Cyprus Property Forum for Buyers, Sellers & Investors

I find it alarming that 49% of voters have developer mortgages on their property.
Two questions-
Why is this the norm and seemingly acceptable? This should be zero in any normal society.
Why do 29% have no idea?

Hi Andy,

I don't know what the 'norm' is but it looks like it's slowly being uncovered. Unlike the UK, where developers fund the purchase of the land and the construction of houses using their own resources - in Cyprus they use their customers money to build the houses.

I guess the 29% haven't done a search at the Land Registry to check whether there are any mortgages or other claims burdening the title.

Regards,

Hi Nigel.

Obviously I and many others knew about the issue but when you see these figures, assuming this is a representative snapshot, the scale of the problem is potentially much larger than I imagined. Quite scary in fact.

Regards.

andyp wrote:assuming this is a representative snapshot, the scale of the problem is potentially much larger than I imagined. Quite scary in fact.

And assuming they're telling the truth - yes it is scary, very scary.

Regards,