 We all know that the local real estate market is not doing well and it follows the European competitive markets in a downward trend. We, however, as Cyprus, have an additional problem, that of the self destruction. Yes, there are crooks all over the place (worldwide) banks which now, during the difficult times, get more unreasonably aggressive and demanding, the building amnesty which is aiming to help ease the situation on titles, has been halted at the House (no excuse at all) after 12 months, etc., etc. Yet when people have difficulties in selling their property, there is no opportunity missed not to publish negative reports on Cyprus real estate market. All sorts of experts surface digging out E.U. directives (which may or may not apply) the lack of titles is blown out of all proportion (yet every year approximately 15.000 titles are issued) giving the impression to newcomers "not to buy". Slot Game Online.
This situation has been particularly evident in Pafos, where there appears to be the hub of the reaction and as such this district has the biggest problem in terms of sales. So the same people, who, in their effort to exert pressure, are destroying themselves their own market. So it is not strange that the Pafos potential buyers are in their majority asking for titles and do not accept even a bank guarantee (offering a refund of the money paid if the titles are not issued within a certain date), a circumstance which is not evident in other districts. If any buyer follows our 10 Building Commandment when buying, he is secured in many respects. Not as good as a title of course, but it is 90% there. Should we then keep quite that all is well and behave like nothing is happening? Of course not, but excessive surfacing of the problems puts off potential clients, reducing demand/ property values and placing added distress on people with financial difficulties and with a keen interest to sell. Slot Game Online. Our Government is a lot to blame in the whole situation, since whereas the Lands Office has a capacity to produce around 15.000 titles p.a., it cannot cope with the backload of the 120.000 titles. Efforts to employ more land surveyors (the major stumbling block in the title issue) has not been addressed, whereas the red tape procedures are not addressed either, judging from the building amnesty proposals. So what is the solution? Yes keep complaining, keep writing and meeting with Governmental officers, but extensive international publicity giving the impression "not to touch Cyprus real estate" is a problem since this backfires on the same people that they have a problem. A Russian client of ours in his email required "no Pafos property since it has a title problem!!". Slot Game Online. An added problem which has been recently surfaced on buyers is the situation where one buyer buys from another previous one with no title. We have a number of cases where the Lands Office, in order to allow the transfer of title, it must have proof that the original buyer paid or has secured a tax release on Capital Gains. The question is, if the original buyer has not secured a tax release, where is he is to be found and if yes will he be prepared to pay? Slot Game Online. Now that the tax people (worldwide) are out to get whatever they can, this could develop into a serious matter, especially if the previous buyer did not bother to secure the release (which he might be not liable for any tax in any case). So in such cases the final buyer has a problem of taxes not paid by the previous owner. The situation will need a lot of understanding by the tax authority and we suggest a Governmental direction on the subject, so that the title situation does not get even worse. Slot Game Online. In the past we have published in this paper the necessity of the acquiring tax release and the possibility of the Lands Office asking for 2 or more transfer fees (we hate even to think about this situation if it happens). Slot Game Online. So and coming back to the international publicity, we do have problems, but to destroy the market in addition (for which on many occasions the buyers are to blame with illegal extensions etc) is not to the benefit of anyone. Without having some form of statistics available for buyers in serious trouble (not necessarily the lack of titles) we estimate that they do not exceed 5%, leaving the rest either with little or no danger and others quite happy with their purchase. Slot Game Online. Read More About Property and Real Estate News.
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