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Sunday, May 31, 2020
Home News Larnaca golf property group to hold London meeting

Larnaca golf property group to hold London meeting


THE Larnaca Golf Property Action Group (LGPAG) is expanding its help and support to all those who have bought golf properties at Tersefanou and is holding a meeting later this month.

The meeting will take place in North London on Saturday 28th at 12 noon. The location will be given to those who register on their website. A nominal fee of £10/person will be charged to cover the cost of hiring the hall.

Attending the meeting will be a lawyer of Kyriakides & Alexandrou who specialise in international litigation. This lawyer has been working with LGPAG and is currently taking legal action against developers for their alleged mis-selling of golf properties in the Tersefanou area of Larnaca.

In addition, a chartered accountant who specialises in taxation matters will give a talk about the UK Inland Revenue overseas inspections that are currently taking place. He will be pleased to offer advice to those attending the meeting.

Although the area was planned to have a Golf Resort and Country Club designed by the European Golf Federation and maintained by PGA Golf Management, LGPAG says that it is unlikely to be built. This has resulted in the ‘golf properties’, which were sold at a premium price based on the promise of a PGA golf course, having no rental or resale potential. According to LGPAG, structural faults have appeared on a number of the properties and many of them are suffering from damp.

Members of LGPAG are fighting to hand back the properties in return of their deposits.

At the meeting you will hear about the work of LGPAG and you will be given the opportunity to ask questions of the lawyer attending. You may also join LGPAG and add your weight to more than 100 of those who have already joined the group and who are taking action through the courts.

Click here to register your attendance at the meeting.

8 COMMENTS

  1. @Stuart Johns. An awful tale! A couple of points worth noting: (1) if the insured value was €60k,unless it actually states €60k for rebuild only, that €60k includes perhaps some €40-45k for the actual re-build costs plus €15-20k for demolition, clearance and consultants. Insured values rarely reflect market values at the time of purchase. (2) class actions are not public policy in Cyprus (more’s the pity!)

    I’m not a lawyer but I do know of two high reputation lawyers (on the BHC list), at least one of whom has had a recent success with a case involving the Tersefanou debacle. I believe the success related to extracting the buyer from a bank’s rapacious attentions over a mortgage. I will send lawyer contact details to Nigel who hopefully can pass them on to you.

  2. My gosh! I was scammed into buying a property by Livadhiotis and Sons in 2006. They got 49,500CYP, 84000€

    The apartment was constructed in 2008 and then the nightmare began. Rumors spread throughout the Island that the golf course was simply a scam to deceive investors out of their hard earned money.

    Chris Petrou, is the sales manager for livadhiotis and sons and I blame him in particular for this deception, fraud.

    Now, to prove this, I was there this year to pay all the back taxes and water charges I have never used water, but ended up handing over €800 to the local Tersefanou council, in turn the developer is sending out emails to all the residences of my apartment building, reflecting that I owe whopping €3,000 for 08/09/10/11/12 property maintenance. And the insurance on the property has been settled, shows the structure is insured for €60,000 that’s €24,000 less than they charged me.

    I wish and pray I could find a UK lawyer and begin a class action lawsuit against the developers. Any advice from any one one with a legal background would be welcomed. Thank you for reading this article.

  3. @Mike. As I understand it, most of these buyers were caught around 2005-2007, the boom time before (a) the extent of the fraudulent practices were known universally, and (b)the market collapsed.

    Even with all the adverse publicity, I still encounter a few incredulous visitors from the UK. You really have to bludgeon them with the facts, press cuttings and website’s such as Nigel’s before they finally accept that it really is that bad.

  4. Why oh why were the universal warnings of buying in Cyprus not heeded at the time. Was it the lure of making a fast buck, was it the wide eyed expectation of having a mortgage paid by rental income (which incidentally is probably illegal unless you have a tourist licence) or was it just plain stupidity which I cannot accept. I cannot see anyone in the market to buy foreign property as being stupid. I can understand them being lied to and deceived into making a stupid decision, but stupidity in themselves – No!

    Cyprus property sales to foreigners is a toxic bomb, it will turn bad, you will regret it if only in parts. Many, or should I say some, have had relatively painless purchases but they are in a very small minority. The odds are stacked overwhelmingly against you – don’t do it unless you care nothing for your sanity, financial security or life. I was one of the lucky ones but there again I am Cypriot.

    Please beware and do not tar us all with the same brush when it does go wrong.

    Take heed of Jim’s comment below.

  5. As with everything in Cyprus. Believe it only when you can see it & then treat it with the greatest suspicion.

  6. I warned that there would be big problems with this project when it landed at exhibitions in Ireland in 2006 through local (Cypriot) sellers. Lots of gullible Irish caught up in this one too.

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