Cyprus-Forum.com

[robgod]

Hi,

I wondering what the resale market is like in Paphos? I've been told that it doesnt really exist and most buyers tend to go for new builds. Is this a true statement?

[Jerry]

What do you think?

Paphos 676 resales with BuySell

http://www.buysellcyprus.com/nqcontent. ... map_search

[robgod]

Thats good. Someone told me the only properties that sell are new builds.

Is the market showing any signs of recovery - the UK market is looking like making a return to growth.

[purdey]

By all accounts the market is slow. As for re-sales there are plenty around, the question is how many have Title deeds ?

[Milo]

By all accounts the market is slow. As for re-sales there are plenty around, the question is how many have Title deeds ?

Well 100,000 have,nt and by the sounds of this article no help from the RoC government in getting them anytime soon Lets hope that ALL the developers stay afloat, so not too many get letters off the banks, being the new owners of their property




Left high and dry: no help on title deeds
By Nathan Morley

PROPERTY buyers in Cyprus have reacted with shock after news broke last night that the government will not help to fix the title deeds saga.

Final confirmation for long-suffering buyers came after months of speculation that much hyped legislation to fix the deed shambles was non-existent.

Campaigners are describing the revelation as a "bitter blow” which leaves them with no option other than to seek their deeds through the courts or sit and wait.

Turning to the courts may turn out to be an expensive endeavour which many pensioners ultimately won’t be able to afford to fight.

“The only recourse they have is the through the courts. Can you imagine how long it’s going to take to the courts to process 100,000 cases? They’ll all be long gone and buried before their cases are even heard. The whole situation is a complete and utter shambles,” said property analyst Nigel Howarth.

The news will also anger thousands of people stuck in limbo trying to sell their properties, which is ‘near to impossible’ without deeds according to a leading property advisor.

The devastating news came after British peer Lord Jones of Cheltenham demanded clarification about the much-discussed legislation designed to end the fiasco.

His question, to a packed House of Lords, sent British High Commissioner Peter Millet scrambling to the Minister of the Interior to seek an answer on the deeds issue.

The answer, which was published on the Hansard books yesterday, confirmed that up to 100,000 people will be left in the cold by the government.

“Our High Commissioner in Cyprus discussed the question of title deeds with the Minister of Interior of the Republic of Cyprus on 27 April 2009.

“The Minister was fully aware of the problem of obtaining title deeds, an issue which also affects a large number of Cypriots. The Cyprus Government will introduce legislation to speed up the issuing of title deeds, but this legislation will only apply to future cases. The Minister expressed a willingness to meet representatives of interest groups about this issue.”

The state is now being accused by some buyers as ‘stringing them on with lies’ after several assurances to the British Government that it intended to introduce a bill to address the issue.

“We’ve all been strung along, the British government, the property buyers, everyone…we were all conned,” said Denis O’Hare of CPAG.

“There are ways out of this situation which could cripple the economy, the government need to sit down with us and get moving on the issue,” he added.

In February it was revealed that the British Foreign Secretary David Miliband and Chancellor Alistair Darling had been in communication concerning title deeds.

Even then, Miliband stated that the British High Commissioner to Cyprus had “received assurances” from the Cypriot Interior Ministry that they would introduce a bill to address the situation soon.

Around 100,000 properties in Cyprus are without title deeds and Land Registry officials have confirmed that 30,000 of these properties have been bought by foreigners, the vast majority being British.

The news will also have serious repercussions on the flagging construction sector, which has been bruised by the credit crunch and marred by property scam nightmares and the title deed shambles.

“Why didn’t the Cyprus government tell the whole truth in the first place? Is it being completely honest with us now? No-one in their right mind is going to buy property here until the government does something about existing buyers who have been conned into buying mortgaged property and who continue to be defrauded,” Howarth added.

A recent CPAG poll showed nearly 100 per cent of foreign buyers would not have bought in Cyprus if they had been informed of the practice of withheld title deeds and developer mortgages.

Last week, the Cyprus Property Action Group (CPAG) demonstrated in Peyia at what they said was the failure of the government to respond to their calls for them to address the many pitfalls of buying property in Cyprus has lead to the action.




Copyright © Cyprus Mail 2009

[cyprusgeoff]

From

http://www.news.cyprus-property-buyers. ... /id=001402


Why be economical with the truth?
WITH the island’s reputation already tarnished by the bad publicity surrounding the deceitful and fraudulent practices of those involved in the property business, what motivated the Cyprus government to be economical with the truth? Why did it not say that the new legislation would only apply to future cases?


It has been rumoured that property developers and lawyers are so strongly connected with the Corridors of Power in Nicosia that any attempt to rectify the problems with Title Deeds or introduce a consumer protection system to deal effectively with these matters would be pointless.

What next?
WILL the government allow Cyprus to remain as MEP Nigel Farage put it “a rogue-state beyond the fringes of civilisation” and “a bandit-stronghold“, or will it act decisively to put an end to the problems blighting its property industry?
********************************************************
It makes me wonder how long this situation can drag on for.

Will they just do nothing until the EU stops all future funding.

"The EU Parliament has agreed to freeze hundreds of millions of Euros in EU payments to Spain as a result of illegal practices perpetrated against property buyers in that country, what are the prospects for the EU implementing similar sanctions against Cyprus?"

[Milo]

What it actually means is that

1 Developers sell all future properties with Title Deeds

2 All resales won,t have Title Deeds

3 The media are encouraging future buyers to buy ONLY with Title Deeds

4 Future re-sales worth very little.


The grip that Developers have here on the Government is worrying and I would never dare suggest corrupt

Property buyers in the North while everyone agrees are totally wrong have been supported by the authorities with guarantees and a march in the North by these buyers was joined by TC,s.

Here in the South you do nothing wrong but buy a property then later when you need help you are c*****d on from a great height and with no support whatsoever, except from other buyers. Those that are ignorant of the Cyprus problem will collide the two property problems and walk away from future sales. Internal or external its become a shambles.

At least 30,000 of us can buy elsewhere eventually and in the coming months and years will probably will do so. In my little piece of heaven right now I know personally of 10 selling up, 2 have been sold so far. If you equate that islandwide it does look like a mini exodus These people are not going quietly either.

My blind faith believes that the RoC will pull a rabbit out of the hat and help all who have been wronged and do it soon.

I don,t want to go at all yet but I am becoming somewhat disillusioned with lack of help and support for property buyers scammed and put in dire straights in the RoC, so many now have to reconsider