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 the Land Registry and the coordinated effort by all relevant services, around 28,000 Title Deeds have been issued from 2009 until now,” he said, adding that the authorities are now able to issue town planning permits for regular developments within three to four months on average.
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 totalled € 1,311,438,600.16; 7.9% higher than the sale price of €1,215,923,351.44 declared by vendors and purchasers.
In a recent article by Antonis Loizou he reports that only 21% of those invited to transfer their property, thereby gaining its undisputed legal ownership, are prepared to carry out the transfer.