The bailout agreed for Cyprus could be good news for property owners who don’t have title deeds but it does mean the people will pay higher annual real estate taxes. Under the bailout terms agreed with the EU and the IMF the Land Registry must catch up with the massive backlog of title deeds.

The backlog dates back decades and the whole system has been mired in controversy as some developers failed to give owners their deeds and sold them on to lenders so they could raise money for their next project. It has resulted in tens of thousands of people not officially owning their properties and although the Cypriot government has promised to sort out the situation progress has been slow.

Now as part of the bailout terms, some 60,000 title deeds must be issued in the next 18 months and so far staff at the Land Registry have been issuing around 1,000 title deeds a month but they are being told to step up the output. They will need to produce at least 3,000 a month to meet the deadline.

A Land Registry spokesman said that the workers have volunteered to come in on Saturdays in an effort to meet the target.