Lysos, Cyprus Photo: Evgenly Isaev
Cyprus has made a big breakthrough in the ongoing problem of title deeds.
The country has been informed by the Troika (the European Union, European Central Bank and the IMF) that laws must be passed to ensure that title deeds are passed directly onto buyers immediately after they have paid for their properties.
This must be enacted before 5th September so that Cyprus will receive the next installment of its €500 million bailout from the Troika on 20th September.
To this end, the Council of Ministers has approved the law and it has been proclaimed by the Minister of the Interior, Mr Hasikos, that an extraordinary meeting of the Cyprus Parliament will start on 3rd September to pass the law.
Any problems between developers and banks must be resolved between themselves.
“This is a huge step forward for the Cyprus property market as it finally resolves the Title Deeds problem in favour of the buyers,” says estate agent Fitzgerald Marketing.
“This is excellent news for the buyers and sellers. The market will be larger and more secure with a huge increase in the number of properties with Title Deeds.”