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Title deeds Cyprus: What you need to know

News

Eoin Carlin

Published:

3 minute read

The main issue with Cypriot holiday homes

There are endless issues with how property development and sales are handled in Cyprus, prominently in the lead-up to 2008. One of the biggest issues has been and still is title deeds for Cypriot holiday properties or the lack of them!

What are title deeds?

Cypriot title deeds are also known as ‘Certificate of registration of immovable property’ and are official documents that show property ownership. It contains details about location, size, structure and other essential information. They are essential when it comes to selling the property as they need to be transferred to the new owner, so if you don’t have them you are going to run into big issues when trying to offload the property.

How the problems began

In Cyprus, the developer, central government departments, and local councils are all involved in issuing title deeds. Many developers did not correctly divide up the plots of land when they were building, especially in the lead-up to 2008, which meant many purchases were not given separate title deeds. This can be an increasingly frustrating issue for homeowners, as they cannot obtain information on their homes.

Selling without Title deeds

A lack of title deeds in Cyprus isn’t a problem if you are not looking to sell. The real problem starts when you want to sell the property, or it is in negative equity. Without the title deeds, you will need to find a cash buyer who will ask for a lower price, which isn’t ideal when the property is already low in value.

Not only are title deeds an issue, but we also see clients suffering from negative equity, interest-only mortgages, or Swiss Franc currency issues. Falling into one of these categories can leave you feeling trapped and unable to sell, or you may find it hard to keep up with payments.

Can you get your Title deeds?

If you have dealt with the Cypriot government, you will know it comes with frustration and vast red tape. This, in turn, means that many property owners cannot obtain them, especially on properties purchased pre-2008, and to this day, over 100,000 people in Cyprus still don’t have them.

Our team deals with clients daily who do not have title deeds for properties, and the fact that most developers or banks are no longer trading means that you will unlikely obtain them.

How EU Property Solutions can help

The good news is even without your Cypriot title deeds, EU Property Solutions can still help you. Over the last decade, we have helped clients with Swiss Franc issues, negative equity, and interest-only mortgages. We work alongside our Cypriot legal team to understand how lenders and the process work, which will resolve your property debt issues in Cyprus.

Call our team today on 0330 124 1230 to book a free initial case review, or email us at [email protected].

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