Cyprus is currently one of the most sought after overseas locations for those looking to pastures new, however in recent years it has become synonymous with bad publicity in relation to title deeds, or rather lack of them! Many potential buyers have undoubtedly had second thoughts to investing as they plotted their course over a bureaucratic minefield and many that reached the relative safety of the far bank have had years of despair both financially and mentally as they struggled to come to terms with the affect of not having title deeds.

 

Kim Brown, Director of www.overseasguidescompany.com said, “Contrary to popular belief the buying process in Cyprus is different to the UK and by taking time to understand the process and the legalities involved will make for a far more rewarding journey. Firstly it is important to understand that the delay on title deeds applies mainly to new properties but not exclusively. There are literally hundreds of resale properties with title deeds in place available to buy today and many of these are not more than a few years old. 

 

Part of the current problem in delays on deeds being issued is that Cyprus has experienced a property boom in the last 5 years and what used to be a 2-3 year process/delay has now spiralled to a 10 year wait! Hardly satisfactory for the property investor or for the property industry in general! However the government is currently looking at ways to speed up this process by various means. In essence each parcel of land built on by developers needs to receive a ‘Certificate of Approval’ again a lengthy process in which a government official has to physically visit the site and concur that all building regulations and land divisions have been adhered to. This process is further delayed if some of the new build properties remain unsold as it is common practice for developers only to apply for approval once all properties have been sold. The broadening of the numbers permitted to provide a ‘Certificate of Approval’ is almost certainly the way forward.

 

It is important to remember that it is a case of ‘buyer beware’ for those without deeds, as even the addition of a conservatory would be deemed as illegal until the title deeds are in place.

 

Investing in property in Cyprus does not have to be a laborious and stressful process. If you do your ‘homework’ and deal with professionals that have countless years of experience in the Cypriot property market then there are ways to safeguard your purchase even on a new build development.”

 

For peace of mind when buying property in Cyprus contact www.CyprusBuyingGuide.com. Their comprehensive guide to buying in Cyprus offers a wealth of information and they are available to talk to potential investors on the telephone.

 

www.OverseasGuidesCompany.com

 

+44 207 898 0549