To get back to the Cyprus ' Property Boom'
which passed early 2008 I understand that prices will be affected pretty soon by the MoU which is about to lay out the developer loans and problems now associated with well known bad practices by the Banks, the developers toy loans and the shoddy and fraudulent scams associated with the bad building practices allowed to build up in the boom years, many Cypriots are affected as well as Foriegn purchasers, of course many of us shouted about this for years, the equally shambolic and slow justice system supposedly there to protect the victims, makes new rules as it goes along in favour of developers and certain banks like Alpha now in trouble in Londons High courts! Plus at its head we have the AG who just got his son off a serious prosecution.
Anyway I digress, the rumour mill has toxic debts unserviced by developers at 6 billion, a registry has been set up this week by UK parliament to defend those UK purchasers who have been left high and dry, I understand dealt with at a high level.
This of course isn't everyone, but it's a big deal and was ALWAYS going to go off bang! The economic situation in Cyprus now lays it raw, or will do shortly....this adds to the woes of those wishing to sell decent builds like myself, we crawled all over our build from grass to roof, shouting orders getting it done professionally and refused everyone brought on the job that didn't have qualifications, to that end we got a finished product to be proud off, we had one bad apple who did us, but we got him out of business fast by filming a incident when he took cash and sent it off to relevant depts
you have to remind yourself that purchases were made by people who bought off developers, builders etc who were in the main local and in some cases sold them down the river, properties are falling down ravines as we speak, no monies returned, plannings never gained but lied about thru so called lawyers in cohoots with brown enveloped developers have disappeared to other countries leaving I know ten properties in one case alone, condemned to be knocked down even though owners have bought paid in full and have been living in then now for over Six years, now can't even sell them and are running up more bills to get justice or eviction lifted at their own expense three years long now! It's shameless and disgraceful and Cyprus property doesn't deserve a good recovery unless we have decent people in place and brand new regulations and proper prosecutions and jail terms for those that caused billions of euros worth of complete greed and utter misery!
The property boom just isn't! The values are crashing, we didn't pay over odds as we owned the land and have the deeds, but many did from 2004 onwards! They will not recover their money in the short term, or maybe for five years to possibly ten years and that only with safeguards and relevant insurance policies in place in case of future bad practices for purchasers in future along with of course the biggest problem gone away with, and that is to in future no completions without Title Deeds! That is the only way the construction industry and property sales could ever begin again there is no faith in it, it's just dead in the water!
I know of a few who have managed house property swaps with UK owners, we would only accept payment outside of Cyprus banks as well, no mortgages in Cyprus are available, so if you equate few buyers since the crisis, less Foriegn purchasers falling year on year in fact down to smallfigures ( all available if you care to see ) and many unable to service their own mortgages, unsold developer stock left empty for over five years and crumbling, I have to ask ' where TF is the propert boom?
