Cyprus – Immovable Property

'Parliament to submit law addressing the issue of Title Deeds and Hidden Mortgages'

One of the major problems that Cyprus faces throughout the years is the inability of property buyers to obtain Title Deeds as a result of developers who have previously mortgaged the land on which the property was built. Eurogroup has called on Cyprus to tackle this problem which will ensure that Title Deeds will be delivered to the buyers without any delay. Troika has decided to tighten screws on Cyprus property and has stated that it will not release the seventh tranche of the bailout loan until property buyers in Cyprus have their title deeds transferred within six months.

In particular the latest Memorandum of Understanding dated 18^th June 2015 stated that prior to the granting of the seventh disbursement of financial assistance, the authorities will need to present legislation that will ensure that property buyers who have paid the purchase price in full, will have their