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North Cyprus Property Hotspot 2007!!

Discussion in 'Cyprus Property' started by deedee1, Sep 7, 2007.

  1. deedee1

    deedee1 New Member

    :)Hi all,

    Just thought I d post a recent atricle of many about the boom in north cyprus thats been happening!!

    Northern Cyprus: Investment Potential 2007
    Northern Cyprus, one of the Mediterranean’s few remaining secrets, is proving to be one of the most exciting markets in Europe for property investment; significant property price growth is predicted for the medium term, impressive levels of investment and the numbers of potential investors looking to enter the country are at an all time high, income tax, import duties and corporation tax are all exempt, and there is little or no council tax. The country indicates promising potential as a lucrative property investment destination.

    Tourism figures have accelerated in Northern Cyprus since 2000, with arrival numbers rising from 146,142 to 164,783 during the first three months of 2006, representing a 12.75% increase, and arrivals between 2002 and 2006 registering an average annual increase of 6.2%. Occupancy rates increased from 17.5% to 23.8% in the first quarter of 2007, as reported by the Central Bank of Turkish Republic of Northern Cyprus (TRNC).

    Northern Cyprus has seen impressive economic performance in recent years, with growth recorded at around 10.6% in 2006. During the period 2003 to 2007, the country’s economic "Property prices have significantly augmented during the past 3 years"growth averaged between 10% and 11% per annum; with 11.4% in 2003, 9.6% in 2004 and 10.6% in 2005, according to the CIA World Factbook.
    Foreign investment is actively encouraged with no restrictions in any sectors. Private property rights are guaranteed by the government with equal rights for both natural residents and foreign nationals. Northern Cyprus second largest trading partner, the European Union, comprises 22% of total imports and 27% of total exports, and the country’s closely linked financial system to Turkey’s strong economic presence has shown a stimulating effect on foreign property investors.

    Investment into the Northern Cyprus property market has been consistently strong with all indications forecasting a long-term upward trend. Property prices have significantly augmented during the past 3 years due to the influence of the increasing numbers of foreign investors present in the property market. However, prices still remain as much as 50% below property values in the south of the island, presenting incredible capital growth potential as the North converges with the South.

    This promising growth in terms of return on investment, particularly when compared to other property markets within the EU and UK, is increasingly attracting significant attention from overseas property investors. The country is currently enjoying a boom in property investment as prospective growth indicates significant return on investment over the next decade.


    See ya D :)
     
  2. deedee1

    deedee1 New Member

    Great News!!!

    :)Hi all,

    GREAT NEWS!!!!

    DOUBLE PAGE SPREAD ON "NORTH CYPRUS" IN THE MAIL ON SUNDAY -TRAVEL SUPPLEMENT TODAY" (Page 6 and 7):D:D

    Talks mainly about bellapis to begin with then highlights the attractions of famagusta, karpaz, korinieum golf club, kyrenia and bellapis!

    Explains all about its natural beauty, unspoiltness and attraction and also highlights that its thriving in a positive light!!

    HAPPY READING!!:D

    See ya D
     
  3. Christos

    Christos New Member

    Hot Spot????????? No way!!!

    It seems that this article is very misleading. To begin with, there is not such a thing as a country of "Northern Cyprus." Cyprus is one country and it's recognized by all countries in the world while on the other hand the northern part of Cyprus, which is illegally occupied by Turkey, is not recognized by any country in the world, other than Turkey of course. Unfortunately the people of Cyprus, both Greek and Turkish Cypriots, have suffered the worst from this story. Some people in the north part of Cyprus are trying to make money out of other people's properties. To explain what i mean please read below:

    Britons face losing homes in Cyprus as refugees reclaim land


    By Michael Theodoulou in Nicosia for The Times




    A BRITISH couple who built a “dream” holiday home on Greek Cypriot land abandoned under force in northern Cyprus have been ordered to demolish it, return the plot and pay the original title-holder damages of nearly £10,000.

    The ruling against David and Linda Orams was issued by a court in the south of the island, where Greek Cypriots represent the island internationally. The court is powerless to enforce its ruling in the self- declared Turkish Cypriot state because of the island’s 30-year-old division.



