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Cyprus: Property

House of Lords written question – answered on 18th June 2009.

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Photo of Lord Jones of Cheltenham Lord Jones of Cheltenham Liberal Democrat

To ask Her Majesty's Government further to the Written Answer by Lord Malloch-Brown on 8 June (WA 117), what steps they will take to warn those contemplating buying property in Cyprus of the risk of losing their homes when developers who have retained title deeds in order to raise further loans default on those loans.

Photo of Lord Brett Lord Brett Government Whip, Government Whip

The travel advice on the Foreign and Commonwealth Office website (www.fco.gov.uk) advises those contemplating buying property in Cyprus to proceed with caution and to seek qualified legal advice from a source that is independent from anyone else involved in the transaction. It refers to the problems with obtaining title deeds and the risks which this causes.

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