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Cyprus Property: a gamble with the odds stacked against you

gambleThe overriding message coming through loud and clear from the distress I am reading of whenever I log onto Cyprus44 or North Cyprus Free Press is DO NOT BUY IN CYPRUS. I make no distinction between the North or the South. Both sides seem to be suffering from an epidemic of avarice.

I read of an Attorney General in the South, clearly out of touch with the people and reality, tailoring the laws to favour his friends and countrymen. He has a deputy who is not averse to funding his cosmetic dentistry from the public purse. Public servants who should be above reproach bending the law to suit their purposes.

I see reports of buyers being denied their homes and when they complain being brutalised, hospitalised and denied justice, having to fund a private prosecution. I hear of cases being adjourned and delayed on the flimsiest of excuses. It seems you will be lucky to get heard never mind receive justice in the Republic of Cyprus.

Whilst the South is in total disarray, do the North take advantage and show them the right way to do things, sadly no? Words fail me when it comes to Kulaksiz 5. That any Bank is allowed to wage a terror campaign against a group of elderly frail people is an indictment on the whole of civilisation.

Tatuska victims I am told are no nearer to receiving justice and perilously near to another auction. These are Turkish Cypriots, TRNC citizens and Turkish people whose only wish is for a peaceful life in the home they bought in good faith.

The victims of Boyut, some never even got to see the home they paid for finished. Olive Grove, another Bank, another scam. I read recently of another set of buyers whose vendor is demanding £35,000 to transfer the title deeds to people who have already paid the full Contract price.

There is trouble at Mayfair Park Tatlisu with the unlawful arbitrary evicting of Mr and Mrs Tapp. I am now reading of Thalassa Beach resort involving Tavor Properties and Kensington Development where the builders have arbitrarily changed the completion dates to 31st March 2012 in Breach of the Contract. They have added a grace period taking it to 31st December 2012, which may not sound too drastic until you realise one buyer says he has been waiting for his property since 2004 . Now call me a cynic, but the chances of these properties ever being finished brings to mind the saying, “when hell freezes over” and it is rarely that cold in Cyprus, once called heaven.

There are said to be 1400 plus people in the mortgage queue in the North. There are several times that number in the South. There are building related problems taking these figures way beyond acceptable levels on both side of the island.

What are the respective Governments doing to address these problems, you have guessed it – NOTHING?

The only advice in all conscience anyone could give to those of you looking to buy a dream home in the sun is at this time, Cyprus is a bad bet, look elsewhere,

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