Robert Study MEP for the East of England
UNDER the terms of the Memorandum of Agreement (MoU) Cyprus has agreed to eliminate the Title Deed backlog to less than 2,000 cases by the fourth quarter of 2014.
Robert Sturdy, a UK MEP representing the East of England, has asked the European Commission for an update on the current state of affairs, with reference to a change in the MoU reducing the agreed target to applications that have already been received.
to the Commission
Rule 117
Robert Sturdy (ECR)Subject: Cyprus title deeds As a condition of the bailout given to Cyprus by the Troika, a memorandum of understanding (MoU) setting out economic policy conditionality was drafted. Part of the MoU stipulated that the Cypriot authorities had to eliminate the title deed issuance backlog to less than 2,000 cases by the fourth quarter of 2014.I understand from previous information given by the Commission in response to written questions that resolving the title deeds issue requires deep structural reforms in the housing market and the immovable property regulation. However, it has come to my attention that there has been a change in the agreement and that the MoU now requires only title deeds already lodged with the Land Registry to be completed.Following up on previous questions on this issue, I would like an update on the current state of affairs.1. Can the Commission confirm whether the MoU has been changed so that only title deeds already lodged with the Land Registry must be completed?
2. Does the Commission estimate that Cyprus will meet the deadline of the fourth quarter of 2014?
Answer given by Mr Kallas on behalf of the Commission (added)
While the Memorandum of Understanding (MoU) agreed between Cyprus and the ESM has introduced a clearer definition of title deed ‘backlog’, it did not change the overall objective. The MoU (paragraph 5.3) clearly states that the backlog is the sum of two items:
(i) Title deed applications that have already been lodged with the Land Registry; and
(2) Pending title deeds that are eligible for ‘ex-officio issuance’; This means any title deeds that can be issued technically, even if no application has been lodged with the Land Registry yet.
However, please note that this paragraph only refers to title deed issuance, which is mainly an administrative challenge. In contrast, the transfer of title deeds from developers to home owners is an integral part of paragraph 1.29 in the MoU [1].
Cyprus is making progress towards meeting the deadline of the fourth quarter of 2014 which is monitored closely and assessed during the regular programme implementation reviews.
[1] Support Group for Cyprus, first Activity Report: helping Cyprus pursue reforms and restore growth
See also: Memorandum of Understanding
Author: Nigel Howarth, news.cyprus-property-buyers.com