    However, the Orams cannot ignore the test case, which, they say, could affect thousands of Britons who have bought properties in northern Cyprus.




    Now that Cyprus is a member of the European Union, Meletis Apostolides, the original Greek Cypriot landowner, aims to enforce the judgment in England, which could result in a claim on the Orams’ property in Britain. It would probably be the first time that the High Court has tested a 2001 directive from the European Council that judgments in EU member countries can be enforced in this country.



    The Orams, who spend half their time in Cyprus, moved into the house about 18 months ago. They had bought the shell of the building from a Turkish Cypriot and added a swimming pool.



    “Many of the British who have properties in the north are now very worried as to what will happen to them. Some of them sold up completely in England and went to live in north Cyprus permanently,” Mrs Orams, 58, a former museum assistant from Hove, East Sussex, said.



    British buyers seeking holiday homes at highly affordable prices in northern Cyprus are stepping into one of the most emotive issues of the long-running Cyprus problem. The vast majority of houses are sprouting on land that 167,000 Greek Cypriots were forced to abandon when Turkish troops invaded northern Cyprus in 1974 after a short-lived Greek-inspired coup in Nicosia.



    Greek Cypriot refugees, longing to reclaim their properties, fear that the frenetic building is literally cementing the island’s division. To them, British buyers are “trespassers” attempting to profit from their misfortune.



    Mr Apostolides, who has the original title deed to the land where the Orams have a £160,000 home in Lapithos (Lapta to the Turks), said: “The place is very dear to me and I am very much a person who wants to go back and to find a solution to the problem.”



    Mr Apostolides, an architect with the Cyprus Tourism Organisation, added: “The thing I will try to do is at least stop this feeling that it (Britons buying Greek Cypriot land) is an easy thing to do without consequences.”



    He was 24 when his family had to flee their home and land in Lapithos, a hillside village overlooking the Mediterranean a few miles west of Kyrenia.



    “The plot had lemon trees 30 years ago and Mr Apostolides wants the land returned to plant another citrus grove. His intention is not to take advantage of what has been built on it,” Constantine Candounas, his lawyer, said.



    The November 9 ruling by the District Court of Nicosia ordered the Orams to “demolish immediately” the house, swimming pool and perimeter wall and return the land at once to the original title deed-holder. They are also required to pay damages of 7,654.83 Cyprus pounds (about £10,000) and 294.41 pounds (about £250) a month from December until the property is delivered to Mr Apostolides. The Orams have applied for a stay and to have the judgment set aside so that they can defend their case.



    Experts say that, whatever the outcome, lengthy and costly litigation, together with worry and uncertainty, could scare Britons from buying land that Greek Cypriots claim. The Foreign and Commonwealth Office’s website gives warning that northern Cyprus’s “non-recognition” and the possibility of a settlement “could have implications for those considering buying property” .



    However, Minhan Sagiroglu, a Nicosia-based lawyer, said that the constitution of northern Cyprus guaranteed the rights of expatriates who bought property in the region. “If at some stage European law was applied in northern Cyprus, the English owner should be able to apply for compensation from the State.”



    Mr Candounas, himself a refugee from Famagusta, said: “We have no opposition to the Turkish Cypriots or foreigners developing properties, as long as it is not Greek Cypriot. I just cannot understand why a British person can live on my land, but I cannot.”



    ISLAND OF TWO HALVES



    Turkish troops invaded Cyprus in 1974, splitting the island into a Greek-dominated south and the Turkish Republic of Northern Cyprus.
    Although Cyprus joined the EU in May, it will be represented in Europe only by the Greek Cypriots until the island is reunified
    The Turkish Republic, which is only recognised by Turkey, covers 3,355 square miles. The capital is Lefkosa, or Nicosia in Greek.
    Living costs in north Cyprus are much cheaper than in most of Europe. Electricity costs about £15 a month and water is £5 a month


    Do you still think that buying a property in the north part of Cyprus is a great investment? Well, think again.
     
