Monday, December 17th 2018 11PM °C nicosia
12-03-2018 10:25 | Read 463 times

‘We demand guarantees’

The government must take urgent steps to address problems in the property sector -- including the “open wound” of “stealth” mortgages which have seen homes auctioned off to pay back loans of which their buyers were unaware.

‘We demand guarantees’

By Kerem Hasan

This was the demand this week from builders' and estate agents' leaders, and from the British Residents Society (BRS), who all said action was vital to restore confidence in the TRNC property market.

BRS deputy chairman Peter Wilkins told Cyprus Today: “The new government needs to address an open wound of the TRNC property sector: stealth mortgages.

“There are well-known cases where British and foreign buyers are being dragged into law courts, even though they registered their contracts, some receiving permission to purchase . . . bought in good faith by entrusting the system, then they find out that the property is mortgaged."

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