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Cyprus Property News

Not all Title Deeds will be made the same

Date: 11/09/11

New legalization aimed at finally addressing the farce of issuing the tile deeds is far from straight forward.


 

After years of political posturing new property laws have finally made it onto the statute books. The aim of this new legislation is to allow tens of thousands of Title deeds to be issued to eager owners of property in Cyprus, many of whom have waited for decades to get their hands on these precious pieces of yellow paper.


Major role to the final progress on this front could be allocated to the increasing international pressure from various international institutions. And although there is little doubt regarding the overall benefit for the state of increased revenues through transfer fees, the overall result is questionable. After studying the introduced law it becomes apparent that its leading beneficiary is the state and not the private property owner.


Despite the expectations of a straightforward solution, the new laws are complicated pieces of legislation.  Although the distressed owners of Cyprus property may be happy to hear that their home can finally get title deeds it remains to be seen what some of these second class title deeds will be worth in the real world.


Until now Title deeds have been the “gold standard” for Cyprus property. The new legislation makes allowances for the creation of a sub-class of title deeds, deeds with “problems”. These potential “problems” could be town planning irregularities or financial burdens on the land where the property was build.  Although full transfer fees will be paid based on the value of the original contract of sale, it seems unlikely that these deeds will carry much weight in front of potential purchasers of Cyprus property. Financial institutions are also unlikely to accept the deeds of sub categories as collateral for potential mortgages.


As has always been the case in our company, we will continue to offer only properties that are literally “as safe, as houses”. This will mean - properties free of developers’ mortgages, with a clear road to obtaining full “clean” deeds or with full title deeds.  



 

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