Latest Headlines

Cyprus developer rejects accusations

The Cyprus property developer Aristo has rejected accusations that it is one of the offenders involved in the Immovable Property Tax scam.

WE REFER to your article under the heading Legal stakes raised in Cyprus title deed scandal published on June 28 and categorically reject the false and unsubstantiated accusations against our company and, specifically, your description of our company Aristo Developers as:

  1. contravening the law, by including our company to be “among the main offenders” over Immovable Property Tax and
  2. one of the few big developers which account for the lion’s share of 4 billion debt

As you should have known if your report was based on true facts and if you had the courtesy to enquire further and ask our view as well, you would have established that Aristo Developers is:

  1. a law-abiding company in every respect with absolutely no offence recorded against it regarding Immovable Property Tax
  2. a company with one of the lowest debt to asset ratios in the industry and
  3. a company that has always served its clients and buyers promptly and has fully safeguarded their interests.

Our customers have had peace of mind in the knowledge that ownership of their property is fully secure and that the unfortunate delays recorded in the issue of separate title deeds does not put them at risk in any way, while once separate title deeds are issued in any of our projects we are in a position to proceed with transfers to our clients without delay.

Furthermore, on the matter of title deeds which gave rise to the said article, we wish to add that we fully endorse the new initiatives to change the cumbersome procedure for the issue of separate title deeds. For over 25 years Aristo Developers has been striving to expedite the issue of title deeds to our clients, and we fully sympathise with them for the delays faced due to bottlenecks in the process and which are outside of our control.

Savvas Georgiades
Finance & Operations Director
Aristo Developers Ltd

Copyright © Cyprus Mail 2009

Editor’s comment

WHEN Mr Georgiades says “no offence recorded against it (Aristo Developers) regarding Immovable Property Tax ” he is correct. However, readers should be aware that the Cyprus government has decided not to take action against unscrupulous developers who defraud buyers by ‘overcharging’ Immovable Property Tax.

See Property buyers get “one finger salute” from Government for more details.

The Cyprus Property Action Group is still waiting for a reply to their request for a Presidential Review into why the Police refuse assistance to buyers who have been defrauded in this manner.

Readers' comments

Comments on this article are no longer being accepted.

  • Text size

SELECTED REPORTS

Back to top