According to a recent study of the Department of Lands and Survey, the grim situation in the property market of Cyprus is obliged to bureaucratic obstacles hindering the execution of the transactions, as reported by ee24.com citing news.cyprus-property-buyers.com.
The collapse of real estate sales occurred not only because of the recession, record unemployment and unresolved problems with the documents of ownership (Title Deeds). Agents are increasingly complaining about the fact that the abundance of potential customers who want to buy property in Cyprus, is offset by bureaucratic delays that do not allow the transaction to complete on time.
Among the main problems is named the congestion of the Tax Service of Cyprus, which at the moment is engaged in collecting the tax on real estate and often do not have the resources to service the new sales transactions. To get the tax clearance from the service, one will have to spend a few weeks. To date, the record is out for six weeks.
Other problems include disputes with the tax authorities about the size of tax debt. Such disputes last for months. Some objects are burdened with loans for construction, developers are taking the Bank of Cyprus or the former Laiki Bank. It also seriously complicates the procedure and delay the purchase and sale of real estate.