Cyprus Property Forum for Buyers, Sellers & Investors

We are looking at a resale property in Liopetri and wanted some advice. The sellers have had deeds assigned but the developers have skimped on the Green Space, hence the prohibition (but no other notes are involved)They, along with other owners on the development, have employed a lawyer and architect with a view of the owners buying the Green space (deeds issued in May 2021 so has been ongoing since then).

The lawyer (and local politician) have had meetings with the town planning dept. and they advised full planning permits will not be required but that they should submit an EA1 for the reallocation and sizing of the green space.

So my question is, has this been done on other projects, and if so the likelihood of deeds being unencumbered?

Our lawyer is obviously cautious (as are we) but if there is a definite possibility of the deeds being issued 'clean ' them should we risk it?

Hi SJC67 and welcome to the forum.

These Title Deeds with notes/prohibition came about when Cyprus' Troika of international lenders, who were bailing out Cyprus, 'asked' Cyprus to reduce the Title Deed backlog.

To achieve this reduction, Land Registry hatched a cunning plan to reduce the massive backlog by issuing deeds with notes of unauthorised works. The notes indicate that the developer failed to comply the conditions set out in the planning and building permits authorised for the development’s construction.

As a consequence, many have ended up with a property that has zero market value.

IN other developments I've heard about, purchasers club together to pay for the remedial work necessary to remove the prohibition (despite the fact that it's the developer who caused the problem.)

Personally, I think you're on dodgy ground as there will be no way of knowing whether the deeds will be unencumbered. It depends on the EA1 and the planning department.

To avoid gambling on something that is out of your control, I suggest you look for something else.

Regards,