The RoC shows the TRNC how to boost the Cyprus Property Market

Well, for once the RoC are showing the TRNC the right way to do something about the North Cyprus property problems, I do emphasize, just one thing.

In an attempt to boost the sluggish (make that paralysed) Cyprus property market the RoC legislature has approved a bill suspending the payment of transfer fees on new properties and reducing by 50% transfer fees on other property transfers. Well, how refreshing, that applies to everyone, not just Greek Cypriots. TRNC’s answer, abolish the 50% once only discount but only for foreigners. Now I ask you ‘which twin has the Toni’.

It is a knee jerk reaction to try to stimulate the ailing property market in the south. Knee jerk or not, at least it has to be a step in the right direction and not a retrograde step such as the one the TRNC Government is proposing. Clearly property prices in the south will have to fall even further to attract new purchasers

Both Governments need to do an awful lot more to even stimulate interest, never mind growth in their property markets. The simple fact is, all trust has been lost. To regain that trust there will need to be action. Both need to address the mortgage issue. For those of us who come from countries where you receive your Title Deed immediately, the concept of someone being able to mortgage your property after your have Contracted to buy and paid for your property is an anathema. The idea that it is acceptable to move into a property that does not have the basic amenities such as electricity and water at normal tariff, is also an anathema

Both the North and the South of the island are going have to take enormous steps to join the rest of the civilised world here in the 21st century. The North at least has the excuse of 37 years of isolation. The South as a member of the EU has no excuse.

Nepotism, cronyism and pure avarice plays a large part in what is at fault on the island of Cyprus.

The Banks, the Building Companies, the Developers, the Estate Agents and the Legal Profession are feeling the pinch. Perhaps they should and, having seen where their past performance has taken them, they will learn from it and put their business in order.

We, who are sufffering from the faults in the system; ask, “when will you address our problems” because if you do not, all the reductions in fees, all the marketing in the world will not restore the trust of the buying public, simply because we will not go quietly, we will make all potential purchasers aware that you only judge a country by past performance, not future promises. Action NOW.

 

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