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A subject hot on the Cypriot Press and likewise at the governmental houses in Cyprus , the onus being on the mental!
What we have at present is a depressed market and one needing stimulus and a much needed injection to get the housing Market moving again! What we have instead is a Title deed back log , this despite a new law which can force Developers to issue individual Title Deeds ( Which of course costs purchasers money ) and can have a knock on effect to tie up more judicial proceedings it the courts already burdened by years of backlog country wide.

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The Immovable Property Tax ( IPT ) discussions at the Governmental levels have now taken a step beggaring belief in that all persons who have had a Contract deposited at the local lands registry office will be liable title deed issued or not. So purchasers who have awaited Deeds sometimes for decades whilst developers keep the mortgages on the property complexes whilst the new law applies will not only have to pay transfer fees upon transfer but also immovable property Tax. If of course the tax is not paid then there is the possibility of the property being taken. The irony could be that the Developer who “sold” the property may still have outstanding mortgages loans etc and gets away as they say in UK: “Scott Free”!
So for those chasing their Title Deeds and quite rightly so there could be a nasty sting in the tail if you now don’t pay the Property taxes now. Some developers have been charging buyers and withholding deeds due to IPT not being paid via them by buyers so at the end of the day time and time again its up to buyers to purchase property in conjunction with a quality independent lawyer who WILL look after your interests. ( The TROIKA has predicted some substantial income generation will be made from the IPT) .
Summarising we watch with anticipation as to how this newly passed law will effect the Cypriot Property market but its hard to see how this newly implemented tax will benefit the housing market now and in the future… it is more likely to put buyers off and add more fees / financial burdens to those who purchased homes in good faith? Those buyers who have title deeds or who can transfer without encumbrance can now “save” by paying now 10% if they do so before end of November 2014. Or else one could theoretically loose your home.