Bought off plan 2008, not finished, Alpha Bank/Swiss Franc
Posted: 19 Mar 2013 20:55
Hello all
We are new on here but have taken much solace in the fact that we are not alone in our ongoing issues trying to buy in Cyprus. We feel a little like we have been burrowing our head in the sand hoping this nightmare will go away but it seems to just get worse. I'm hoping some of you wonderful folk on here can give us some help/advice/tips.
Here is our story ....
We bought an investment property which we secured back in 2008 which involved the purchase of a 3 bed apartment (off plan) in Southern Cyprus (near Larnaca). In summary, we paid a deposit which totalled in excess of 28,000 Euros for the property at the time valued at 286,000 Euros once complete. Obviously this valuation was based upon values back in 2008 and comparables at the time, however the value will have dropped very significantly, possibly only half the value.
The developer has been funded by the same bank from whom we secured our Swiss Franc mortgage [ALPHA BANK] (this has now amassed to a sum of 350,000 Euros from the interest charges), and the developer has still has not completed the works some three years after it was due to be completed so we have not been able to secure any rental income, yet we are accruing bank charges/interest for the loan.
We have the following simple questions:
1. Is it likely we could sue the developer for the loss of rental potential whilst the property has been delayed in delivery?
2. Is there likely to be any way in which we could withdraw from our contract?
3. What courses of action exist for our predicament?
Please help if you can with any good contacts/advice, we are saddled with an unfinished property and a growing debt on a property depreciating in value [even more sadly in Swiss Francs]. Sigh
Thank you all.
We are new on here but have taken much solace in the fact that we are not alone in our ongoing issues trying to buy in Cyprus. We feel a little like we have been burrowing our head in the sand hoping this nightmare will go away but it seems to just get worse. I'm hoping some of you wonderful folk on here can give us some help/advice/tips.
Here is our story ....
We bought an investment property which we secured back in 2008 which involved the purchase of a 3 bed apartment (off plan) in Southern Cyprus (near Larnaca). In summary, we paid a deposit which totalled in excess of 28,000 Euros for the property at the time valued at 286,000 Euros once complete. Obviously this valuation was based upon values back in 2008 and comparables at the time, however the value will have dropped very significantly, possibly only half the value.
The developer has been funded by the same bank from whom we secured our Swiss Franc mortgage [ALPHA BANK] (this has now amassed to a sum of 350,000 Euros from the interest charges), and the developer has still has not completed the works some three years after it was due to be completed so we have not been able to secure any rental income, yet we are accruing bank charges/interest for the loan.
We have the following simple questions:
1. Is it likely we could sue the developer for the loss of rental potential whilst the property has been delayed in delivery?
2. Is there likely to be any way in which we could withdraw from our contract?
3. What courses of action exist for our predicament?
Please help if you can with any good contacts/advice, we are saddled with an unfinished property and a growing debt on a property depreciating in value [even more sadly in Swiss Francs]. Sigh
Thank you all.