  4. deedee1

    deedee1 New Member

    :)Hi cristos,

    CLEARLY FROM THE NAME YOU ARE GREEK OR GREEK CYPRIOT!!!

    I DONT WANT THIS THREAD TO TURN INTO A POLITICAL DEBATE-BUT There are many issues regarding cyprus but lets summarise EXACTLY WHAT HAPPENED BEFORE 1974!!!!!

    The fact that greek tried to ethnically clense the turk cyps and sent a greek army coupe to cyprus to slaughter, torture and rape innocent TCs to unite cyprus with greece REMEBER ENOSIS!!!! THATS HOW THIS STARTED MY FRIEND NOT THE TURK INVASION!!!!!!! AND THAT IS THE TRUTH AND THEY ARE THE FACTS!!!

    Turkey ONLY INVADED AFTER 10 YEARS OF SEEING THEIR PEOPLE VICTAMISED AND KILLED THAT IS THE TURK CYPS!!
    And they only invaded as they pleaded before hand for the uk and the un to protect there people which they didnt do on half a dozen occasions!!
    Greece and cyprus have always tried t control the island for them selves and illiminated the turks!!!

    The exact words from papadopolous " WE WILL ILLIMINATED THE TURKS WE WILL KILL THEM ALL" Great leadership qualities there- and even after his comments he still remains in power of cyprus!!!:eek:
    He has blocked and stalled on 7 seperate negotiations and will continue to do so!!
    He has always said that TCs are a minority and are only entitled to minority rights!!
    When nowadays the world we live in is based on equal human rights FOR ALL!!

    As for the land situation- IT WORKS BOTH WAYS MY FRIEND BOTH TURK AND GREEK CYPRIOT LOST LAND, PROPERTY AND BUSINESSES- IT WORKS VISA VERSA!!

    Greece and south cyprus have only ever PROVEN that they want their people and the island to themselves- THEY WANT IT ALL!!!

    Well they cant have it all and for once I think people are starting to see through that greek propegada and hatred that they keep spreading and
    about the north and the turks- every country has the right to protect THEIR PEOPLE!!

    ROC AND GREECE HAS SHOWN NO WILLING TO NEGOTIATE OR MOVE ON- WHERAS THE TURKISH SIDE HAS!!

    Well see what happens me personally think that reuniting with the south will be the norths worst nightmare- you cannot co-exist in the same country when one side clearly spreads hatred of the other and tries to srtrip one sode of all human rights- IT WILL NOT WORK AND NORTH WILL FLOURISH WITHOUT THE SOUTH EVENTUALLY!!

    And the outside world are starting to learn the truth and who are creating and have always been creating the war in the first place!!

    HAPPY READING :D:D

    See ya D
     
  5. PETE881

    PETE881 New Member

    Quite Right Deedee1 !!!

    This is just a little example of how the greek propaganda machine, that goes back right into Ancient Greek times, is so effective in brainwashing not just their own people but also the rest of the world while the humble Turkish Cypriots - the minority, have just had to suffer the consequences! They are just too honest to come up with such propaganda, lying into the face of history, turning the innocent and persecuted into the evil !

    Its also evident that all Christos' points have been cut and pasted from either his own ramblings in other forums or , even worse, from someone elses !

    Why is North Cyprus property and land so cheap at the moment ? Because the world has thus far believed such rubbish, and have inposed embargoes limiting trade and development in the North. Well I have heard countless stories from the other side now and the tables are turning ! People are believing the Turks for once. Its only a matter of time now before N Cyprus is recognised (months maybe but i doubt it will take more than 6-12 months if all the news hype and American interest in the North Cyprus and its Military Runways and airspace, is anything to go by !!). As soon as Recognition happens, land prices will pole-vault to equall prices on the greek side. And I'll be saying 'I told you so' !! :)))))

    I've checked on all the points you made deedee1, and agree without exception that they are the correct 'version' of what really happened in Cyprus over 30 years ago ! It is the Turks that were persecuted from beginning right up until today.

