Cyprus-Forum.com

[Zorba]

He is doing good. If less property is sold because of this bad publicity then prices might come down and I can afford to buy a decent house at a realistic price.

[Beer Belly]

We are all familiar with Conor O'Dwyer's case

You may well be. I too have read about his former protests. However, I am sure the thousands of visitors to the exhibition are not as familiar and it cannot have done the Cyp property market any good.

And if you think O'Dwyer is the ONLY purchaser of a property in Cyprus who feels they have cause for complaint - you must have been living on another planet for the past few years.

The Cyprus Property Market has overcome more serious obstacles in the past, and I don't believe the developers would be overly concerned.

The fact of the matter is, Cyprus is an idyllic Mediterranean island with an excellent climate, and so property demand will always be present despite slight variations in demand brought about by natural economic cycles.

But let's say it turns away a few British investors. Many of us believe that this is a good thing, because those investors have already caused overinflated property prices by Cypriot standards meaning that the younger generations are finding it increasingly hard to buy their first home. By international standards, Cypriot property is still very cheap and affordable, and international investors see Cyprus as a good place to invest (sadly).

Obviously that is why things are booming here at the moment.

Now trying to sell to the Russian market as British investors are being put off for a number of reasons. The Russians do not seem to be spending much either. Who is next?

No investors ... no money from your family owned land. No tourists ....no money spent in the main income producer for the country.

Still if everyone disappears then prices drop and you will be able to get things back to the way they used to be, and that is the way things are going at the moment. Can you use donkey muck to fuel ageing mercedes cars? Petrol costs money, something that is not being generated at this moment in time.

This is your first real recession, they are not pleasant and pride needs to take a back seat. The modern approach of 'keeping up with The Jones' ' will hit very hard when the banks stop providing credit. The best approach is to slow down on your spending and ride through the tough times, rather than pretend things are not happening then get hit with a sledge hammer.

[Get Real!]

With signs like 'Cyprus, island of fraud' he is only creating hatred between the locals and the Brits living here in Cyprus. Rather then generalising he should aim his campaign towards the particular developer he has the problem with.

Yeah, it’s just so dumb to blame an entire country when you have a feud with a company!

[Gasman]

When bemoaning the fact that foreigners are buying so much property in Cyprus, do you ever stop to wonder WHO is selling it to them?

CYPRIOTS - that's who!

[BOF]

With signs like 'Cyprus, island of fraud' he is only creating hatred between the locals and the Brits living here in Cyprus. Rather then generalising he should aim his campaign towards the particular developer he has the problem with.

Yeah, it’s just so dumb to blame an entire country when you have a feud with a company!

If only it was just a "specific" developer !
There is no hatred being generated between "foreign"buyers( other countries nationals are complaining too) and local Cypriots.
But when Fraud on a grand scale is being comitted with the collusion of interested parties and the people at the top running Cyprus are aware and are failing to act, then when the shit hits the fan its going to stick to a lot of people.
with 130,000 people without deeds it isnt going to go away im afraid.
If this happened to Cypriots living in the UK i think the word specific wouldnt be a concern of the uproar that would be caused here.............

[Free Spirit]

With signs like 'Cyprus, island of fraud' he is only creating hatred between the locals and the Brits living here in Cyprus. Rather then generalising he should aim his campaign towards the particular developer he has the problem with.

Yeah, it’s just so dumb to blame an entire country when you have a feud with a company!

What's up does the truth hurt? The whole property market in Cyprus is corrupt including all the major developers not just the little builders.
One good sign is that the EU commissioners have now taken an interest with the stated intent of sorting out this disgusting illegal set up.
One good thing is that the saying "This is Cyprus" won't wash with them.
Many Cypriot Solicitors are going to find themselves in trouble for completing transactions whilst knowing the fraudulant situation that exists.

[apc2010]

I agree that there is corruption in the property market, but there is saying "a fool and money are easly parted" .
Would you buy a car without checking it, I have heard of people visiting Cyprus for a week and investing 100s of thousands because the bloke seemed nice!..

[Get Real!]

With signs like 'Cyprus, island of fraud' he is only creating hatred between the locals and the Brits living here in Cyprus. Rather then generalising he should aim his campaign towards the particular developer he has the problem with.

Yeah, it’s just so dumb to blame an entire country when you have a feud with a company!

If only it was just a "specific" developer !
There is no hatred being generated between "foreign"buyers( other countries nationals are complaining too) and local Cypriots.
But when Fraud on a grand scale is being comitted with the collusion of interested parties and the people at the top running Cyprus are aware and are failing to act, then when the shit hits the fan its going to stick to a lot of people.
with 130,000 people without deeds it isnt going to go away im afraid.
If this happened to Cypriots living in the UK i think the word specific wouldnt be a concern of the uproar that would be caused here.............

But has this person been conned by more than one company? Look, I just don't understand what he's trying to achieve because it seems he is attacking everyone BUT those who allegedly swindled him!

I’m starting to have serious doubts about the legitimacy of his claims because Cyprus offers MANY avenues for justice including an Ombudsman, a consumer complains body (which I know to be very effective from personal experience) and of course your average court procedures.

What exactly has he exhausted? Why doesn’t he post the details of the avenues that failed him instead of making a clown of himself on a daily basis on almost EVERY article that gets posted on the Mail???

I smell a rat here…

[kafenes]

With signs like 'Cyprus, island of fraud' he is only creating hatred between the locals and the Brits living here in Cyprus. Rather then generalising he should aim his campaign towards the particular developer he has the problem with.

Yeah, it’s just so dumb to blame an entire country when you have a feud with a company!

If only it was just a "specific" developer !
There is no hatred being generated between "foreign"buyers( other countries nationals are complaining too) and local Cypriots.
But when Fraud on a grand scale is being comitted with the collusion of interested parties and the people at the top running Cyprus are aware and are failing to act, then when the shit hits the fan its going to stick to a lot of people.
with 130,000 people without deeds it isnt going to go away im afraid.
If this happened to Cypriots living in the UK i think the word specific wouldnt be a concern of the uproar that would be caused here.............

But has this person been conned by more than one company? Look, I just don't understand what he's trying to achieve because it seems he is attacking everyone BUT those who allegedly swindled him!

I’m starting to have serious doubts about the legitimacy of his claims because Cyprus offers MANY avenues for justice including an Ombudsman, a consumer complains body (which I know to be very effective from personal experience) and of course your average court procedures.

What exactly has he exhausted? Why doesn’t he post the details of the avenues that failed him instead of making a clown of himself on a daily basis on almost EVERY article that gets posted on the Mail???

I smell a rat here…

The rat smelled when he arranged for someone to secretly video his actions. He should have taken his deposit back (as he was offered) and go and buy somewhere else, but instead he was greedy and wanted more. His planned con bounced straight back at him to the point that it wasn't the money which mattered but the prestige. Normally i wouldn't give this case a second thought but as he is generelising and calling my country a fraud, as a Cypriot, I find this most offensive. I have been robbed twice while in England but never went round holding banners sayingm 'Brits are thievs'. I just simply have never gone back there since.

[Milo]

With signs like 'Cyprus, island of fraud' he is only creating hatred between the locals and the Brits living here in Cyprus. Rather then generalising he should aim his campaign towards the particular developer he has the problem with.

Yeah, it’s just so dumb to blame an entire country when you have a feud with a company!

If only it was just a "specific" developer !
There is no hatred being generated between "foreign"buyers( other countries nationals are complaining too) and local Cypriots.
But when Fraud on a grand scale is being comitted with the collusion of interested parties and the people at the top running Cyprus are aware and are failing to act, then when the shit hits the fan its going to stick to a lot of people.
with 130,000 people without deeds it isnt going to go away im afraid.
If this happened to Cypriots living in the UK i think the word specific wouldnt be a concern of the uproar that would be caused here.............

But has this person been conned by more than one company? Look, I just don't understand what he's trying to achieve because it seems he is attacking everyone BUT those who allegedly swindled him!

I’m starting to have serious doubts about the legitimacy of his claims because Cyprus offers MANY avenues for justice including an Ombudsman, a consumer complains body (which I know to be very effective from personal experience) and of course your average court procedures.

What exactly has he exhausted? Why doesn’t he post the details of the avenues that failed him instead of making a clown of himself on a daily basis on almost EVERY article that gets posted on the Mail???

I smell a rat here…

Yes 'the rat' is the whole system of buying property in Cyprus pretty much and the govt appear to condone it, hence the 'shame' bit.

Those that cannot believe this idyllic island has a shameful reputation to the bigger majority of buyers, some who did,nt get beaten up but had their life savings taken away.

You would know about this report ignored by the govt http://www.cyprus-property-action-group ... report.pdf unbelievable that such evidence has been shown to a govt that has,nt even bothered to reply. No doubt because much of us know some of them are part of it

Btw you don,t go to an ombudsman when suffering an assault and I,m sure the consumers association would be a big help The first assault happened because the buyer questioned the Developer on big inaccuracies within his purchase. Second beating happened after trying for 2 years to even GET a Court case for the first assault and try and get his property back or his money . The Police were so slow in arresting these pillocks it was fairly obvious who was really in charge.

A poster mentioned this man causing 'hatred'on the island, imo one person cannot do that, brave though he is after constant violent threats, one poster I think was implying that the locals will hate the british because they 'dare' to get their money or property back and make it high profile, have to say that many are trapped here by this corrupt system that cannot leave.

Yes sadly I have to agree 'hate' is becoming very more obvious in those that have been openly ripped off. Years of no help makes people build up hate against others, and it gets confusing who to blame

Btw I have no axe to grind as I only got 'taken' for a few thousand. I had no recourse to go to court to get it back as no Lawyer will go against another Lawyer here, when I asked why I was told 'fear'

*********


Property Scandal

The boom years for property in Cyprus occurred after its accession to the EU, driven mainly by foreign buyers expecting the perceived protection which EU membership should have provided – how wrong they were!

The Government has now been fully briefed, however, rather than attempting to properly regulate the industry for the benefit of all, it seems content to try to mislead the EU with this ill-conceived and widely condemned amnesty legislation. This only being needed because of the State’s failure or refusal to enforce the laws designed to protect buyers in the first place. Whilst the main area of buyers’ complaints to the EU i.e. developers’ mortgages on buyers’ properties, is being swept under the carpet, because there is no apparent solution.

Reportedly, developers’ outstanding mortgage debts grew 107% between March 2008 and March 2009 to €5.9Billion. Since then, it has been further reported that the banks have been caught by the Central Bank trying to hide developers’ failure to service these debts by dishing out even more money and extending the loan periods.

Toxic Timebomb?

With the highest interest rates in Europe and little or no income due to the collapsed market, developers are now starting to go bust with the banks pushing them into receivership in order to recover their loans. The banks have also recently raised their provisions for bad debts, with for example Bank of Cyprus seeing an increase of 534% over last year.

Developers have previously sold properties which years later still have mortgages on them. In order to service these mortgages, they will have to sell even more properties, and many of these new properties will also have mortgages on them.

With the current economic slump in countries such as the UK and Russia, selling their way out of debt will be extremely difficult, especially so as many more potential buyers are now aware of the deception of Cypriot developers in this respect.

Accordingly, Cyprus is heading to a situation where this developer debt could be toxic debt very soon; debt unable to be serviced and the collateral properties unable to be sold off by the banks.