Cyprus Property Forum for Buyers, Sellers & Investors

Is there anyone that could give me their views on the following dilemma I have with a developer please?

My apartment is now due to complete next month. It is 2 1/2 years overdue. Compensation is being discussed and he has agreed to pay for 27 months of missed rental.
He has not agreed to pay for the 2 1/2 years of added interest payments to the mortgage.

His arguement is, as he has written: ' We consider the huge international economic crisis is a justifying factor for our delay'.
'Despite all the above and without accepting any liabilty for late delivery, we are ready to provide you with an ex-gratia payment as a gesture of good will".

Does anyone have any views on this?
Thank you in advance.
Gordon.

Hi Gordon

It sounds to me as if the developer is being reasonable - the maximum you could expect by way of compensation is the rental income you have lost as a result of the delay.

If you were to take the developer to court, I very much doubt that you would be awarded more.

Regards,