There are still about 10,000 trapped property owners in Cyprus while some 7,000 of them are not expected to ever secure their homes’ title deeds, according to Interior Minister Nicos Nouris.
However, during a debate on Wednesday before Parliament on a new bill titled Sale of Real Estate 2022 Nouris also said the number of trapped property owners in November recorded a substantial decrease.
In fact, it was halved since the total number stood at some 20,000 up until early November.
The new bill which was recently submitted before the House Legal Committee aims to ensure that the transfer of any property will be executed immediately. That is, as soon as the buyer fulfills their contractual obligations.
It has a threefold impact by ensuring the project will be completed, the mortgage will be settled and there will be no issues for buyers to obtain a title for their property, the Minister explained.
The debate continues with MPs still asking for clarifications before they get to send the bill to the plenum for a vote.