TITLE DEEDS IN CYPRUS
One of the most significant challenges in the Cypriot real estate sector is the failure to issue title deeds. This issue arises for various reasons, but primarily due to developers failing to comply with building permit conditions. For instance, some developers have constructed more square meters than permitted or have not completed the required green spaces or public areas. As a result, many buyers find themselves trapped in legal and financial complications caused by these irregularities.
To address this issue and protect affected buyers, the Cypriot government enacted the The Sale of Immovable Property (Special Enforcement) Law of 2011 (81(I)/2011). Under this law, buyers who have signed sale agreements can transfer their rights to a new buyer through assignment agreements, even if a title deed has not yet been issued. By submitting an assignment agreement to the relevant district land registry office, the assignee automatically becomes the legal owner of the purchased unit, and the individual entitled to receive the title deed once it is issued.
Through this assignment process, the new buyer enjoys all rights and assumes all obligations under the original sale agreement. Furthermore, the new buyer may subsequently sell the property using the same procedure. Additionally, the Cypriot government has committed to the European Union to pass new legislation and regulations ensuring the issuance of title deeds for all constructed units in Cyprus that have yet to secure legal ownership documents.