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Cyprus Title Deeds 2014
No hidden secrets here in sunny Cyprus that there have been issues with Title deeds going back a number of years now. Even before TROIKA intervened due to the Cypriot to those in the title deeds progression chain were not enough as not enough overtime pay was on the table! The mountain high issuing of title deeds and the subsequent associated problems with paper trails remained. That is until the Crisis hit and in came TROIKA . As part of the “Clean up” act goals were set and bench marks put down. The marks set included that the near 50000 title deeds be reduced to under 3000, a big ask but according to the Cypriot minister of the Interior Mr Socrates Hasikos on target.

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Deeds to your new home

Alongside the Title deed now much reduced mountain was a requirement for property re evaluating. Various Municipalities have responded some better than others, Limassol seems to be heading the way with new recruits being brought in to fulfil the tasks set down and meet the criteria as set down. Local reports are that the targets are being met.
So with this in mind what about the Cyprus property market in general? Well its no secret that prices have dropped and no surprises. There are bargains to be had and there will always be a “Pool” of below market value homes for sale but what agencies have seen is an upturn in rentals and folk ”Sitting on the fence” awaiting the outcome. With a fluctuating exchange rate between the euro and the pound and an unknown outcome at the writing of this document of the Scottish referendum buyers could pick up a bargain!
Paphos has seen the greatest reductions in property prices after crisis whilst Limassol has seen some downwards movement the market is buoyed up by Russian buyers always keen to acquire a home in the sun. Ayaia Nappa remain traditional holiday and second homes for the local Cypriots and Nicosia has likewise seen a downward trend but again local buyers and sellers “Battle” conveyance deals out . The future however will see an upturn it just depends on when that will occur and economics dictate only market forces will decide.