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[nhowarth]

Peer calls on UK Government to ban Cyprus property companies and close their offices

A British peer has called on the British government to close the UK offices of Cypriot companies selling property and to ban the promotion of Cyprus property at overseas property exhibitions.

Following last Tuesdays bombshell that the changes to property laws being planned by the Cyprus government will bring no relief to existing buyers, British peer Lord Jones of Cheltenham has called on the UK Government takes positive steps to protect British citizens.

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[cyprusgeoff]

I agree, until these property developers can act in a professional manner and stop their lies, deceit and start putting their customers before profit
then they should be put out of business and feel the cold draught of the recession.

[bill cobbett]

Believe you me I don't want to say anything that may harm the CY economy, but there are wider and important matters of principle here as well as a longer term real view.

Call me old-fashioned but when property is bought in CY,
It is really (to a large extent) the kochans that are being bought. That was the old CY way of looking at these things.

I further think that selling land/houses with open-ended time limits on transferring the kochans is plain and simple fraud.

I would like to see GB Trading Standards Offices involved in banning the promotion of CY property in GB without proper kochans and the prosecution of those involved, which is of couse, post ECJ judgement, now enforceable in CY. That'll get the Roc gov and the developers to take action to mend their fradulent, scammy ways and hopefully clean up their act to the benefit of all.

[Oracle]

Where was this Peer, or any other leaping Lord or even MP ... when they should have tried to stop the illegal selling of properties by the Turks?

Is it now, that they can't buy on the cheap, they are closing the stable door?

Anyway ... this problem has only come about because the British see buying homes as a quick bucks investment unlike most Cypriots who just want a home for life ....

[Sotos]

Anyway ... this problem has only come about because the British see buying homes as a quick bucks investment unlike most Cypriots who just want a home for life ....

I also think this is part of the problem. Cypriots usually buy once and they almost never move. So it doesn't matter much if they get the title deed after 6-7 years. If you want a property with the title deed already issued then all you have to do is to only buy such property and reject all other.

[Oracle]

Anyway ... this problem has only come about because the British see buying homes as a quick bucks investment unlike most Cypriots who just want a home for life ....

I also think this is part of the problem. Cypriots usually buy once and they almost never move. So it doesn't matter much if they get the title deed after 6-7 years. If you want a property with the title deed already issued then all you have to do is to only buy such property and reject all other.

That's exactly it, Sotos. The British just want to buy, and make Capital within a year or two and sell again quickly. Well such misuse of Cyprus could do with being stopped so that the young Cypriots can start to buy homes in their own country more easily.

Anyway, I bet this "Peer" is only trying to stop sales in Cyprus, because he is angry that everyone knows not to buy in the occupied north now ... especially after the Orams' case was televised.

Hypocrisy ....

[bill cobbett]

Oh dear. Can I just say again that we really should take a longer term view of this. Whether we like it or not, construction of second homes, retirement homes etc in the Republic has become a really big earner of money, particularly to the GB market.

This kochan business really is screwing up the market so that when things become a little easier, CY will be tarnished by the malpractices of some of these developers, who clearly have some sort of meson with the governemnt.

Should we really be defending the short term gains of these chaps? Cos if we condemn the short-term profiteering of the ex-pats who it is claimed above are only interested in a quick buck, we must also condemn some CY developers.

People's motives in buying property shouldn't come in to it, neither should the foul situation in the Occupied North, unless we feel that two wrongs make a right. Investors have every right to buy prop together with speedy issuing of kochans on full and final payment.

As to matters of whether younger CYs can afford to buy houses to start off in life, that's a Europe-wide problem. Certainly the case here in London, England where the young Cobbetts will be looking to the old man for a helping hand.

[purdey]

I doubt very much the majority of ex pats went into buying property for a quick buck. The stats of quick re-sales does not identify quick turnaround. Most ex pats have bought to enjoy their latter years or have upped sticks altogether.
I think there are two sides to the quick buck argument, how many young Cypriots have sold their inheritance for the sake of a new BMW ? I know of many and I am not going to say what they have done is wrong, they have had the chance to make what they have never had.
We live in a world where wealth opens doors and if you deny this does not happen in Cy you are not getting out enough.

[Oracle]

I don't know the ins and outs of individual cases. Pluses and minuses to every scenario. The property developers will probably charge more if they operated more as they do in the UK.

I've heard some nasty stories about Mortgage Companies not handing over deeds once the mortgage has expired, even in the UK .... (those financial agony aunt columns in the Sunday papers)

If you add up all the different costs and charges and taxes, I bet the Brits buying in Cyprus are still quids in .... These things are not for the feint hearted and everyone has to wise up to drawing up mutually agreeable contracts before they start.

Anyway, Cyprus is going to become more lucrative once the Oil associated workforce arrives ..... I think I'll be spending more time in (cheap) Greece/France .... driving between the two in my horse-drawn Gypsy caravan.

[purdey]

I have beat you to it. Agistri in Greece, Amboise in France. Plus semi retirement from August...hello my time !!