Kardamena, Kos, Greece: Delayed Handover and Inflated Financial Demands
Excelion is demanding an additional €5,000 above the apartment price stated in the sales agreement, despite being a year and a half late in delivering the units.
Kardamena project in Kos, Greece, is considered one of Excelion’s more successful ventures: most of the apartments were sold long ago, and there were relatively few financing issues. However, the scheduled handover date—May 2023—has long since passed, leaving buyers waiting for an additional 18 months. Still, buyers remain updated on project developments, which is more than can be said for some of Excelion’s other projects. And while the 18-month delay is significant, it pales in comparison to the seven-and-a-half-year delay in Sankt Martin.
In a letter sent on November 20, 2024, to buyers of apartments in Kardamena project, Excelion announced the upcoming handover of the units and the start of the possession transfer process. Among other things, the company requested a few “small fees”: €300 for a notary and an additional €5,000 for a "management company." Needless to say, there is no mention of such a payment obligation in the sales agreement. This additional payment effectively constitutes an average price increase of 10%.
We at the Excelion Victims Board strongly urge all buyers not to comply with this outrageous demand.
