- Cyprus Property News Magazine - https://www.news.cyprus-property-buyers.com -

Property insulation scam

Scam AlertTHE Cyprus Green Party General Secretary, George Perdikis, yesterday claimed properties were being sold under the pretext of being insulated, when they in fact weren’t.

He claimed that financial interests were hidden behind a recent alteration of regulations for house insulations.

“Following the intervention of higher interests, the laws on insulation have been altered in a way that affects the quality of the insulation, resulting in us not having insulated homes so that certain people can profiteer at our expense,” said Perdikis after yesterday’s House Commerce Committee meeting.

“The Committee was presented with the truth surrounding a very serious issue,” he added.

The Commerce Ministry, said Perdikis, had admitted that the regulation had been amended following interventions by certain bodies – who he wouldn’t mention – and “we are not satisfied with the explanations given”.

According to data from last year, said Perdikis, correct insulation could offer each home a €1,500 profit every year.

He concluded, “Hiding behind all this is the fact that certain financial sectors of the market intervened to make insulation regulations less strict.”

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