20,000 title deeds applications pending, according to Cyprus L&S Department

The number of pending applications for title deeds is down to 20,000, according to the Land and Surveys Department and the aim is by the end of 2014 to have no more than 2,000 title deeds pending.

Acting Director of the Department, Vasos Petrides, has told CNA that applications concerning title deeds for more than four thousand units that are scheduled for development are pending, stressing that the reason for not issuing the title deeds is the fact that the owner or developer has not submitted the relevant documents to start the procedure.

He also said that the Lands Department began the process of issuing title deeds for developments for which no interest has been expressed by either the owner or the buyer. These developments concern around 30 thousand units.

Petrides further said that according to the memorandum Cyprus has signed with its international lenders, no more than two thousand title deeds should be pending by the end of 2014.

The Land and Surveys Department Acting Director explained that buyers' applications for title deeds concerning 350 developments with 4000 units are still pending.

Cyprus and the Troika, consisting of the European Commission, the International Monetary Fund and the ECB, agreed on €10 billion bailout to cover its financing needs as well as to recapitalise its banking sector.