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EU questions Cyprus on developer mortgages

Daniel Hannan, MEP for South East England, has raised a question in the European Union Parliament to uncover the facts behind the Cyprus developers mortgages scandal, the number of properties involved and the total mortgage debt of the developers.

Daniel Hannan MEP for South East England

Daniel Hannan MEP

WITH reference to previous Parliamentary Written Questions E-0110/09 by Syed Kamall, E-6793/08 by Mary Honeyball and E-6513/08 by Caroline Jackson, and with a view to the new legislation that is about to be put in place by the Cypriot Government to address the problem of withheld title deeds, would the Commission answer the following questions:

How many individual properties whose sales contracts are lodged at the Land Registry in Cyprus are encumbered with developer mortgages? How many of these have been sold to Cypriots and how many to non-Cypriots?

What is the current balance of the total mortgage debt of Cypriot developers and the percentage increase, year on year, over the last three years?

Further reading: Cypriot developer mortgages written question to EU Parliament

Editor’s notes

Daniel Hannan is a writer and journalist, and has been Conservative Member of the European Parliament for South East England since 1999. He has appeared in numerous television programs and has his own YouTube Channel which contains more than 130 videos. You can also find him in the news section of the Daily Telegraph.

Readers' comments

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  • Dave says:

    On our estate 3 out of 18 villas have just been bought at a rock bottom price all fully equipped and ready to go. Has this been a set-up from day one.

    Two of these sold in past few months and they did not even break even with the latest rise in the Euro. Plus Cypriots do not seem to worry so much about lack of Deeds, why ??

  • alex g grant says:

    This is one problem that is not going to go away, no matter how much the government, developers, lawyers, and banks might wish it would. There is no doubt but that the EU will come down heavy on Cyprus, and the sooner it’s done the better.

    This country seems to have been allowed to join the EU under false pretences, no doubt behind the scenes moves are being instigated, and Cyprus will have to act quickly, and legally to put right this wrong. The Governments over the years have been too close to the builders, banks, lawyers et al, lots of money has changed hands, and everything can be traced now. Let the enquiry begin, and lets see who is/was on the TAKE. Bring it on.

    How did you afford to build that? where did you get the money? Where did the money come from for that holiday house? your passport shows 20 foreign trips last year, where did the money come from? what did you earn last year? how come you spent 10 times more than you earned? where did the money come from? who paid for your children’s education? who paid for those cars, how did you pay for the site for that house, who built it, how did you pay for it? This is the way to go, and the EU will insist on it.

    Forget about being Cypriot, we are all now Europeans, it’s our money, everything has to be accounted for, both by countries and individuals. Huge fines, jail, public humiliation, for all those who are not playing by the rules.

    Let’s get it on, confront those parasites, and then we can all move forward, now!!

  • Clive Fletcher says:

    Pity he didn’t let some of us out here have a draft of his question for we might have added:

    “How many of the developer mortgages are held by Cypriot banks, other EU banks and non-EU banks.”

    The reason being that the Cypriot banks may have sold the mortgages on to EU/non-EU banks. The Cyprus government could then claim that the mortgages, ‘are not our problem.’

    We shall see.

  • Simon says:

    Personally, I only see one solution to the problem here. To unencumber the properties currently held as security by the banks will require the government to step in as guarantor and I don’t see this happening in a million years.

    There is no way the banks will relinquish these properties as security, why should they?

  • Pete says:

    This is all very well providing the questions are given a truthful answer. And truth is something of a rarity from a government department; especially in Cyprus.

    Someone once said:
    Q. ‘Do you know when a politician is lying?’
    A. ‘Their lips are moving’.

  • mike l uk says:

    Good to see pressure still being put on Cyprus Govt with regard to Title Deeds.This is all part of being a EU member perhaps the Cypriot Govt needs reminding of that once in a while.

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

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