Cyprus issues title deeds for froiber group apartments

The Cypriot property market continues to be plagued by the ongoing issue of title deeds, which were not issued to many international buyers amid the country’s financial problems.

Now, though, as the island has announced renewed efforts to solve the situation, title deeds have been issued for apartments from the Froiber Group.

Liquidators for six of the Group’s eight companies have now completed the work to issue Title Deeds for eight different apartment buildings.

Chris Iacovides confirmed that efforts would now be focused on the leftover buildings held by the Froiber Group. He told Cyprus Property News: “There has been much press recently regarding alleged demands from buyers by the Liquidator, on behalf of mortgagees and the time has come to set things straight. Whilst buyers have my sympathy, they must understand that a financial institution which has funded a project and enjoys security against a specific asset is legally entitled to demand money against that security and to refuse to consent to the transfer of shares/Title Deeds, without some financial compensation.”

“I suggest that those who exert pressure and unfair criticism should take a look at the terms of the Memorandum of Understanding between the Republic of Cyprus and the Eurogroup, in relation to the residential property market and the regulation of real estate and be concerned with how close we are to property repossessions.”