ACCORDING TO one local pundit, the number of Brits buying property in Cyprus will drop by 20%. It seems that media revelations about the many ‘property scams’ are having a negative impact on the islands property sales.
Although some drop in sales may be attributable to the worldwide credit-crunch, the current weakness of Sterling against the Euro and increasing house prices in Cyprus, I have no doubt that the bad publicity and property scams are turning Brits away.
Consider the evidence
- The savage beating of British buyer Conor O’Dwyer, allegedly at the hands of Cyprus property developers Christoforos & Marios Karayiannas with whom he is in dispute.
The Cyprus Mail, which has carried several articles covering the O’Dwyer property scam, has a daily circulation of around 4,000 and the many visitors to its website will also have read of Conor’s problems and his battle for justice.
- Channel 4’s damning revelations about the Cyprus Title Deed scams and legal system. Their audience research figures indicate that it’s was seen by more than 4,000,000 British viewers.
- The Marathounta Heights property scam. Thousands of people have viewed the collection of the conmen’s YouTube videos concerning the alleged £ 3.5 million scam involving J&I Estates Ltd and Peter Stephenson Properties (a registered estate agent in Paphos).
- The book ‘Cyprus Things the Estate Agents Don’t Tell You‘, which is available worldwide through Amazon. It paints a graphic picture of the frauds, cons and problems associated with buying property in Cuprus.
- CyBC TV English language news programs have reported on the many problems, issues and scams. Watch, listen and learn.
- The establishment of the Cyprus Property Action Group. It has been inundated several thousand messages of support and complaints from people with property problems – both Cypriot and expatriate.
Maybe the Cyprus Government is happy to bury its head in the sand and let the scams and bad publicity continue. If it is, I envisage dire consequences for its property market, its tourism industry and its economy.