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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.

Troika Cyprus

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.

TROIKA Cyprus

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August 15th is one of the most important holidays in the Greek Orthodox calendar. It is in fact the date that commemorates the Assumption of the Virgin Mary, the day she died and was taken up into heaven.

Mary Mother of Jesus

Mary Mother of Jesus

In practice, here in Cyprus, it means that the entire country grinds to a complete halt.
It is, of course, a bank holiday and most Cypriot businesses center their summer-closures/holidays around this date, which means, in effect, that you can expect the country to move at snails-pace for the entire month of August.
Those who don’t take a trip abroad (with Greek island-cruises being the top choice for many Cypriots) will either spend it on the beaches here on the island (which means your chances of finding a vacant beach-chair are slim to none after 10 am), or they take to the mountains for a spot of cool air.
Naturally the barbecues all come out in full force as well, particularly in the mountain picnic-areas (vastly increasing the possibility of forest-fires) and the smell of the traditional souvla cooking pervades the air all over the island.

Outdoor BBQ Cyprus outdoors

Outdoor BBQ Cyprus outdoors

It is not a time to be impatient and expect to get anything practical done, but rather a time to slow down, go with the flow, and just enjoy the relaxed Mediterranean pace of life while you wait for the island to wake up again at the end of the month.So, come the end of July, some words of advice would be:
Take care of any impending car-problems – the mechanics will be closed.
Do your banking as you will otherwise have to hunt down an open branch.
Check the holiday-dates of your physician and dentist in advance.
If you need anything done by a plumber or electrician, get it done now or wait until September.
Finally, enjoy the stillness and quiet that descends on the towns as all shops close down and embrace that idiomatic Cypriot phrase: “Siga siga”, slowly slowly, and just relax! It will all be over soon!

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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.

gov.cy
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.

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Cyprus has just enjoyed its first Gay Pride. A monumental step in the right direction. Held at the end of May 2014 in the capital Nicosia the event culminated in a pride march after two weeks of festivities including film showings and book events. Of course there was some opposition form the Cypriot church at the same place and time as they see being L.GB.T as a disease to which hospitalisation is the cure. Of course this is a narrow minded view and the Cyprus Church has done it self no favours by openly condemning what is seen in the civilised world and more so in the remainder of the European union as normal folk living normal lives.
The archbishop probably does not know that many of the locals most like hide behind the church doors. An common trait for those seeking to hide their sexuality. He has quite openly said that paedophiles are members of the L.G B.T Community and as such all L.G.B.T persons are paedophiles. This sort of rhetoric is like something from the dark ages in our opinion and has no place in the modern realistic world. Plenty of gay people believe in God and are regular church goers and talk of Gods love for us all not only certain groups.
An interesting video by Whopie Goldberg and her support for the first Cyprus gay Pride is readily available online and support also came from the embassies and consulates form abroad plus individuals such as Stephen Fry another great philosopher and supporter of Gay life and events in General.

Pride Cypriot
The first pride party was held in Nicosia and island wide there is one Gay Venue www.thermos-spa.com that has for the guys everything that a gay man would need or like to see in Cyprus. A bar Jacuzzi steam room lounge area and most importantly a central place for meet ups. One hundred percent gay as opposed to Gay friendly which can be found elsewhere in Cyprus.

Thermos Cluc Cyprus
Some people thought the event would be the first and last but like Greece we believe it will grow in numbers and strengths and eventually allow gay Lesbian Bi sexual and transgender folk to live as equals in their society without prejudice. The turnout was higher than expected and only minor scuffles were reported and stopped by the police authorities, to be expected in a country still where the general consensus is that Gays don’t exist. Time will change this.

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One of the most famous and well-loved festivals in Cyprus is the Limassol Wine-Festival, which takes place every year in September.cyprus-wines
Cyprus is an island known for its wine-production and each year this is celebrated with 10 days of feasting and entertainment in the Limassol Municipal Gardens. It is an excellent opportunity to sample the local wines, as well as a huge variety of locally produced food. One purchases an empty wine-carafe for a few euros at the entrance and then visits the vats where you can have your carafe filled as many times as you like for free! There are also many smaller wineries that display and sell their wares dotted along the path and they are always happy to let you sample their goods for free as well. This could be quite a wet evening, so be sure to also sample some of the food on offer, ranging from the ubiquitous souvlakia, to not-very-Cypriot burgers and sandwiches as well as regional sweets such as loukomades (sweet honey-balls; little balls of fried pastry drenched in a lovely honey-sauce) and siamisi (pronounced shiamishi), a fried disc of pastry with a fragrant syrup on top. Be sure to grab yourself a “koupa” (a fried casing made from bulghur-wheat containg a minced meat mixture) to nibble on as you wander around listening to the traditional music, watching the dance-performances or why not taking part yourself in the entertainment by stomping on grapes the old-fashioned way in a wooden vat filled with big, juicy grapes! The symbol of the festival is known as “The Vraka-Man”, named so from the traditional trousers he wears, known as “vrakas” and he watches faithfully each year over the proceedings from his central position at the entrance to the gardens. An event not to be missed in your new home of Cyprus!

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Although Cyprus has joined the E.U some things of old remain stuck in the old ways. The local land Registry offices run very efficiently and effectively and one could argue that there should not be a Title Deed Problem. To expand: The Title deeds problem revolves around a number of factors and at the heart of the matter is money, pure and simple. The problem is issuing of your own title should be a matter of ease and one should after property purchase and paying all your money own the right paperwork’s for your home. What has happened in the past is developers buy and build massive or not so massive projects and take out a mortgage on all the land that “X” amount of houses are built upon. The problem now arises to divide land on which a mortgage exists on the whole. Some unscrupulous developers of course never issued deeds no matter instead charging cancelation fees when a property was resold to another poor buyer. Recently laws have come into place that can force developers into issuing separate title deeds so there is some light for thousands of buyers who do not have their own piece of Cyprus. Of course all this adds to the massive paperwork backlog recognise by government. Again recently there has been an effort to reduce the title deed pile by offering incentives to process related paperwork’s but the incentives of overtime were not enough and the pile remains.
What can be done to combat this well known and publicised problem? Well one way is to buy a house that has full title deeds available and ready, as a rule of thumb an older village style house that has been around for hundreds of years should logically have a ready title deed, but not necessarily of course! So to counteract all potential problems the key to a successful property purchase is a quality lawyer. An independent Lawyer and one that is on your side and can subsequently check that all necessary paperwork and stamps fees ect have been checked.

We know of course when we take on a list a property via the estate agents websites if the listing carries the correct paperwork’s or at least where the paperwork trail is at!
To be fair in the last year there has been an effort on the official side to correct this problem but there are plenty of politics ahead! The problem is well documented and as such has a huge impact on the Cypriot economy so basic theory tells us that when there is no title deed problem there will be more interest and investment and property movement for everyone.

Example of a Cypriot Deed:

Title deeds Cyprus

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Was just having a spot of lunch the other day and this made for  a few caption competitions 🙂 Had to share …. Nothing to do with property but very much to do with Cyprus and the current headlines making way about the “Problem” . We will leave that to the politicians.. What is it :)  ?

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Old kaimar

Old kaimar

About time for a change and the old website has served us well but after 10 years its time for a revamp and re launch. So its a Word Press Website which is obvious to some but easier for us oldies to understand and get to grips with So we will be more than one News editor and definitely ready for when Cyprus comes out of Crisis. The irony is that we have never had so much property on the books at any one tie like now, the problem is we have to re input all properties manually , one by one.. ah well we have give ourselves a three month task so all should be up and running by end of June.. Watch this space 🙂

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