For those of us who bought our homes off plan from developers in Crete or elsewhere in Greece, should be thankful we have not had to face the prospect of repossession of our homes, as has been the case up to this month in Cyprus.
There, it would appear that the law enabled banks to repossess land and buildings on developer’s books even though they had already made sales of such assets to buyers under mortgage arrangements. Many of those purchased properties were by expat buyers. Due to the meltdown of the economy affected expats have had to live this nightmare when they themselves were not at fault. All that is changing, it has to be said temporarily, but when will it finally be resolved?
This subject is unravelled in the BritsinCrete blog: