A generous discount on Property Transfer Fees would provide a serious incentive for both vendors and purchasers to complete transfers and bring millions of much needed revenues into state coffers.
The days when greedy property developers could extort contract cancellation fees from purchasers who wished to sell a property in Cyprus before its Title Deed had been issued have come to an end.
A number of simple and practical measures could be taken by the government of Cyprus that would encourage the timely transfer of property titles, increase public revenues, reduce tax evasion and support the property market.
The draughtsman of the original amendments to the Cyprus Immovable Property (Tenure, Registration and Valuation) Law provides a summary of the new laws that were approved by parliament last month.
Although the Cyprus Land Registry issued 15,000 Title Deeds between June 2009 and November 2010, only 4,200 have been transferred. What is causing this problem and what can be done to resolve it?
Next year could see the dawning of a new era in the Island’s property market following the introduction of the proposed changes to the property laws; Andreas D. Symeon explains.
Due Diligence
Due diligence is absolutely essential before committing to buy a property.