    Personally, I feel its wrong, as you do too, that this forum was turned into a political argument. However, with an area like Cyprus, this is somewhat inevitable ! Its only from hearing BOTH SIDES, that people will now start to understand what happened and be able to take advantage of the value North Cyprus offers !

    Well done !!

    Pete
     
  6. PETE881

    PETE881 New Member

    DeeDee1 - i forgot to ask for the source of the Article. Thanks !
    P
     
  7. deedee1

    deedee1 New Member

    :)Hi pete,

    WHERE do I start there are so many different articles- but they all more or less say the same thing- as you have to look back at the history further than 1974- You have to look at what happened from about 1960 till present!!!

    There is a good site with a time line of history on it at different stages- so click and go into them one at a time!

    It under the history section the site is called:

    North Cyprus Home Page - cypnet.co.uk

    Will try to post some more leads later also!

    See ya D :)
     
  8. Christos

    Christos New Member

    The Truth !!!

    Dear all,

    The reason behind my posting was not to turn this into an argument for the Cyprus issue. I just wanted to inform potential buyers about the hazards of buying property in the occupied part of Cyprus. I will not reply to your arguments cause i'm pretty confident that you don't know know exactly what happened. Only the mentioning of Papadopoulos as the one who said to kill the Turks:confused: shows me how illiterate you are. The "puppet" president you are probably talking about during that time was Nicos Sampson, who was backed by the coup d'etat in Athens who was supported by the famous CIA. Just for your information the Sampson staged government was after a lot of Greek Cypriots as well, especially the ones that belonged to the left wing(communists if you prefer).

    Another point that i would like to mention is the British colonization policy of "divide and conquer." If you really want to know the facts about the animocity between Greek and Turkish-Cypriots conduct a search on that.

    I would also like to tell you that i have a lot of Turkish-Cypriot friends who can understand the realities about Cyprus and do not think like you. I'm pretty sure that you are a either a Turk deedee or a Turkish-Cypriot who is profiting from a Greek-Cypriot owned land.

    To sum it up, buying property in the occupied part of Cyprus will cause only troubles. I'm not even promoting properties in the free part of Cyprus, although that's my job, cause that's not the point here. Anyone who wants to buy is at their own risk. Conducting a search on Google can give u a pretty good idea about the situation on Cyprus and on buying properties in the north part of Cyprus. Just make sure that you read articles from both sides and you can come up with the truth which is probably gonna be something in the middle.

    Till tomorrow i guess, have a great day !

    Christos
     
  9. deedee1

    deedee1 New Member

    :)Hi all,

    I am not illiterate and if you check back paps was in the cypriot government during that time!
    Also you are right sampson was the president at that time- but was swayed and bullied by his very strong willed government with the support of greece!!
    Also makarios was the figure of that time who pressed ahead with the ethnic cleansing!!

    Yes you are right there are some risks FOR ALL IN BUYING PROPERTY IN CYPRUS!!

    Morally I dont condone the turkish military personnel being given land and property for free as way of payment by the trnc government -but that does not mean that ALL IN NC is corrupt or ILLEGAL SO TO SPEAK!!!

    I am in fact english and by careful and extensive research given the facts have come to my own conclusionson the moral and legal issues!!

    BUT THE FACT REMAINS THAT THEY STARTED THIS MESS- BUT ONLY INTEND ON BLAMING EVERYONE BUT THEMSELVES!!
    They brainwash their people and children to hate the turks and believe that they are invinsable and indisposable- NO ONE IS INDISPOSABLE MY FRIEND!!

    They twist the facts and hide the truth-now being in the EU all they have done is tried at every opportunity to block aid and veto anything related to turkey and North cyprus!!

    EXTREMELY CHILDISH DONT YOU THINK!!!

    Only turks and turk-cyps have shown a willing ness to compromise, negotiate and get on with life and eachother!!

    See ya D
     
  10. PETE881

    PETE881 New Member

    The Potential In North Cyprus is HUGE

    Being a Brit myself and having visited BOTH sides of the island extensively, I'm totally in agreement with DeeDee1 ! Besides, anyone who dares to use the expression 'the Free part ' as Christos just did, demonstrates completely my point about the use of repeated and regurgitated PROPAGANDA, let a lone a complete lack of sanity !! IMHO, this guy should be stuck off this forum for blatant scaremongering !!!:mad: Yes he's Greek - and yes - he's obviously a property developer or estate agent in South Cyprus ! Enough said !!

