The Cyprus government is ready discuss ways to reduce thetime taken to issue Title Deeds, which has tarnished the reputation of Cyprusas a safe place to buy property by overseas investors.
Pantelis Leptos said that that while investor interest inreal estate on the island is unprecedented thanks to the state’s efforts, thegovernment is ready to discuss ways to speed up the issue of Title Deeds.
Leptos who was commenting after a meeting with PresidentNicos Anastasiades in Nicosia on Monday, said that while the real estate marketwas out of the woods and the situation was currently better compared with threeyears ago, there is still way to go to improve the quality of the services andthe product offered by Cypriot developers.
The chairman of the business group told reporters followingthe meeting, also attended by Interior Minister Constantinos Petrides, that hediscussed “the matter of the timely issue of various permits to avoid delaysand the overhaul of the Title Deed issue system,” according to a messageemailed by the Press and Information Office. Delays in the issue of Title Deedsto buyers, usually resulting from town planning violations by developers oroutstanding in their financial obligations, has tarnished the reputation of theisland’s builders abroad.
Government policies,such as the Golden Visa scheme which allows investors to acquire either aCypriot passport or a permanent residency and tax breaks and town planningrelaxations, have helped increase both demand and supply on the real estatemarket as well as construction activity.
A study carried out by the CLBDA, showed that outsourcingpreparatory work required for the Title Deed issue, such as permits andcertificates, to the private sector, could help both property buyers andsellers. The government’s reaction to the proposals of the CLBDA, whose deputychairman is Yiannis Misirlis, son-in-law of President Anastasiades, was verypositive, Leptos said that added that there will be further meetings with theinterior minister and officials of relevant government departments.