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Cyprus Property Victims – Paradise Hills

Cyprus Property Victims - Paradise HillsWITHOUT PREJUDICE

Cyprus Property Victims – Paradise Hills

That the ROC is a mirror image of north Cyprus where stealth mortgages are concerned is a given. The difference is only in the numbers and the purchase prices, both of which on the south side are much larger. Not that it matters because however much anyone spent on their ‘dream’, it represented to them a lifetime of saving for that dream. That the incidents of this crime could be running at 10 to 1 in favour of the south is also irrelevant since on an individual basis each and every victim is suffering. What has happened colours their every waking thought and often follows them into their sleep, that is they are able to sleep.

We have read of some who have died prematurely through illnesses related to stress. That the stress of the situation they found themselves contributed to their deaths cannot be discounted. Many know they will die before a resolution to this crime against them is found, that is, if there is ever a resolution found. Many are fighting this injustice through the legal system and ironically the advocates/lawyers who failed to protect their interests initially are enjoying a double dip into the meagre amount of money most victims are now left with. Some are having to cut back on essentials to afford to fight for their ‘dream’.

A development in the south is in the news today, the development has the very inappropriate name of Paradise Hills and yet again another parallel…a British developer.¹

Reminiscent of Gary Robb in my opinion. A development part built and then left to deteriorate whilst those who have paid all or the majority of the purchase money can only sit back and watch in dismay.

Will this abhorrent practice ever have a satisfactory conclusion, I do not know. The Government in north Cyprus are allegedly looking to find a solution for the Amaranta/Robb victims and September could see the start of this process when an amendment to the citizenship law is set to be put before Parliament, although it has to be said, there still will be much to be done before it gets to the situation where the purchasers achieve any sort of satisfaction.

In the south the Foreclosure Bill is still limping along trying to find a form of words that satisfies both the ROC parliament and Troika. This bill will make it quicker for the banks to foreclose on those who have non performing loans and make it easier to force the sale of the security/assets of the borrower in default. This could affect many with stealth mortgages since as yet, no attempt has been made by the Government to protect these victims of criminal fraud.

Source

¹   http://cyprus-mail.com/2014/08/17/future-bleak-for-paradise-hills-owners/

Pauline Read

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