The Truth of Cyprus Property Developers Scheme

  • In Cyprus, developers would often come up with schemes that are too attractive but are based on false information
  • Basis their network and huge capital, deveopers are able to develop an extremely positive sentiment about the proposed investment which induces buyers towards making an investing decision
  • Developers also happen to have a team of financial and legal advisors. When an investor approaches the developer, he would be directed to take help of financial advisors and lawyers recommended by them only to ensure that they investor makes decision in favour of the same builder only
  • There are so many instances where the investor does not even get to look at the property papers. All such documents are signed by their lawyers who are recommended by the developer and would have their own financial motives to direct the deal in favor of the same developer
  • It may take up to 20 years to get hold of title deed in the buyer’s name as the law suggests that title deed can be executed upon development of the entire project. This imply that even if your portion of the project i.e. your flat, bungalow etc is ready, you may still not get title deed in you name till such time the whole project is completed.
  • Absence of title deed not only puts your ownership in jeopardy but it also disallows the owner to further sell the property further and is therefore unable to liquidate his investment