BRITAIN will take a close interest in measures taken by the Cyprus government to sort out the problems of home buyers left without their title deeds, a written answer to the House of Lords has said.
Two questions were placed before the Lords last November detailing the concerns of some property buyers worried about the implications of not holding legal ownership to their properties.
For them, the issue became more urgent as the global credit crunch began to bite into the real-estate sector with the possibility of foreclosure by the banks on the developers who still hold titles.
The average wait for title deeds in Cyprus is 10-15 years, and there are around 100,000 home owners still waiting, 30,000 of whom are foreigners.
Answering on behalf of the government, Lord Malloch-Brown said the British High Commission had raised the issue with the Cyprus government.
