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In The News September 2011

In the News

Around 28,000 Title Deeds issued since 2009
Interior Minister Neoclis Sylikiotis has said that around 28,000 Title Deeds have been issued since 2009 following the introduction of new mechanisms and greater coordination between the relevant services. Speaking before the annual general assembly of the Cyprus Association of Real Estate Agents in Nicosia, the minister highlighted the legal and administrative initiatives taken by the government to solve the problem of pending Title Deeds." The general assessment of the four bills promoted by government and passed recently by parliament is that they constitute a significant reform of the legal framework governing the legitimacy of thousands of buildings and the issuing of Title Deeds," said Sylikiotis. "As a result of the new mechanisms introduced at thee Land Registry and the coordinated effort by all relevant services, around 28,000 Title Deeds have been issued from 2009 until now," he said.




During the first eight months of this year 7,929 property transfers took place compared with the 4,709 contracts for the purchase of property deposited at the District Lands Offices. The Land Registry's assessment of the market value of the properties transferred totaled €1,311,438,600.16; 7.9%higher than the sale price of €1,215,923,351.44declared by vendors and purchasers. A recent article by Antonis Loizou reports that only 21% of those invited to transfer their property, thereby gaining its undisputed legal ownership, are prepared to carryout the transfer.
Source: Department of Lands and Surveys& Cyprus Mail

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