) bill expedited they should have asked."

MPs slammed over hidden mortgages bill

The Cyprus Interior Minister Socratis Hasikos slammed MPs for shelving the Title Deeds bill designed to address the inability of home buyers to get the deeds to the property they purchased.

Tax incentives target rich foreigners

A 50 per cent cut in Property Transfer Fees and other tax incentives have been announced by the Cyprus President in efforts designed to attract high-net-worth foreign investors to the island.

Most Read

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)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.