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Cyprus Property Law Dissatisfaction
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The Cyprus property market has endured its fair share of negative press over recent years. In much the same way as the Cyprus Stock Exchange was tarnished after its huge crash a decade ago, the reputation of Cyprus property market has suffered of late.
Despite attempts to legislate against fraudulent developers and to solve some of the countrys ongoing issues, many people are critical of the lawmakers. And, this week has seen one of Cyprus leading newspapers deliver a damning assessment of the situation.
Mistakes in property market
The Cyprus Mail are less than impressed with the state of the countrys property market, arguing that lessons were not learned from the stock market fiasco of ten years ago. The newspaper reports that “this same mistake has now been made in the property market, which also went through a ‘bubble phase’, attracting all sorts of cowboys, posing as developers, who saw an opportunity to make a quick profit. Most of the buyers were foreigners and therefore easy prey as they were not aware of the Cyprus laws and were not guaranteed reliable legal advice.”
The commentary also points to recent stories which have damaged Cyprus‘reputation. One couple recently lost their flat, some buyers were sold properties that had already been sold, others ended up in flats without electricity and there are close to 10,000 foreigner property-owners without title deeds, praying that the developer would not go bankrupt and the bank takes over their property.
Essential improvements in the pipeline
Despite some negative stories, there is clearly work being done to help foreign investors looking to buy in the beautiful country. As the Cyprus Mail reports, there has been one positive case in which owners sued a lawyer who had misled them and were paid damages in the region of EUR100,000.
In addition, the newspaper reports that British MEPs have raised ongoing issued with Cypriot title deed legislation in the European Parliament.
Leading international agents working with Cyprus property have welcomed the proposed legislation.
