The Interior Minister of the Republic of Cyprus, Neoclis Sylikiotis, is confident that the proposed Title Deed changes will work according to an interview in today’s Sunday Mail with Charles Charalambous.
Just how much damage to the economy, the image of Cyprus and people’s lives will have been caused before the Government shoulders its responsibilities and resolves the Title Deeds issue once and for all?
Businesses and households in Cyprus are facing the most difficult three years in the last thirty, according to the autumn forecasts released yesterday by the European Commission in Brussels.
More people face loosing their homes in Cyprus as a second property developer is liquidated. Buyers of A&G built properties without Title Deeds have been left at the mercy of the banks.
BuySell Cyprus Real Estate is suing a UK-based Briton for commission on the sale of his three bedroom house in Peyia even though he managed to sell it to a Greek Cypriot through his own efforts.
The legal reforms proposed by the Cyprus Interior Minister Neoclis Sylikiotis are not a cure-all solution to the many Title Deed problems. Those who have been deceived into buying mortgaged property will continue to remain at risk unless the Government acts to protect their interests.
The reason the company has collapsed is not the crisis, but the fact that Cyprus’ legal and regulatory framework allows a builder with five years’ experience to set up as a developer and apply his own standards of commercial behaviour.
Over the last three months, prices of property in Cyprus have fallen by around three per cent, which although modest, is part of a trend that will probably be gradual. We should see more of a price reduction in the second quarter.
