Larnaca Golf Property Action Group

[Disillusioned]

By: Nigel Howarth
Published: March 29th, 2011 • Filed Under

Filed Under: NewsTags: action group • golf • Larnaca • Tersefanou

THE Larnaca Golf Property Action Group (LGPAG) has been set up by a group of UK property investors who consider they have been mis-sold property in the Larnaca village of Tersefanou close to Cyprus’ southern coast.

Although the area was planned to have a Golf Resort and Country Club designed by the European Golf Federation and maintained by PGA Golf Management, LGPAG says that construction of the 18-hole professional golf course has yet to make any progress.

According to LGPAG, when property investors purchased up to three years ago, they were promised by the developers that the golf course would be built any-time soon. But the delay in the construction of the golf course has left many with properties worth significantly less than when they purchased and hundreds of properties in the area are sitting empty.

LGPAG has been advised that there are no funds to build the much-hyped Tersefanou golf course in the foreseeable future and are putting together a team to seek compensation from the developers through their lawyers.

For more information and to register your interest, visit the website of the Larnaca Golf Property Action Group.

 

[Lysos]

If the buyers had done the most basic research before purchasing they would have known that the golf course didn't even have planning permission.

Also, as a general rule it is very risky to buy a property anywhere on the basis of 'promised facilities'; they may look good in a glossy brochure ( where there will be a disclaimer in the small print,) but they won't be written into the sales contract & are not legally enforceable.

 

[Disillusioned]

Buyers pay dodgy lawyers in Cyprus copious amounts of money for them to do the work for them. It is quite obvious, whatever blame may lie with individuals that they have been mis-sold a product by unscrupulous developers, negligently advised by corrupt developers and very likely mis-sold mortgages too. Many may say they should have instructed the lawyers to make the relevant searches but the negligence case bought against the lawyer last year for the first time in Cyprus upheld the right that a client has for his lawyer to apply due dilligence in his work to act in the best interests of his client.

Their lawyers may have failed to inform them that planning permission had not been given however it was granted in May 2010 but is shortly to expire. .

 

[Lysos]

I agree with you about the problems with some lawyers & developers, but in this instance the responsibility lies solely with the purchasers. They weren't buying actually on a golf course, but in an area close to a proposed golf course.

If, for example, the solicitor had knowingly failed to inform the client that a new motorway was going to be built through the middle of the development, then they would have a case, but researching the building of facilities unconnected with the original development is outside his/her remit.

 

[Anon-and on]

A bit more constructive advice

I couldn't help but notice your condescending emails. It seems like you're stating your on some high horse and looking down at all these mere idiots who stupidly bought one of these flats.

I too was led in to buying one of these "cash cows" and i can assure you im no imbecile so before you start spouting off how any tom dick or harry could have found out this information, as you are a moderator and have what seems to be some useful information, why dont you try and be a little bit more constructive and let us know where we stand and what can be done to get us out of this predicament.

 

[Disillusioned]

What you have to realise Anon is that some of the people here have a vested interest in selling property in Cyprus even though they know the banks have billions worth of toxic debt and corruption runs right through the property industry.

You have been mis-sold property and you do have a right to redress. Whether or not you will get it is another matter because the property industry is in meltdown and is only set to get a lot worse.

There are so many ways property is mis-sold, one of the most popular is promising you good rental returns. What they all fail to tell you is that it is totally illegal to rent out privately owned apartments in Cyprus.

Lousise Zambartas has teamed up with a British lawyer to take on cases of mis-selling, you may find it worthwhile to contact them.

Personally I do my bit by bad-mouthing Cyprus absolutely everywhere I go. I still have a 5-7 year court battle ahead of me.

 

[Lysos]

Anon, I am not "spouting off ..... from my high horse", nor do I have privileged information, I simply did research as to the reality of a golfcourse being built there - information freely available in the public domain The bottom line is that on any development, anywhere, not just in Cyprus, agents will promise the earth to get a sale. It is up to the prospective purchaser to do his own due diligence. In no way did I say purchasers were imbeciles, you simply fell into the trap that most people did of thinking the market would continue going up & the promised facilities (totally unconnected with the development or the developer ) would be built.

Unfortunately, you have no comeback unless you have concrete proof that you were misled. No consolation, but I too have suffered in Cyprus, mainly as a result of the £ falling v. the €, but also dishonest builders.

 

[countdown]

Lysos,
it just amazes me and i'm sure many other people why you write anything at all on this forum. For whatever reason, you seem to have an answer to everything, you're so brilliant. Your nose for arrogance, and your own self importance, take precident over everyone and everything. What's most astonishing is that you're no better than anyone else, but try telling that to YOU. They tell me, "A closed mouth catches no flies", god knows what you've swallowed, but at least we all know, you're full of it. Why don't you try zipping it for a while, give us all a break.

 

[Veronica]

Countdown, if you cannot be civil please do not bother to post at all.
You were given good advice not to go with Vista capital but chose to ignore the advice.
Now that you have been stung you seem to blame everyone here for your troubles. Vista capital is not a Cypriot company so please stop blaming Cyprus for what is basically your own fault.
Any futher posts attacking forum members will be deleted and you will receive an infraction.