cyprus property market awaits title deeds legislation
News Posted On: 16 April 2010
Yesterday, the Council of Ministers approved six bills concerning reforms to the legal framework governing building permits and the issue of Title Deeds.
After the meeting Stephanos Stephanou, a spokesman for the Cyprus government said that the six bills aim to solve the problem of Title Deeds, and that the improvements will also bring respectable revenues to the state. When questioned Stephanou said that the revenues generated would depend on the number of deeds issued.
In a statement last November, the Cyprus Interior Minister Neoclis Sylikiotis said "If you assume an average €8,000 charge to complete the issue of the final Title Deed and considering that we expect 20,000 units to be processed through 2010, then it’s safe to assume that the government could receive up to €160 million next year alone, plus more revenue in the following years."
"The bills will be submitted to Parliament tomorrow (Thursday) and all the necessary procedures will be followed," Stephanou said, and also told reporters that it includes the urban planning amnesty too.
"Further details of the bills will be released by the Interior Minister. The Interior Ministry has been working on this complicated issue for year and a half," he added.
This is a big issue for the future of the Cyprus property market. According to Cyprus property magazine, an estimated 130,000 units (houses, flats, hotels) in Cyprus are currently without Title Deeds. Some foreigner buyers have gone for years without receiving their deeds and there has been major corruption involved in some cases.
When the scandal blew up in the press last year and the year before, it compounded the problems Cyprus faced at the hands of the financial crisis.
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