Cyprus Property Forum for Buyers, Sellers & Investors

Hello All,

I see their at it again ( goverment officials)with their statements!!

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Mr Tofarides warned prospective buyers that in a crisis period they should be careful not to fall into the trap of dealing with a developer who is in financial difficulties. “You should take care to ensure that the sales contract is registered with the Land Registry, you should search for existing mortgages, look out for possible problems”, he said, adding: “Price cannot be the only criterion

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It's nice of Mr Tofarides to warn prospective buyers about what to check up on when looking for a property, doe's he not relise that there has been a potential crisis staring at him in the face for a number of years regarding buying property in Cyprus not only just now with a resession being on. Perhaps what he should be saying is, "We( The goverment) will deal heavily with the dodgy Land Developers and their accomplices, namely Sub - Contracters, Estate agents and Lawyers ( who are being paid hansomely for the searches to keep us finiancially safe, with our life savings purchase.)" I agree that price is not the only criteria, but it's the purchaser whose pocket it comes initially who is paying heavily to all and sundry for what is a bad service in an awful lot of cases.

Come on Cyprus clean up your act, stop the fiddling and let Cypriots and Foreign buyers alike have peace of mind.

Regards,


Whirlybird 2

Hi Whirlybird

Lakis Tofarides isn't a government official, he's the President of the Cyprus Land & Building Developers Association. He's also the Group Chairman of the 'Tofarco Group' which has property-related interests in Cyprus and Greece.

I met with him when I did a CyBC radio 2 show with Rosie Charalambous in Nicosia a few years ago on the Title Deed problem.

Interestingly, I met with another bigwig in the Cyprus property industry earlier today on a completely unrelated matter. After our meeting, we talked about the problems - particularly the Title Deed issue.

I'm sure that the upper echelons in the industry have no real idea or understanding of the various scams that are perpetrated by the crooks masquerading and property developers and their chums in the legal profession, which is probably one reason why the Cyprus government hasn't got to grips with it.

Cheers,