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Cyprus property mis-selling disputes

A research briefing paper concerning property mis-selling disputes in Cyprus is available on-line at the Libraries of the House of Commons and House of Lords and the Parliamentary Office of Science and Technology.

MANY British people have been contacting their MPs about property mis-selling disputes in Cyprus.

Buyers have for instance found themselves unable to meet drastically increased mortgage payments, and/or have discovered that their homes were to be sold in order to pay off their developer’s debts.

One particular issue is the Alpha Bank/Alpha Panareti dispute, which concerns British people who bought property in Cyprus using Swiss Franc mortgages and allege that they were not properly advised by the bank or by lawyers.

The British Government does in some circumstances raise property issues with the Cypriot government, and provides information and advice on its High Commission website, but it cannot give individuals legal advice.

Bill Cash MP is co-ordinating a new All-Party Parliamentary Group on British Property Owners in Cyprus, set up after a meeting between MPs and people facing legal action by banks in Cyprus. The European Parliament has also taken an interest in this issue.

Some people are pursuing cases against Cypriot developers and banks in UK and Cypriot courts.

Author: Arabella Lang

Download the full report (6 pages)

Cyprus property mis-selling disputes

(The report contains links to a number of related articles and documents concerning the mis-selling issue, questions that have been raised in the European Parliament  and the recently established All-Party Parliamentary Group on British Property Owners in Cyprus).

EU questions and answers (27 pages)

To complement this report, the editor has compiled a comprehensive list of questions and answers raised in the European Parliament on the subject.

Questions raised in the European Parliament relating to Cyprus property

Readers' comments

Comments on this article are no longer being accepted.

  • MH says:

    Steve, I wouldn’t take much notice of what Michael Kyprianou says in relation to jurisdiction. His article was long before the jurisdiction hearing in London. And as a Cypriot Lawyer he is also bound to say jurisdiction is in Cyprus for obvious reasons.

  • Steve says:

    I have learned a lot from reading this article, particularly from the full 6 page article from Arabella Lang. In particular, there is no prospect of EU intervention in the property disputes in Cyprus, including breaches of the EU Unfair Commercial Practices Directive. In addition, there is a link in the article to a summary by Michael Kyprianou & Co, Advocates, of the factors determining the question of jurisdiction in the Alpha Bank/Alpha Panareti disputes. Basically, it is the Cyprus courts and there are good reasons for affected buyers to instigate litigation in the Cyprus courts.

    I am reminded that the position on non-intervention by the EU commission ignores the window of opportunity presented by the need for the government of Cyprus to borrow money – the bale out. Letters to Euro MP’s from buyers without title deeds and from those subjected to fraud and mis-selling, requesting that conditions on the speedy resolution of these issues be attached to any loan, would put the pressure where it needs to be – on the Cyprus government.

  • Geo says:

    Jurisdiction is only the first phase. The legal process that follows will be lengthy and expensive and then comes the big question of enforcement without enforced recognised jurisdiction.

  • Fighting For Justice says:

    It is excellent to see those in authority starting to sit up and take notice.

    It is still a long uphill battle I think before we even begin to see fairness and the principles of equity in good health in Cyprus and people must stop leaving it to others and start writing letters to those in power and showing them what we are all going through.

    Thank you Bill Cash for getting this up and running.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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