Legal Business

The legislative framework for ‘trapped’ property buyers

Andreas Haviaras and Stalo Papoui of Haviaras & Philippou discuss the new development in Cypriot property law.

The main problem the Cyprus property market currently faces is the failure of the developers, due to their financial problems, to issue title deeds to the buyers who paid for the property bought or to transfer the title in cases where it has been issued. In this sense, the buyer who paid for the property but did not receive a title is a trapped buyer as he cannot exploit the property.