Mesa Chorio/Cyprus Developers gone bust!

Discussion in 'Cyprus Property' started by cazoli, Mar 19, 2008.

  1. cazoli

    cazoli New Member

    I have put down deposits for an off-plan town house in Mesa Chorio nr Paphos 2 years ago it was due for completion last year when I was told the developers have 'gone bust', the agent here in England is still stalling and I have not received any of my substantial deposit back - is anyone in a similar situation? or can anyone offer any advice on this?:confused:
     
  2. Nigel Howarth

    Nigel Howarth New Member

    Hi cazoli,

    I suspect this maybe on one of the Liasides or J&I developments? If you contact me, I can put you in touch with people who may be able to help.

    If you Google 'Cyprus property buyers' you'll find my website - and contact details.

    Regards,
     
  3. martinos

    martinos New Member

    if u didnt solve the "gone bust" problem, first thing u should do is to find a lawyer in cyprus
    dont go to paphos lawyers.
    go to other city, ie limassol,nicosia

    ask them to run a check on any current property left on this company (not sure they ll find any!)
    the law says if any property has been transfered on a "suspicious time" they can block it

    CYPRIOT DEVELOPERS ARE DOING THIS VERY OFTEN, VERY VERY UNRELIABLE
     
  4. Veronica

    Veronica Administrator

    I think its unfair to say Cyprus developers do this often.
    Yes there are a handful of rogues out there just as there are in every country.
    The majority of developers are reliable although completion dates do have a habit of being later than promised. Buyers should be aware that this is often a problem and make sure their solicitors have a late delivery clause written into the contract.
    The other important thing is to withhold a proportion of the last payment until all snagging has been completed to satisfaction. Once the developer has your money they are not bothered about any problems you may have.
    My husband and I sell property here in Cyprus and always advise our clients to to make sure these things are covered in their contracts. Other than these things we have found the developers we work with to be very good and very reliable
     
  5. misch.chief

    misch.chief New Member

    it is unfair to say this happens often, but I would definitely get yourself a lawyer out there, and as was advised, not in Pathos, but somewhere else in the south - there is a a chance you'll be able to refund some of the money lost. Horrible thing to have happened. :mad:
     
  6. cazoli

    cazoli New Member

    Mesa Chorio

    Thanks to everyone for the advice, unfortunately the situation hasnt improved as yet and I am still waiting and hoping for a positive solution :(
     
  7. ClinnyCar

    ClinnyCar New Member

    Hi everyoney

    hello all

    New here, hope im made welcome :)
     
  8. cazoli

    cazoli New Member

    Thanks for the advice everyone... its been 2 years since my last post and .. unfortunately I am still in the same position... still no building, still no money refunded, and theyve still got a huge amount of MY money!!! Its mine and I'd really like it back!! Any new suggestions anyone...I'm still hoping for a miracle!!
     
  9. Veronica

    Veronica Administrator

    Caz can I ask who the developer is?
     
  10. MUNCHER

    MUNCHER New Member

    How do you stand legally if a developer has incompleted on the development eg Landscaping pools not filled etc
     
  11. Nigel Howarth

    Nigel Howarth New Member

    Your developer is required to fulfil his legal obligations as stated in your contract of sale - nothing more, nothing less. If your contract states that the developer is obliged to complete the landscaping and pool and he fails to do so, he is in breach of contract and you may sue him.

    If your developer has gone bust, then you may have much more serious problems to contend with than the odd bit of landscaping and pool not being completed!

    Regards,
     
  12. MUNCHER

    MUNCHER New Member

    Have you heard of St Noicolas Gardens its sister complex is St Nicolas Residence the developer says they did not sell all the villas on the development so they have not filled in the pools or finished lanscaping they still want full management fees and also have the cheek to put in thier final statement a charge of over 1000 euros for preperation of development no way am i completing on this project until the development is finished i have a cypriot mortgage but was told the bank would be obliged to finish the development if the developer got into difficulty but they have not they are continuing developing other projects such as Arcadia Gardens i dread to think if this will be finished i have purchased a one bed apartment on St Nics Gardens i am just starting to thinks buying abroad is one big con from start to finish
     
  13. Reacher33

    Reacher33 New Member

    Can I ask who the developer is you posted your question about back in 2008. I bought an apartment off plan in 2006, paid a deposit and it should have been completed in 2009. No property has yet been built and I am now seeking my money back via the courts. The developers in this instance are ICE of Paphos.
     
  14. Nigel Howarth

    Nigel Howarth New Member

    I believe the developer of St Nicolas Residence and St Nicolas Gardens is Alpha Panareti.

    There are two private Facebook groups 'Alpha Panareti Owners Group' and 'APISC - Investor Support & Collaboration'.

    If you join them you will see what's happening and the actions that people are taking. You'll need to show that you have bought a property from the company before being allowed in.

    Regards

    Nigel
     
  15. Reacher33

    Reacher33 New Member

    Thank you Nigel for that information.

    Kind regards
     
  16. Nigel Howarth

    Nigel Howarth New Member

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