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Foreigners left without title deeds as Cypriot market freezes
Country: Cyprus; Southern Cyprus
27 October 2008
Nearly 30,000 foreigners who bought properties in Cyprus are still waiting on their title deeds, according to official statistics released by the Cyprus Land Registry.
Around 4,400 Cypriot homes have been transferred to overseas nationals in Cyprus since early 2005, while the transfers of a further 29,949 are still in the balance.
Recent research reveals that around 30% of all homes sold in Cyprus over the past three years were sold to non-Cypriots, suggesting that as many as 100,000 properties in Cyprus could still be waiting for their Title Deeds to be issued.
The previously booming Cypriot property market has now come to a halt, largely due to the global credit crunch, suggesting that prices may now fall.
“[Property] prices had to settle down, otherwise we’d have problems in the future. It just so happens to have coincided with the credit crunch, and with sterling’s losses against the euro. The Brits are selling instead of buying, and repatriating capital so the effect is double,” said Charalambos Petrides, Vice President of the Property Valuers’ Association.
He added: “There is a freeze in the market. Land Registry figures are a good indicator of the market right now. Property sales have gone down by around 40%.”
Browse other Cyprus property news stories, read articles about investing and buying property in Cyprus or view our range of property in Cyprus.
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