Okay, now if we turn back to Russia we can see that it's quite common that ordinary people buy off-plan buildings for living in the future, not just for investment or raising money. They often use various bank loans to pre-pay for their future apartments as co-investors. Then, as the danger goes, if the developer for some reason is unable to finish the building, the private investors become offended. They still have to repay the loan and still unable to get their housing. The Russian government has made an attempt to protect the rights of such private investors but still, the situation is not even close to normal.
As far as I can suppose in Cyprus there is an option for 'investors' to pay in tranches, one sum at a time until the next deadline when the developer accordingly has to raise the building up to a specified stage. Then the next portion of money is paid and the development goes on and on until it comes to an end. Is that somr sort of Law/regulation/government protection obligatory for the developers, or is it just up to the developer, it may use this schedulr or not depending upon solely its good will?
m I right with that? Are there similar situations abroad?