Archives: 2009 November

The Cyprus Informer has published a series of editorials on the subject of the Cyprus Economy, the position of the Cyprus Banks and its exposure to the Cyprus Property Sector raising concerns that there is a hidden economic crisis looming in Cyprus with loan risks which match those dire circumstances which have affected the UK and other EU countries.  The Cyprus authorities have painted a completely different picture as huge new loans are raised in the Euro Money Markets by the Cyprus Banks using the backing of the Cyprus Government.  Claims that this was new money for new lending now seem to have been dashed by an article called “Banks in Cyprus ‘Cooking the Books’” which has been published by The Cyprus Property Action Group (CPAG). 

Editorial Comment by the Cyprus Informer

All property buyers in Cyprus are looking for is delivery of a good clean title to property which is registered in their name at the time of purchase and built soundly in accordance with all planning and building permissions. 

The current property system in Cyprus does not provide that and has given rise to many examples of considerable injustice and loss.

Is there anybody who really wants to have a Title Deed issued with the caveat “Incomplete” or “Limited” ?

The Cyprus Bar Association says “It is therefore our recommendation with all respect, to oppose the 3 amending bills which will lead us into a labyrinth without solving the problem as has happened with Law 229(I)/2004 which had the same purpose but remained a dead letter.”

“If our suggestions are taken on board then very simply and soon the problem of many decades will be solved. Hundreds of millions of euros will be collected by the government. Thousands of buyers will be secured and will only be too happy to pay the transfer fees. Cyprus’ image will be restored internationally and we can claim justly to have the best system of securing ownership in the world.