Great news for trapped property buyers in Cyprus: courts will uphold 2015 legislation
Good news for trapped property buyers in Cyprus this week: in response to an injunction request from Alpha Bank against a Limassol apartment owner who was attempting to use 2015 Cyprus legislation to apply for his title deed; the district court ruled that they will uphold the 2015 law, which allows trapped property buyers to obtain their title deeds regardless of the developers’ own commitments to lenders.
This means that the owner of the apartment will be able to obtain his deeds, even though the developer who built it had not been servicing his mortgage on the land; something that was previously disallowed as per Cyprus land law.
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