Cyprus Property Victims | What Problems?

Cyprus Property Victims | What Problems?WITHOUT PREJUDICE

Cyprus Property Victims – What Problems?

On Tuesday night I watched Escape to the Continent, Cyprus – Limassol on BBC Two . Nicki Chapman house hunts in the Limassol region of Cyprus with a couple from Cornwall.

The couple had £450,000 as their budget and they were shown some lovely properties, mostly in the Pissouri area.

I waited and waited for the presenter to point out the huge problems over 130,000 ex-pat purchasers had and were experiencing, but I waited in vain. I looked at the date it was filmed and it was October 2013. Hang on a minute, now wasn’t this happening in the ROC then:

2013: We deserved a shock, but never this: ramifications of traumatic …

Dec 29, 2013 … Those with uninsured deposits of over 100,000 euros in BoC lost … Impose a haircut on all deposits – insured and uninsured – in all banks.…/2013-we-deserved-a-shock-but-never-this-ramifications- of-traumatic-bailout-will-be-felt-for-years/

Insured deposits? Don’t you believe

Jun 2, 2013 … Can the Central Bank/government/co-op still guarantee depositors up to 100,000 euro deposits? Are we to expect a haircut on deposits below …

The presenter did interview a long term ex-pat resident who was running a cookery school but she glossed it over by saying the conditions were difficult at the moment but that the families came to the rescue and some tightening of the belt was going on.

The only useful information in my opinion was to check the deeds were available and the cost of the transaction.

Well I doubt that even the prices being mentioned for the properties this couple were looking at were realistic in the current economical climate, but hey what do I know, I am only someone who has been fighting the corruption, cronyism and nepotism in the north Cyprus property market, looking across that border, it looks pretty similar in the ROC property market.

Do not miss tonight’s Channel 5 programme at 8.00 p.m. UK time

You would be mad to buy a holiday home in Cyprus – Cyprus Property News

Too late for some of us, but a warning to all now thinking of buying abroad. Choose your destination with caution.

Never give in never give up.

Pauline Read

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