    The greeks will use any and every opportunity to twist and distort the TRUTH to portray themselves as 'the good guys' ! Don't believe them. Yes - there was undoubtedly wrong done by both sides, but I find it outrageous and pathetic that after over 30 years a nation not only does not admit its guilt in starting the whole Cyprus Problem, but even worse to still keep the propaganda machine working at full speed and contunue to persecute the minority. Their intention is still to ethnically cleanse Cyprus of the Turks, this time with politics and propaganda instead of with blood and weapons as last time .Well - it just wont work ! :p

    ANYWAY... All this crap politics is only 1 small and insignificant part of the issue....:rolleyes:
    The fact is that Land prices in the North of Cyprus are approximately one half to a third the price of the equivalent land in the south (and this is Turkish Title Deed land - Exchange Land is EVEN CHEAPER !!! . On the event of the agreement being made or International Recognition being achieved, these prices will jump OVERNIGHT to EQUAL those prices on the greek side ! Furthermore, once the Island becomes part of the EUROZONE, the hike in ALL prices is set to DOUBLE. :eek::eek::eek:

    So ladies and gentlemen, this leaves us with the PURELY BUSINESS MINDED conclusion that investing in North Cyprus could net you a 200 to 400% GAIN in the next few years !! - Even the CURRENT rate of growth is +10 to +15% PER YEAR !!! where else could you get that ??

    Yes of course there are risks ! Thats why the potential to gain is so large. Dont invest if you cant take the risk and do your own research. But remember, its risky to buy ANYWHERE. dont kid yourself that Cyprus is alone in that matter !

    I have nothing against the Greeks, nor the Turks. I'm just interested in a good , solid investment for myself, my childern and grandchildren.... And North Cyprus looks like the best place, without reservation, to me !!!

    P :D:D:D
     
  11. countyboy

    countyboy New Member

    Northern Cyprus market Drivers

    Economy

    Northern Cyprus is now enjoying a stable period bringing in increasing FDI. Current Land and Building cost are significantly lower than those of Southern Cyprus.

    In Jan 2008 Southern Cyprus will enter the Euro zone and we would expect the market to enjoy an increase of around 19% plus normal; inflation.

    Public sector consumption has grown from 4.2 per cent between 1990-2000, to 11.8 per cent in 2005, stimulating further investment and worldwide property investor confidence. Government investment in the economy grew from 3.4 per cent in 2000 to 16.1 per cent in 2005. Not to be outdone, private investment has kept pace with a leap from 2.7 per cent in 2000 to 15 per cent in 2005.

    The GDP for 2006 was around £2.2 billion ($4.54 billion). The Northern Cyprus government is aiming for 7 per cent growth in the economy in 2007.
    The GDP growth rates of the TRNC economy in 2001-2005 have been 5.4%, 6.9%, 11.4%, 15.4% and 10.6% against 4.1%, 2.1%, 1.9%, 3.8% and 3.9% in the Republic of Cyprus.[18] This growth has been buoyed by the relative stability of the Turkish Lira and a boom in the education and construction sectors.



    Tourism

    Northern Cyprus is enjoying a massive boost to its holiday visitors since access was granted between South and North

    Political Stability

    Although the area has had its troubles the partition is now offering free access and stability in the area appears to be in place
    As Turkey moves toward the EU the stability of the area will be assured

    Factors

    The Price differential between North & South must reduce.
    The South’s entry to the Euro zone will drive their price up
    Therefore the Land & Build Prices in Northern Cyprus must appreciate.

    In 2004, the EU alone invested £175.4 million (€259 million) in Northern Cyprus to facilitate trade and development and strengthen its economic ties to the EU.
     
  12. PETE881

    PETE881 New Member

    Opportunities for huge growth in North Cyprus

    Thanks opizalex for a great no-nonsense Investment focussed report !

