The Cyprus Geological Survey Department is warning citizens regarding the protection of their immovable properties, reviewing the geological suitability...
The first online auction of foreclosed properties will be held Wednesday morning kicking off at 10:00 and continuing for two hours unless a one-hour extension is granted when 16 properties will go under the hammer.
The Bank of Cyprus (BoC) will repossess properties if their owners do not apply for protection under the Estia scheme; it's only received 487 applications from an estimated 2,500 eligible owners.
Banks in Cyprus have acquired more than 14,000 properties from households and businesses through foreclosures and debt-to-assets swaps according to a report in the Phileleftheros.
Around one sixth of the 1.2 million properties in Cyprus were not registered with the Department of Lands and Surveys until the authorities carried out a revaluation exercise as part of the island's bailout agreement.
Although a figure of 130,000 has often been quoted for the number of properties waiting to be issued with Title Deeds, this was based on statistics published by the Department of Lands and Surveys in 2008.
The banks need to offload billions of Euros of property left on their books by bankrupt developers and offer 100 percent mortgages spread over 40 years, similar to those being offered in Spain.
It is unlikely that the existing stock of new properties in the oversupplied markets of Paphos, Larnaca and the Famagusta/Paralimni area will be sold in the near future as they were built for "buy-to-flip" investors and are unsuitable for permanent living.
Considering the problems experienced by many who have bought a property in Cyprus that has yet to be issued with a Title Deed, is it unreasonable for potential buyers to refuse to buy a property without a Title Deed?
