CYPRUS Property News attracted more than 720,000 readers this year and as we approach Christmas here are the top ten stories that have attracted the most interest from you, our readers, over the past twelve months.
Our top 10 most read stories are dominated by reports of people seeking legal advice on their situation and some cases taking the banks and developers to court in their quest for justice.
1. UK jurisdiction granted in High Court ruling
A group of British buyers who purchased off-plan properties in Cyprus had won the right to have their cases against their Paphos-based developer heard in the UK. (The High Court judgement was eventually handed down in November).
2. Dreams of a home in Cyprus turn into a nightmare
News that property buyers were seeking redress following the doubling of their mortgage repayments alleging that Cypriot lawyers acting on their behalf may not have complied with crucial legal formalities.
3. Do not ignore Cypriot bank writs for loan non-payment
A stark warning urging those who receive a writ from a bank for the non-payment of a housing loan/mortgage or a termination notice not to bury their heads in the sand in the hope that the problem will go away.
4. Banks should offload distressed properties
A call for the island’s three largest banks to offload billions of Euros of property left on their books by bankrupt developers, who would have gone under if it had not been for the vain attempt by the banks to keep them afloat.
5. Legal battle looms over Cyprus homes
News that victims of the hard sell to buy in Cyprus with a mortgage denominated in Swiss francs at the peak of the island’s housing boom were preparing to fight one of Greece’s largest banks in the courts.
6. Natural gas find offshore Cyprus worth tens of billions
Nobel Energy announced that it had discovered significant natural gas reserves worth tens of billions of Euros; enough to satisfy Cyprus’ electricity production needs for more than two centuries.
7. Russians warned against buying property
Report that a pamphlet in Russian entitled “?????????, ????!” (Beware of Cyprus!) was being handed out at the Sheremetyevo International Airport in Moscow warning Russians not to buy property on the island as a consequence of the experience of a young couple honeymooning on the island.
8. British consumers seek UK justice
News that British buyers were taking action in the High Court in London in an effort for their cases against Cyprus-based organisations to be heard and decided in a UK court. (See our number 1 story).
9. Bank opens dialogue in Cyprus property mis-selling
Hope for thousands of buyers who had fallen behind with their mortgage repayments as the Alpha Bank offered to open a dialogue with them in what it referred to as a “gesture of goodwill”.
10. Protest at ‘A Place in the Sun Live’ property exhibition
In April a group of property buyers continued to raise awareness of the problems associated with buying property in Cyprus by holding a peaceful protest outside the ‘A Place in the Sun Live’ exhibition at Earls Court.
May we take this opportunity to wish all of you a very Happy Christmas and health and success in the New Year.
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Best wishes to you and the family Nigel and all readers and posters.
Only 364 more sleeps ’til Christmas!
A very Merry Christmas to you Nigel and thanks for all your hard work.
2013 should be very interested for all concerned with Cyprus property.
Dear Nigel,
It takes some courage to publish criticisms of the Cyprus Establishment – the developers, lawyers, landowners, politicians and civil service, bearing in mind how they appear to be favoured by the courts. In your place, I would find it daunting to see the numbers of buyers, and sellers, still getting caught.
I wish you a Merry Christmas and particularly a happy and effective New Year.
I will finish with a New Year prediction about something that is a factor in many people’s thinking about the future. The RoC’s take from the natural gas finds, when developed, will be tens or maybe a few hundreds of millions rather than billions, probably not enough to pay the civil servants their 13th cheque.
Thanks Nigel for your essential and sterling work and all the very best for the festive season.
Thank you so much Nigel for all your efforts in keeping us all up to date with what is happening – you are such a touchstone in this absolute nightmare – let’s see what 2013 brings!
Just a HUGE Well Done to Nigel for such dedicated coverage in a dramatic year for RoC – and very Best Wishes for 2013, when I think we all recognise that events will be even more fast-moving (in a downwards direction!) and dramatic. Fasten your Safety Belts folks!