    P
     
  13. Christos

    Christos New Member

    Hi

    for those who have not heard of us, we are Simon and Vikki and we are based in the UK.

    Our parents purchased a property in the TRNC over 3 years ago and to date have nothing to show for their maney, just a very large loan for £150,000 that they (in failing health) are struggling to pay on their meagre pensions.

    We are hoping that this group will be able to lead or advise those as to the possible pitfalls that may occur when purchasing in Northern Cyprus

    The country is truly beautiful and the people also, but there are many unscrupulous characters lurking including Developers, Estate Agents and more worringly even Lawyers

    We work closly with "The Home Buyers Pressure Group"

    who have loads of very important information on their site.


    All we ask is for true stories (that can be backed with documentry evidence if required) good or bad, also nominations for "Good and Bad Guys" again with evidence should it be needed.

    We look forward to welcoming you

    and if we can help 1 person

    NOT TO MAKE THE SAME MISTAKES AS OUR PARENTS

    we will have succeeded.

    we also now have a bulletin board

    I copied this from another forum from a member called victoria's loss I think it might be helpful for some.
     
  14. deedee1

    deedee1 New Member

    :)Hi all,

    This is VICTORIAS LOSS WEBB SITE INFORMATION!!

    She posts her info everywhere as her parents had lots of problems in NC yes- But there are issues like this no matter what country you buy into!!

    Their is now a north cyprus property legislation department set up to deal with these problems and issues accordingly!!

    BUT I WILL STRESS AS I ALWAYS DO ABOUT THE IMPORTANT ADVISE WHEN BUYING PROPERTY ABROAD- BE CAREFUL AND DO THE FOLLOWING TO MINIMISE THE RISKS:

    1- SEEK GOOD PROFESSIONAL "INDEPENDANT" LEGAL ADVISE BEFORE BUYING ANYTHING! DO NOT GO WITH A LAWYER OR SOLICITOR THAT IS RECOMMENDED TO YOU BUY THE DEVELOPERS OR AGENTS- AS THIS CAN LEAD TO COMPLICATIONS!!!

    2- DO NOT FEEL PRESSURISED TO SIGN OR HAND OVER MONEY STRAIGHT AWAY BBY AGENTS/DEVELOPERS- TAKE YOUR TIME, DO NOT DO ANYTHING IN HASTE, DO NOT FALL FOR AGENTS TRICKS i.e "this is the last one left, the prices go up tomorrow, i have someone else intyerested!!
    DONT WORRY- AS THERES LOTS OF CHOICE OUT THERE ANYWAY- ANOTHER 100 WILL BE AVAILABLE TOMORROW!!

    3-ENSURE THAT THE PROPERTY HAS ALL THE BUILDING PERMITS, PLANNING CONSENTS ETC BEFORE YOU BUY- GET PROOF OF DOCUMENTATION FIRST- DO NOT BELIEVE WHAT YOU ARE TOLD!!

    4- DO YOUR OWN RESEARCH ALSO- DO NOT TRUST EVERYTHING YOUR TOLD, DO NOT SIGN OR HAND OVER ANY MONEY UNTIL YOU KNOW ALL THE FACTS AND HAVE SOUGHT LEGAL ADVISE AND ARE AWARE OF ANY PITFALLS, PROBLEMS!!

    5- GET EVERYTHING CONFORMED IN WRITING AS VERBAL AGREEMENTS MEAN NOTHING AND ARE NOT LEGALLY VALID. MAKE COPIES OF EVERYTHING AND SAVE ALL DOCUMENTATIONS AND CORRESPONDANCE via post,e-mail etc!!

    6- ENSURE THAT EVERYTHING THAT IS AGREED WITHIN THE PRICE IS STIPULATED WITHIN THE CINTRAC AND APPENDICS!

    7- ONLY PAY YOUR STAGE PAYMENTS WHEN DOCUMENTATION IS PROVIDED AND YOU ARE INSTRUCTED TO DO SO BY YOUR SOLICITOR!!

