Cyprus property buyers lose out

Cyprus property market speculators lose out

In may cases, foreigners who invested in property on the divided island of Cyprus have found their houses were built by debt strapped developers.

Hazel and her husband Bob came to Cyprus on holiday and fell in love. Eight years ago they sold their house in the UK and bought one in Pyla. But their dream of retiring in the sun rapidly turned into a nightmare. They soon discovered that their house had been built illegally; without the proper permits. Worse, the man who built it and sold it to them took out hundreds of thousands of Euros mortgages on the land with the Hellenic bank. He was jailed for fraud but has now been freed and is continuing to build illegally and defraud other unsuspecting buyers in the Pyla area. Because Hazel & Bob's house was built without the proper permits, an order has been issued for its demolition. The bank has got a court order enabling them to sell Hazel and Bob's home to recover the developer's debt.

More on this and other news stories at http://www.news.cyprus-property-buyers.com/

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