According to Cyprus Today (18.06.16) the good news is that the Auction has been cancelled. The bad news is that this auction which was called as a result of the builder’s original loan being increased to £3m because it had not been repaid is only being cancelled for the Aphrodite 2 site. The builder blamed the 50 property purchasers for not paying for properties despite this one purchaser confirming that they had paid everything only to discover that there was a mortgage on his property. When this was confirmed Aphrodite 2 was removed from the auction which will then continue as planned but will only include ‘bare land’, just as the K5 auction properties were described.
Not sure I understand this. Are there other developments that they propose to sell fraudulently?
Once again buyers are blamed!!
Who took out a mortgage on property that had already been sold? Why did the bank give such a large mortgage on property that had already been sold?
This is Kulaksiz 5 all over again and someone should step in and stop all transactions until the result of K5 case.
If they are selling land only it must be a massive area to be able to secure £2.5 million.
Of course, it’s always the buyers’ fault!
I read this morning that the auction is back on. I presume, then, that the statement that it was cancelled was intended to deter people from attending to protest?
That would be typically cynical.