Nicosia’s plan for ‘stranded’ realty owners
Cyprus’ Interior Minister Constantinos Ioannou presented on Wednesday solutions for resolving issues faced by “stranded buyers” to the Parliamentary Committee on Legal Affairs, addressing about half of the nearly 9,500 pending cases.
The Cypriot government’s proposals aim to help property buyers who have been unable to obtain title deeds due to legal complications, often related to encumbrances on the properties.
Ioannou explained to deputies that of the 9,497 cases, 5,417 lack title deeds, and these cases will remain pending while authorities determine if title deeds can be issued. For the remaining 4,080 cases, about 2,500 are eligible for title deeds since they have no encumbrances tied to the properties after the sale. The remaining cases, which involve pre-sale encumbrances, will depend on the consent of those holding claims on the properties.
The minister stressed that the solution is legally sound and assured that efforts would continue to resolve the issue.
He also mentioned the importance of involving banks in future discussions, noting that lenders have already agreed to suspend property sales of stranded buyers until January 2025.
