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New Proposal Set to Aid Trapped Property Buyers in Cyprus

The draft legislative proposal aimed at resolving the dilemmas faced by trapped property buyers in Cyprus has been finalized. This initiative, anticipated to be discussed by the parliamentary Legal Committee, seeks to address the predicament of buyers at risk of foreclosures due to unresolved loan issues and lack of property titles.

Background and Legal Context

Last summer, the Court of Appeals declared unconstitutional the law facilitating property title acquisition for these buyers. The new proposal seeks a legal solution within the constitutional framework, promising swifter progress than a government-drafted bill, which would require extensive legal review.

The goal is to conclude this matter by month-end, with the temporary suspension of foreclosures ensuring some respite until the end of July. This will prevent thousands of buyers from remaining in legal limbo.

Key Proposal Details

According to the explanatory report, amendments to the Transfers and Mortgages Law are directed at protecting these trapped buyers by ensuring their rights are secured within constitutional limits. A concerning 9,497 buyers are in such a predicament, with 4,080 having their property titles, while 5,417 do not.

The draft law specifies conditions under which it applies, such as contracts registered by December 31, 2014, and those mandated by court orders regarding property transactions. It also ensures protection against existing property encumbrances, emphasizing equitable solutions for all parties involved.

These measures underscore Cyprus’s commitment to addressing this significant social issue justly, maintaining balance in protecting the rights of all contract parties involved. Stay informed with more insights on real estate market dynamics.

€50 Million Luxury Resort Planned For Ayia Napa

Ayia Napa could strengthen its position in the premium tourism market with a proposed €50 million mixed-use resort combining a hotel, serviced apartments, luxury bungalows and a beach club.

Aesara Investments Ltd has submitted an information form to the Department of Environment for a development to operate under the name Atlantica Wavemaster Hospitality. The project is planned for the Limnara area of Ayia Napa, along the coast south of Kryou Nerou Avenue, between the town centre and Cape Greco.

Hotel, Apartments And Luxury Bungalows

The proposed resort will include a 324-room hotel with capacity for 648 guests, alongside a condo-hotel building containing 20 one- and two-bedroom apartments. Facilities are planned to include restaurants, bars, cafés, a spa with an indoor pool, a gym, shops, a multipurpose hall, a children’s club and a cinema.

A further 33 three-level luxury bungalows, each designed for two guests and featuring a private swimming pool, are planned for the southern part of the site. A beach club with a restaurant and an outdoor pool complex covering more than 6,300 square metres will also form part of the development.

The project includes 321 parking spaces, including 12 for people with disabilities, and 14,196 square metres of landscaped green space featuring local plant species.

Seasonal Hotel Operations And Year-Round Residences

The hotel is expected to operate from March to November, with peak occupancy during the summer season. The condo-hotel apartments, meanwhile, will be available for sale or long-term rental and intended for year-round residence. Owners and tenants will also have access to the resort’s facilities, including its pools, restaurants and fitness areas.

Construction is expected to take 24 months once the required permits are secured. At the busiest stage, the project could employ around 100 workers per day.

Environmental Restrictions Near Cape Greco

The site’s proximity to protected Natura 2000 areas has prompted strict environmental requirements. The Cape Greco Special Protection Area borders the site to the south, while a Special Area of Conservation lies approximately 50 metres away.

Conditions imposed by the Department of Environment include a maximum building height of five floors, or 18.5 metres, and restrictions on permanent structures near the coastline. The project must also use spider-web type glazing and low-intensity lighting to minimise disturbance to local birdlife.

According to the project’s consultants, the design has been prepared to comply with the environmental conditions and the final report on cumulative impacts for the Cape Greco Special Protection Area. The hotel and apartment building are positioned in the central and northern parts of the plot, away from the shoreline.

Within the designated no-build zone, located 40 metres from the boundary of the beach protection zone, only swimming pools are planned. The consultants state that these are not expected to affect protected species in the area.

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