Many people who bought from this developer in particular and in Cyprus in general did so with the utmost good faith. They were reassured by the Ministry of the Interior that once a contract of sale is lodged with the Land Registry for Specific Performance then the buyer is protected.

In his statement of the 22nd July 2009, Interior Minister Neoclis Sylikiotis wrote "Nobody and no Authority anywhere can ever challenge the property rights or the ownership status of buyers of immovable property within the territory which is under the control of the ROC." And that "the property market in Cyprus is stable and secure, and property buyers must be absolutely certain that their investments are safe here; indeed, property investment is much safer in Cyprus than anywhere else".

We ask that a clear and unequivocal message is sent to the banks in Cyprus that buyers must not pay the price for the failure of developers, negligence of Advocates, lax oversight by the banks and the inability of successive governments to legislate against this.

Failure to send such a message will result in a complete breakdown of trust and confidence in both the Cyprus property market and also in the assurances made by the Minister of the Interior on behalf of the Cyprus Government.

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