Anyone buying a home in Cyprus will be delighted to learn that the Cypriot government has sped up the issuing title deeds procedure, allowing the authorities to potentially issue up to 1,200 title deeds a month and 25,000 annually, according to the country's interior minister Neoclis Sylikiotis.
The largest share of foreign homeowners in Cyprus are British, reflecting the island's popularity as a place to own a home in the sun. But previous delays in issuing title deeds have deterred some Brits from buying property in Cyprus in recent years. But with transparency improving, this could be about to change.
“Cyprus does have a lot that appeals to the British not least good weather, driving on the left, low crime rates, friendly people most of whom speak English and the island has attracted thousands of British expats over the years, said Kim Brown, director of Overseas Guides Company.
She added: “Sadly, the difficulty in securing title deeds has been a major problem to purchasers of property in Cyprus for far too long with some owners waiting over ten years to receive their title deeds. You can sell your home in Cyprus without title deeds, but it's not as easy.”
Brown described the quicker procedure in issuing title deeds as “very good news for the Cyprus property market”.
The District Lands Offices in Cyprus show that in 2011 so far, 6,213 transfers of property have already taken place.