Cyprus Property Victims | As Unsafe as Houses


Cyprus Property Victims As Unsafe as Houses

Working on the old maxim “there is always someone worse off”, I have to say that it does not make me personally feel any better when applied to what I laughingly call the ‘property scams’ in Cyprus.

In the north we have it all. From irresponsible builders, couldn’t care less builders to downright criminal builders and questionable bank lending policies.

It has always been thought that because the ROC (south of the island) is in the European Union, those who chose there to buy their retirement homes would fair better. Not so I am sorry to say. The ‘stealth’ mortgage situation is identical but affecting a larger number of purchasers; foreigners mostly, of course. The title deeds fiasco is of astronomical proportions and the incidents of non performing loans is not confined to big business but also affect the domestic mortgage market too.

With regard to the domestic mortgage market, it is clear that whilst doling out the banks money to the Cypriot people no real safe guards were in place and the normal checks and balances ignored. The multiples of income so strictly adhered to in the UK allegedly were ignored. If Uncle Thasos wanted to buy a new house, how could his niece Maria, who just happened to work in the bank, deny him the money.

The spectre of mass repossessions loom and the vultures are gathering.

Reading some of the rhetoric between Government and the Bar Association would have us laughing in the aisles if it were not so serious.

Blaming everyone for their ills, the ROC decision makers continue to pontificate, treat their saviours with contempt and generally fiddle whilst ROC burns.

Pauline Read

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