Beware of buying property from Paschali Developers, Cyprus.
Important information for potential buyers. Please take a minute or two to read this, it could save you a lot of heartache and grief.
Thinking of buying a property in Cyprus? Planning to invest in a property in Cyprus with a view to retiring? Then you may be interested in the following story.
In early 2006, we signed up to purchase a villa in Peyia, Cyprus from Paschali Developers at their Riverside development next to the stadium.
We had visited the intended site in November 2005 when it was nothing more than a piece of barren ground. As we were buying off plan, we carefully selected our plot on the basis of the surrounding views that our plot would eventually offer us. Our plan was to purchase the villa and eventually retire to Cyprus in five or six years or so. Delivery of the completed villa was to be May 2008.
Throughout the building process, we visited the site several times to check on the progress and during those same trips we called at the offices of Paschali Developers and spoke with Athena Savva, their Public Relations spokesperson.
We were aware that Cyprus is a small island and that every inch that can be built upon will eventually be consumed by a property. To that end, we consistently enquired about the land surrounding out site and the future plans for same. On each occasion, we were told by Athena Savva that there were no plans for the land adjacent to our property.
Indeed, we have an e-mail dated 12 December 2007 from Ms Savva in which we again asked about building plans for the land adjacent to our own and which clearly states (in reply) “not that I know of at the moment”.
Remember, this is only some five or six months away from the hand over date.
May 2008 duly arrives and we take possession of our villa. Two weeks later we find out from other residents that Paschali Developers are about to erect a further development, Riverside 2, on the same ground that Ms Savva claimed some six months earlier that there were no plans for.
Investigations by ourselves revealed that Paschali Developers had applied for planning permission for Riverside 2 in July 2006 and this was duly granted in April 2008.
We have since discovered that our new neighbours at Riverside 2 had paid their deposit for their property in September 2007.
So, in short, Paschali Developers deceived, lied and misled us in our property purchase.
Would you buy a property from them now? Knowing the above?
Emily Lemoniati who was our solicitor at the time of purchase is also the company solicitor for Paschali Developers and as such, would have known about the intended development when acting on behalf of the purchasers.
She did not inform us of the intended new development and ignored our e-mails and phone calls on the matter when we uncovered this deception.
Our dream of retiring to Cyprus lies in tatters. Riverside 2 is now largely completed and our once beautiful views have been replaced by concrete apartment blocks.
Be aware, if you are contemplating purchasing a property in Cyprus, ensure that you ask all the relevant questions and have your builder’s response in writing to your solicitor.
Finally, we would urge you to go to www.cyprus-property-action-group.net (CPAG) where you can read of similar cases to that of our own and other scenarios where Paschali Developments have misled and deceived purchasers of their properties.
You have been warned!