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Larnaca golf property action group announcement

The Larnaca golf property action group is putting a group together to work with a specialist legal team to seek compensation from the Tersefanou developers.

THE Larnaca Golf Property Action Group (LGPAG) has been set up by a group of UK property investors who consider they have been mis-sold property in the Larnaca village of Tersefanou close to Cyprus’ southern coast.

Although the area was planned to have a Golf Resort and Country Club designed by the European Golf Federation and maintained by PGA Golf Management, LGPAG says that construction of the 18-hole professional golf course has yet to make any progress.

According to LGPAG, when property investors purchased up to three years ago, they were promised by the developers that the golf course would be built any-time soon. But the delay in the construction of the golf course has left many with properties worth significantly less than when they purchased and hundreds of properties in the area are sitting empty.

LGPAG has been advised that there are no funds to build the much-hyped Tersefanou golf course in the foreseeable future and are putting together a team to seek compensation from the developers through their lawyers.

For more information and to register your interest, visit the website of the Larnaca Golf Property Action Group.

Postscript

The PGA terminated its relationship with MedGolf Properties in January 2014.

Readers' comments

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  • Robert Briggs says:

    Is it possible for an Islamic / Sharia – Taliban Style Court of Law to be set up in Cyprus? Giving crooked developers and their mates (ie; crooked solicitors, sales agents, politicians etc.) a choice.

    Either give full compensation to those, whom they have cheated & ripped off, or have their right hands chopped off!

  • Unbelievable says:

    @Mike,

    It’s human nature to want something nice for the family and for retirement.

    When people buy a house in the UK, your solicitor tells you they have done all the legal checks and you sign on the dotted line – Why?

    …because you believe they have done all the legal checks. So you do not question there judgement.

    Most people have done the same when buying a home in Cyprus. Only to find out later the Lawyer,Developer and possibly the bank were ALL lying through there back teeth!

    If you’ve never experienced this before, why would anyone suspect a leading Cypriot Bank and Lawyer to act fraudulently big time?

    Makes Me Sick !

  • Mike says:

    I remember Tersefanou when it was just fields upon fields. If buyers / investors bought 3 years ago that would make it 2008. At that time the Cyprus scams were well known throughout the civilised world, they had been publicised since at least 2005 and absence of title deeds in many cases many years before that.

    Why oh why do these people persist in throwing their money away? is it greed, the prospect of a fast buck, gullibility, naivety, or just plain being trustful & expecting others to be the same.

    We must feel sympathy for those who have been deceived in this manner but anyone buying property in Cyprus must surely be aware of the risks by now and if they choose to go ahead thinking it will never happen to me then please think again, I assure you it will, and you will wave goodbye to your hard earned cash.

    Let this be another lesson to all those even giving the idea a thought.

  • SAM says:

    POINTS OF INFORMATION

    There appears to be a lot of confusion from a vast number of people. Its out of hand.

    1. There are 5 x issues and that’s it for the bulk of the disgruntled.

    …………………………………………..

    a. Possible mis-selling by the Alpha Bank

    They may have mis-sold the loan / mortgage.

    Any action by the Alpha Bank against defaulters will be for breach of this contract.

    If the Alpha bank successfully sue in Cyprus the enforcement transfers to the U.K. courts without redress. You cannot argue in the U.K it is a done deal in the U.K from Cyprus.

    …………………………………………..

    b Possible mis selling by G. Hasspis Ltd.

    His agents (not brokers) may have mis sold the flats. Most have gone broke but no matter they spoke for Hassapis.

    You could sue G, Hassapis Ltd but there may be a better way.

    ……………………………………………

    c. (Point a. and b. are separate issues unless one takes each of them to task JOINTLY on the basis of a joint action of mis selling.

    Unfortunately any prosecution by the Alpha Bank is a separate issue unless a joint defence is lodged or a joint appeal made on the joint rounds of mis selling where the defendants would be the Alpha Bank and G. Hassapis Ltd and possibly the lawyer who acted for all parties. Do it this way and the Alpha Bank may protect Hassapis from bankruptcy. They need to protect their investment.

    ……………………………………………..

    d. Poor construction and construction faults.

    Answer do not buy in Cyprus but in terms of the core issue of mis selling then forget it.

    ………………………………………………

    e. The Alpha Bank will ultimately pursue with a vengeance. Forget the dream world of thinking they will not do so. They have no choice.

    …………………………………………….

    2. Why would a Cyprus lawyer work for you when their “bread and butter” lies with the Cyprus banks and developers. Trust no one. We were taken for a ride that got us into this situation and that ride is on going via some (not all) lawyers. The trick is finding the right lawyer. My view is find a lawyer in the U.k and translate it to a Cypriot / London barrister and go for it.

    ……………………………………………

    3. Answer to it all.

    Counter sue or the bailiffs will come knocking sooner or later.

    Alternatively pay up and shut up but with no golf course for years.

    ……………………………………………

    YOU NEED TO GET ORGANISED.

    I never paid a penny on my loan nor have I ever used my flat. I am going for it. I will fight big time.

  • Dave says:

    If the property investors believe developers bullsh*t then they do not deserve to be investors, we were all guaranteed a sea view where we live and we all had one for a while, this is why they build nearest to the sea last.

    Can you tell me these investors are not charging more for the properties than they are worth just because they are close to a golf course, they hoped to make a killing and have lost out. GREED again.

    If the golf course is built to the same standard as the villas it will be unplayable anyway.

  • Ken of Kiti says:

    I would suggest that the property developers involved (the likes of Derek H for example) are quaking in their shoes… NOT! 

    Maybe it is time to cut losses, get out and let the likes of the Pole’s and the asylum seekers etc have it. They will turn it into a huge Ghetto! Surely that is what is going to happen to it eventually?   

    The only way they can stop this from happening is by building the Golf Course and doing it now, or it will be too late.

  • Johnny Cyprus says:

    This kind of situation is not exclusive to Cyprus.

    All over the ‘Western’ world we can see grandiose development plans torn up when the developers go bust and the banks grab such collateral as they can lay their hands on.

    Take a look at any of the countries with massive ‘sovereign’ debt, bloated property markets and failed banking sectors; Ireland, Spain, USA and indeed the UK.

    You’ll find plenty of examples of people who have extended themselves and bought over priced property on nascent developments. They are now holding property that cannot be sold and in many cases the property is mortgaged. The banks may have pulled the plug out of the developers bathtub, but they are scared of foreclosing on the buyers; they know that the property resale value will not cover the debt.

    That’s what is at the heart of all these bank bail-outs.

    It is a story that has not yet been told.

  • peter says:

    Do their purchase contracts mention a golf course? Throwing more money down the drain on the basis of a promise of a golf course any time soon is a fools errand in a civilised jurisdiction, here they are peeing in the wind.

  • Martyn says:

    It comes as no surprise that the Tersefanou golf project is delayed again and whilst we can sympathise greatly with those who were sweet-talked into buying properties on little more than a promise of a smart new golf facility, there were clearly major risks involved and the ongoing delays and ghostly Tersefanou developments underscore the Title Deeds scandal, the rapidly falling reputation of Cyprus as a place to buy/invest in new-build properties.

  • Unbelievable says:

    These swindlers are not going to stop are they?

    What I find so amazing, is that Cyprus is the size of peanut. For how long can they continue to dupe investors before they run out of land to build on.

    All that’s needed is to CONSTANTLY attend ANY UK property show and hammer home to plights of buying in Cyprus.

    Everyone walking into the property show will get the message and spread the word.

    When is the Homes From Hell show due to air?

    Don’t give up the fight guys!

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