Insider Business Trapped property buyers’ bill almost finalised

Trapped property buyers’ bill almost finalised

Thousands of trapped property buyers in Cyprus could soon be issued with title deeds now that Parliament has almost finalised a proposed bill aiming to overcome existing obstacles.

Following District Court decisions, political parties joined forces with the parliament’s legal experts to prepare a new draft bill which appears to be both constitutionally and legally binding in bridging gaps in the existing legislation.

Debate on the amended draft bill is set to begin on Wednesday so that it goes before the plenary for approval before July 15’s summer recess.

However, Legal Service insiders told Phileleftheros that, at this stage, it would be better if legislation stays as it is because of appeals against the decisions by primary courts.

However, members of the House Legal Affairs Committee believe they should not wait further for any court decision but rather push forward  procedures for adopting a law that will remove existing constitutional obstacles.

MPs told Phileleftheros that this issue should be resolved by next month the latest because if the Supreme Court rejects the appeals and accepts the decisions by primary courts, then the procedure will be further blocked. At a time when this has led to the issuing of six thousand titles to trapped property buyers.

Another reason MPs want to settle the issue as soon as possible is legal procedures that are underway abroad. Foreign property buyers in Cyprus are appealing before the European Court of Appeals since they have paid off insolvent developers who never issued them with their titles.

At the same time, insiders said that if strengthened legislation is adopted then this will help mitigate the financial penalty that may be imposed on the Republic of Cyprus. Land Registry officers have already reviewed the provisions in the draft law that will come under discussion next week.

Specifically, some 31,000 properties are without titles today with thousands expected to never secure them.

 

Read more:

https://in-cyprus.com/ministry-seeking-solutions-for-trapped-buyers/

 

Top Stories

Updated: Apliki fire extinguished

  A fire which broke out near Turkish-held Lefka and spread to the buffer zone near Apliki has been completely contained, the Forestry Department has...

Labour Ministry opens applications for May 13-June 12 support schemes

  Applications for period 3  (May 13-June 12) of the Labour Ministry's support schemes for businesses, employees and the self-employed have been posted online. In an...

Government condemns vandalism at Limassol mosque

  The government condemns in the strongest manner the vandalism at the Köprülü Mosque in Limassol, government spokesman Kyriakos Koushios said on Monday. "Such actions that...

Limassol: Biker killed in road collision

  A 35 year old biker was killed in a road collision in Limassol on Monday afternoon. He was named by police as Yiorgos Haritou from...

Five more test positive to Covid-19, three from repatriations

The Health Ministry announced five new Coronavirus cases today from a total of 1504 tests, bringing the total number in Cyprus to 949. Dr Leontios...

Taste

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...