Cyprus' leading on-line resource for home buyers & real estate investors -

25th February 2024
Cyprus Property News logo
HomeArticlesProperty scams turning Brits away?

Property scams turning Brits away?

Scam IconACCORDING 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.

Thousands of people have watched Conor’s struggle for justice on YouTube. And I suspect that many more will have visited his lyingbuilder.com website.

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.