Cyprus Property News magazine for overseas buyers & real estate investors

Friday 10th July 2020
Home Property Scams Property scandal set to rock Cyprus market to the core

Property scandal set to rock Cyprus market to the core

A scandal involving a leading property developer in Cyprus may have the potential to shake to the core the credibility of the holiday homes market on the island, following allegations supported by video evidence, contracts and audio evidence that a property developer in Paralimini sold a plot of land to Conor O’Dwyer in 2005 for £163,000 and then resold a house designed for Conor O’Dwyer’s family to another buyer Michelle McDonald, without the knowledge of O’Dwyer.

The plot thickens with the apparent collusion of local law firms in Paralimini who according to O’Dwyer have conspired to cover up the fraud.

This has inspired Conor O’Dwyer to setup a website which is his own crusade to expose what he sees is the injustice and illegality of the whole situation.

The Cypriot market is already experiencing turbulent times, with the storm clouds already on the horizon with major developments experiencing problems selling units. Such scandals which are now making the headlines in the UK will severely undermine property sales in Cyprus.

News organisations in Cyprus and the UK have been monitoring the story looking at the way in which British buyers like Conor O’Dwyer who in good faith purchase land from developers like Karayiannas are allegedly defrauded, in the belief that they own the property. But in fact the developer resells to another buyer.

Other examples are now surfacing of Brits buying from Cypriot developers and are either finding the property is not built to standard or the title deeds are not given.

London Greek News has posted the various videos by Conor O’Dwyer, who has made several allegations with court cases pending in the Cypriot legal process. We will post news as and when they appear.

The London Greek News



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