Action group launches website to put pressure on Cyprus developer

The Leptos Buyers Action Group (LBAG), which was founded in 2008 by clients of the developer in conjunction with the Cyprus Property Action Group (CPAG), has launched its own website.
 
‘As Leptos buyers we believe that only through working together can we pressure the company into transferring properties, already fully paid for and bought in good faith to the rightful owners instead of using them to support company mortgages to further the company’s commercial ends,’ a spokesman said.
 
It also hopes to protect buyers from the financial exploitation of the company through unreasonable charges.
 
‘If you have bought or are considering buying a property from the Leptos Estates Group and have problems or concerns regarding your purchase, the Leptos Buyers Action Group (LBAG) wishes to hear from you. We are a pressure group dedicated to creating awareness of the problems buyers may face as a result of buying property in Cyprus from this company,’ the spokesman added.
   
The group wants people to be aware of the potential risks of buying from Leptos Group and claims that the company has failed to live up to its published promises. ‘Leptos clients registering their support on this website will help us to promote change in the company’s policy towards its clients which in turn will enable greater protection of our property purchases and the cessation of unacceptable practices by this developer,’ he also said.
 
The group has been trying to get a meeting with the company for nine months. ‘It is not the objective of LBAG to damage either the Leptos company nor the economy of Cyprus but to get our reasonable demands met,’ it said in a statement.
 
It comes as some signs emerge that the beleaguered real estate market on the Mediterranean island is improving slightly. The number of property sales in Cyprus during the first six months of the year has improved by almost a quarter on the number sold during the first six months of last year. However, they are still less than half of the number sold during the first six months of 2008, according to figures from the Department of Lands and Surveys.
 
So far this year, property sales in Nicosia are up by 34% followed by Limassol and Famagusta, where sales have increased 22% and 21% respectively, while sales in Paphos have increased by 19% and sales in Larnaca 13% compared to last year.