Cyprus-Forum.com

[paaul12]

what can be done?

It looks like some naughty GC has been "stealing" a lot of peoples money

The Larnaca Golf Property Action Group (LGPAG) has recently been set up by a group of like minded individual UK property investors, who feel that they have been mis-sold their apartments & villas in and around the vicinity of the long awaited proposed Larnaca Golf course in Tersefananou.

The common theme seems to be overselling and most of the investors have been sold mortgages in CHF with Alpha Bank.The LGPAG has researched the selling and it has been made clear that the License for planning was only passed last May 2010, bearing in mind most investors put deposits down up to three years ago on the promise of a Golf Course being built anytime, was the main motivation of investing.

Currently the license for building will run out shortly and if this is the case developers will have to re-apply. LGPAG have been informed by many reliable sources that there are no funds to build in the foreseeable future, which leaves a desperate situation for many.

The properties are currently worth around 50.000 Euro's less than original valuation due to CHF and the fact that there are 100's of properties sitting empty, with little or no rental/resale value due to location leaving many investors paying mortgages of 600-800 Euro's per Month for considerably less than projected price assets, with many in arrears and feeling helpless, ill and in some cases suicidal.

http://www.larnacagolf.info/

Answers on a Post Card

[humanist]

well paaul .... why don't you help them along with all the other in the 'trnc' who clearly have bought stolen property and built on land that the Turks have taken at gun point from innocent GC's leaving their homes because they were threatened by Turkish and TC soldiers of loosing their lives.

Hypocrite you are personally and as a member of the TC community.

[Viewpoint]

well paaul .... why don't you help them along with all the other in the 'trnc' who clearly have bought stolen property and built on land that the Turks have taken at gun point from innocent GC's leaving their homes because they were threatened by Turkish and TC soldiers of loosing their lives.

Hypocrite you are personally and as a member of the TC community.

What about all the TCs that threatened in 1963 and left their homes?

[Get Real!]

...bearing in mind most investors put deposits down up to three years ago on the promise of a Golf Course being built anytime, was the main motivation of investing.

Anyone who buys property because of a “promise” that something else will be happening in the vicinity is not considered an investor but a foolish and naïve sucker of a real investor!

[Tony-4497]

My feeling is that they don't have a case unless the sellers undertook that the construction of a golf course nearby within a specific timeframe was part of the contract, which is unlikely.

It seems their bigger problem is the mortgage arrangement - but then again, the currency and terms of a mortgage is something everyone should check. If this was a "con" by Alpha Bank, which would surprise me, they can always go the regulators in Cyprus and the EU.

All this means is that the Brits will have to wait a bit longer to make a good return on investment - but it doesn't mean they were defrauded.

[Jerry]

I was shown this development a few years ago by "Parador Properties" (now broke) and was told that the villas would rocket in value when the golf course was completed. I reminded the salesman that Cyprus has a serious water shortage, he shrugged his shoulders and said it was not a problem. I could see how "smart" speculators could be talked into buying there but a little bit of research would have revealed the risks involved and shown that the salesman was talking from his gollos.

[Tony-4497]

Water shortage doesn't necessarily mean the project won't happen.. everyone who bought property around Aphrodite Hills during the early, pre-construction stages trippled their investment in 4-5 years.. that's what these guys were hoping to achieve too.. they'll still make money, but they just need to wait longer..

[Get Real!]

This case should be thrown out of court because it's not illegal to hype up the value (potential) of property... in fact it's expected, but it’s the buyer’s problem to do their research and make an informed decision.

[bill cobbett]

Got a bit lost around the Tersephanou area one very hot day a few years ago, and driving around the one thing that seemed in abundant supply down there was rubbish, with a huge land-fill site... and the pong was not nice.

So whenever the matter of this golf-course comes up, as it does over the years, can't help but think why anyone would want to spend multi, muti euros on a veeela, living next to a smelly rubbish dump.

[supporttheunderdog]

...bearing in mind most investors put deposits down up to three years ago on the promise of a Golf Course being built anytime, was the main motivation of investing.

Anyone who buys property because of a “promise” that something else will be happening in the vicinity is not considered an investor but a foolish and naïve sucker of a real investor!

Fully agree with you on this one! Also the comments on Mortgages. Tough for them.

(The value of investments can go down as well as up!)