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in Cyprus Today – 19/12/2009

Short but sweet today:

PM: We’ll get your title deeds “in days” – the PM has pledged to speed up the Land Registry’s processing time for Permission To Purchase applications and “one source” is quoted as saying that it could take as little as 4 days for title deeds to be issued. The reason for this is because the Land Registry has been “chosen as a pilot project to spearhead wider moves to improve efficiency.” Editor: The idea is that a PTP and title deed could be issued within the normal contract period of 30 days, i.e. for a completed property, you pay a deposit and within 30 days you pay the balance. This means that you can stipulate in the contract that the balance will not be paid until the title deeds are in your name, just like the rest of the EU. I personally would not buy under any other circumstances. Now why do I believe this is not going to happen? Is it something to do with getting workers to work harder despite giving them a pay cut?

Sky’s the limit – builders MIGHT no longer be restricted from building “skyscrapers,” more news on Wednesday. The belief is that your neighbour now might be able to add an extra floor to their property and block your view. Editor: if you have paid a premium for a location with a view in the future a block of flats could be built which blocks it.

It’s all slow for Karpaz road scheme – rain stopped the project to build a 12m wide road into the Karpaz, and it is now going to be 2 months late, ready in March 2010 instead of January

“Up to 7000 home unfinished in TRNC” – this is a contradiction of previous reports that said that up to 20000 homes were unfinished. There was also an earlier report that said these unfinished properties were mainly badly built. Builders say these properties are unfinished because they’ve run out of money and that issuing mortages should solve this problem. Editor: so buyers will take out mortgages on properties that they’ve probably already paid for and which the builder already has a mortgage on and the money from which he’s spent on a Hummer? Nice.

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