Cyprus title deed fiasco 'still ongoing'

Individuals who are looking for or own property in Cyprus may be interested to hear about the latest development in the country's long-running title deed dispute.

The Cypriot government has so far unsuccessfully attempted to introduce no fewer than five bills to speed the process up, but any further progress will now have to wait until parliament re-opens after the summer break.

According to Yiannos Lamaris, the house interior committee chairman, the bill is unlikely to go before parliament again until October at the earliest.

Estimates have suggested that approximately 130,000 properties are without title deeds because they have been built illegally.

Meanwhile, investors who are looking to find a home in Nicosia may be interested to learn that sales in the region are still rising, despite the crisis.

Earlier this year, it was revealed that the Cypriot government was planning to increase property tax to combat the recession.

The Cyprus Property News website claims the move will allow an additional EUR10 to EUR20 million in fees.