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Property Scams

Estate agent arrested for property fraud

AN estate agent has been arrested on suspicion of defrauding two property buyers out of approximately €290,000. The estate agent, a 39 year old foreign woman from Paphos, was arrested last Tuesday when she arrived at Larnaca airport aboard an incoming flight. Two complaints have been filed against the woman, both by foreign nationals. The […]

Briton loses half a million in property fraud

TWO men were remanded in custody in Paphos yesterday on suspicion of defrauding a British resident of Peyia out of nearly half a million euros in a bogus property transaction. Police had arrested three men in connection with the case on Monday night. The three are understood to have been the middleman in the transaction, […]

Resale property scam warning

Without Title Deeds, the buyer must come to an ‘arrangement’ with the person in whose name the property is registered; invariably this is the property development company from whom they bought the property.

Cyprus property scam reported on ITV

Many people will have read about the £3 million Cyprus property scam in Paphos involving J&I Estates, and their sole agent in Cyprus Peter Stephenson Properties. Ian Beaumont, the director, of J&I Estates was locked away for a £450,000 fraud in Kuwait. His “partner in crime”, Andrew Nolan of Peter Stephenson properties has twice been […]

Another scam bites the dust?

DISREPUTABLE Cyprus property developers extort ‘contract cancellation fees’ from buyers wishing to sell their property before Title Deeds have been issued in the buyers’ name. I have personally heard from some buyers who have been charged as much as CYP 20,000 (€ 34,000) by these ‘crooks’ for the privilege of selling a property they have […]

Developers ‘scamming buyers’ over property tax

THE CYPRUS Property Action Group (CPAG) has obtained a legal opinion which concludes that developers are effectively scamming buyers by overcharging them for Immovable Property Tax (IPT) and pocketing the difference. “This is a massive fraud,” said the CPAG’s Denis O’Hare. “We want this money back and we want prosecutions“. The CPAG said property developers […]

Conor O’Dwyer stages UK protest

BRITISH home buyer Conor O’Dwyer will begin a three-day protest outside one Britain’s biggest property fairs in a move that could seriously damage the lucrative industry in Cyprus. O’Dwyer, 38, told the Cyprus Mail yesterday that he and his wife would protest outside The Homebuyer & Property Investor Show at ExCeL in London, which begins […]

Immovable Property Tax scam warning

THERE have been many reported scams where property developers demand ‘Immovable Property Tax’ from property buyers. But rather than being based on the assessed 1980 value of the property as prescribed by law, these property developers base their illegal calculations on the price the buyer has paid for a property (the contract sum) as shown […]

Property scams turning Brits away?

ACCORDING 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 […]

Police investigate land fraud

LIMASSOL police have launched a second investigation into a 50-year-old man awaiting trial on charges of fraud, after a 63-year-old pensioner reported he had been swindled out of €5.5 million by the same Limassol contractor. When Louis Sideras, a repatriated British Cypriot, heard that Andreas Sophocleous was awaiting trial on charges of obtaining money under […]

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