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Monthly Archives: September 2011

Title deeds amnesty in Cyprus nears Deadline

The deadline is 7th October 2011 If you are one of the many still waiting for your ‘final certificate of approval’ for your title deeds, then a recent change in the law in Cyprus Property may help you. 

Many property investors in Cyprus have become frustrated over the years, due to the absence of their title deeds. Despite ever increasing publicity on the subject, it has been down to individual homeowners to fight through the red tape in order to achieve what rightfully should be theirs, in a process that has often taken years. This has led to a stagnation of the property market, with owners being unable to sell their property on. 
 
Although there are estimated to be around 100,000 buildings with minor planning irregularities, only some 1,800 amnesty applications have been made to date. 
 
The intention of the amended legislation is to enable owners to legalise minor building regulations, which will secure the required certificate of approval and update the title deeds of the property. Furthermore the new planning law means that property-owners can also lodge an application to force the developer, if applicable, to take steps to obtain all necessary certificates for the development, leading to the issue of title deeds. 
 
Although there are estimated to be around 100,000 buildings with minor planning irregularities, only some 1,800 amnesty applications have been made to date. 
 
 
 
In these cases, they can apply to their District Office for certified copies of their Planning/Building permits and approved drawings. They will need the number of the Planning/Building permit, a copy of their contract and proof of their identity (an ID card or passport). 
 
The certified copies will cost €27 but they will get the actual documents relating to their property. It should then be easy for most people to see if their property was built in accordance with the permit. In Paphos, the District Office has promised to issue the documents on the same day. 
 
Those who are unable to obtain the number of their Planning/Building permit should speak with the planning officer responsible for their area who should be able to advise and provide them with a certified copy of the documents. 
 
However, a ‘form of intent’ to go through the planning amnesty process has to be submitted to the authorities by 7th October 2011 
 
The planning amnesty in respect of ownership of ‘title deeds’ was long overdue for Cyprus. But, as a further boost to the island’s residential property market, the Cyprus Finance Minister, Kikis Kazamias, has also announced that VAT payable on new homes by first time buyers will be reduced from 15% to 5%, applicable on properties measuring up to 275 square metres, with additional square meter allowances for covered parking, engine/boiler rooms, storerooms and covered verandas.

Now is the time to act for Cyprus property buyers

 

THE ACT of depositing a Contract of Sale at the Land Registry creates an ‘encumbrance’ against the title that gives a buyer a legal claim to his/her property, which can be pursued by a simple procedure though the courts should this become necessary.
Failing to deposit a Contract at the Land Registry can result in serious complications for a buyer. For example: a buyer would have no legal claim to the property and would only be able to make a legal claim against the vendor for the value of the Contract, the vendor could also renege on deal and sell the property in question to someone else.
Designed to provide those buying property with added legal protection, a ‘new’ Sale of Immovable Property (Specific Performance) Law, N81(I)/2011, which replaced the Sale of Land (Specific Performance) Law, was introduced earlier this year 2011
We are aware that there are many Contracts of Sale which, for various reasons, have not been deposited at the Land Registries and therefore those buyers are not adequately protected under the law. However, under the provisions of the ‘new’ law those buyers have been given the opportunity to deposit their contracts regardless of how long ago they were signed.
Act now
If you have signed a Contract of Sale that has not been deposited at the Land Registry, now is the time to act!
You have until the 29th January 2012 to deposit your Contract of Sale at the Land Registry and avoid the potential serious consequences that may arise.
If you are unable to deposit your Contract of Sale personally, your lawyer, the vendor (developer) or a registered estate agent can carry out this task on your behalf – and will be able to provide you with a copy of the receipt issued by the Land Registry.

Oroklini Cyprus theme park meeting scheduled

A critical meeting is scheduled for Monday 26th September 2011 to discuss plans to build a theme park close to the Larnaca Cyprus village of Oroklini (Vroklini) which is also close to Pyla village currently under the control of the United Nations, on the south eastern coast of Cyprus.

 
The local media are reporting that the meeting will take place between the Cypriot Interior Minister, Neoclis Sylikiotis, and a joint delegation of representatives from the organisation set up by land owners and the Russian investors.
 
The meeting it is hoped will address two issues. The first is the exchange of Cypriot Government owned land amounting to some 300 donums (around 40 hectares) for land held by landowners elsewhere. The second is the change of use of the land and the need for new infrastructure, which if this goes ahead will present the need for new roads and facilities, but there is no doubt if it goes ahead the area will be much in demand and sought after.  It is expected property values will rocket and holiday lettings will be much in demand.
 
Estimated at a cost of €800 million, this project will occupy an area of nearly 1,000 donums (approximately 330 hectares) and will include a waterpark, a luxury hotel and many restaurants.
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Linda Reynolds wrote
After research and checking this site over a period of 4 months, we visited Paphos in May and managed to buy a relatively new resale - these are rare and I spent 4 days solid visiting developments and some very poor old...

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