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Paradise Hills buyers face uncertain future

Residents of the unfinished Paradise Hills estate built by MDB properties in the Paphos village of Marathounda may lose their homes as the Bank of Cyprus has rejected a rescue plan.

BUYERS of properties at Paradise Hills development in Marathounda village in Paphos are facing an uncertain future over the completion of the site and ownership of their homes, after a rescue plan was rejected by the Bank of Cyprus (BoC).

Thirty three of the 46 units have been sold but only three are now occupied. Property owners say have been plagued by a raft of problems since purchasing their homes and now have no idea what the future holds for them.

After problems were highlighted a year ago, the site was ultimately connected to the main electricity supply, which residents say has made their day-to-day life more bearable. They had previously been reliant on power supplied by costly generators.

Last year their plight was also filmed for a popular UK TV show ‘Holiday Homes from Hell’ which was screened by ITV on 19th July (see below).

After waiting for almost two years for the administrator to come up with a rescue plan  which included property owners coughing up on average an extra €10,000 each to finish the site, they have just been informed that the bank has decided not to go ahead with the deal.

“Things have gone from bad to worse,” said villa owner and Paradise Hills resident Lance Hames.

Hames said BoC told the administrator – One World – that it would not help complete the site due to the alleged illegal activities by a director from, developer’s MDB properties.

Hames said he and his wife Tracey were sick with worry about what is now an uncertain future adding that his wife was close to a nervous breakdown and had returned to the UK for a break as their marriage was under strain over the stress.

“The developer went into administration and the administrator took over and came up with a rescue plan. We were all to make a contribution, our share was €23,000, despite the fact we have paid for our house in full, and the bank would help to finish the site and take on any mortgages.”

Hames said he was now anxiously waiting to hear from One World as to what the bank will decide to do next, but he believes the natural progression will be to liquidate MBD properties, which apparently has no assets.

Readers' comments

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  • @steviered – Thanks for your comment. I suspect that the bank will try to recover the debt by selling the land (and everything on it) if a deal cannot be reached with the buyers.

    Looking at the video, I believe the buyers paid cash for the property so the bank would not have been involved in the transaction. However, if they taken out a mortgage and maintained their repayments it is unlikely that the bank would would act against them in this manner.

    I agree wholeheartedly about the lawyers! If the buyer’s lawyers had advised them about the pre-existing mortgage, in all likelihood, they would not have bought.

  • steviered says:

    Why would anybody in their right mind liquidate a company with no assets. This is just another way for Cyprus solicitors / banks etc to make a fistfull of money with no end result. Lets not forget it was these people who put the residents in the position they are in now.

  • James JH Lockhart says:

    They Should lock the President & Deputies in a room and force them to watch the video.

  • Robert Briggs says:

    I would like to get hold of the scumbags who stitched these people up and chop their right hands off!. R.B.

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