    ---------------------------------------

    ALOT OF PEOPLE OFTEN LEAVE THEIR BRAINS ON THE PLANE WHEN THEY GO ABROAD- JUST LIKE ANYWHERE ELSE IN THE WORLD!!!:eek:
    DO WHAT YOU WOULD DO IF YOU WERE BUYING IN THE UK i.e-legal advise, land registry search, building permits licences valid, stage payments to be paid at stages of completness supported by documented proof and pictures etc!!

    DO NOT RUSH AND TRUST YOUR INSTINCTS, DO NOT FEEL PRESSURISED OR BULLIED INTO BUYING!!

    TAKE CARE- LOOK AFTER NO 1 -PROTECT YOURSELF!!!!

    AS PEOPLE ARE ALWAYS NICE AND SEEM TRUSTWORTHY WHEN THEY WANT YOUR MONEY!!!!! BUT ONCE THEY HAVE IT THEIR ATTITUDES SOON CHANGE!!!!
     
  15. countyboy

    countyboy New Member

    northern Cyprus is a minefield......

    It is very true that Northern Cyprus is a minefield. There was an article in the Sunday times about a couple that has bought from a doggy developer called “Aga marketed by a British agency called “Unwin Estate Agents” and basically have gotten a half build villa with no electricity or water and human excrement in the corners. On top of that they have sold the same property twice.
    Google minefield and Sunday times, Cyprus and you’ll see the article.

    Basically they got stitched up all the way and no have to fight to get their initial investment back.
    All I can really say to this is, firstly it could have happened to anyone of us and secondly these kinds of stories happen all over the world on a daily basis.
    Doesn’t matter what country you looking to buy property there are always cowboys that will try to rip you off. For example Spain was renowned for it; however it didn’t stop people buying properties out there. The question is why not?
    Well the property market is undervalued at the moment and there is strong growth to be made in the foreseeable future. So it’s an ideal property investment opportunity.

    What you need to do when buying property abroad is DO YOU DUE DILLIGENCE!!!!!!

    Main points look for: track history, transparency of company, i.e. Financials, Addresses., nearby developments enabling you to compare to see if you getting value for money and not over paying. Exit strategies, and after services, i.e. management of the development after completion, hidden costs, clauses in the Contract,

    Northern Cyprus is an amazing place to live, have a holiday or just own a investment property check the market drivers that i have listed earlier on.
    All you need to do is find a decent developer , Agent, or just built proeprty for the right price that suits you.
    I am working for a global developer and we have successfully acieved 5 developments till now and have just launched a development in Northern Cyprus, Famagusta. We are a Uk based developer that sources opportunites globally and capitalisees on their potential. Simple as that, building a property is not rocket science!!!!! However give your money to someone that has done it before.
     
  16. PETE881

    PETE881 New Member

    North Cyprus remains a huge investment opportunity

    Its always sad to hear stories of sales that did not work out. However North Cyprus is as bad (and good) as everywhere else in the world. I could list dozens of such cases in the South of the Island who were ripped off by Greek developers (mainly Russians actually which is why the UK press doesnt catch on to it so much). And lets not forget all those horror stories from Spain and Portugal !!! Its everywhere and anyone considering purchasing should be aware that this could happen to them whether they buy in South Cyprus, Italy, Australia or WHEREVER !!!

    Funny how we only hear the unfortunate stories of those one or two people who have had bad experiences, and never the hundreds of others who are happily retired and resident on the island right as i type this note !!! ... food for thought ! .
     
  17. PETE881

    PETE881 New Member

    Here's an interesting article...

    Filed in Property News for North Cyprus » North Cyprus Property will continue to be a Great Investment in 2007
    North Cyprus Property will continue to be a Great Investment in 2007

    North Cyprus is one of the most exciting markets in Europe for predicted property price growth in the medium term, and because politically speaking things started moving incredibly quickly at the end of 2006, 2007 could be one of the last years for investors to bank land and properties at seriously below market prices.

    Naturally discussing the political situation in Northern Cyprus one has to be incredibly sensitive – but at the same time to avoid highlighting the very real fact that North Cyprus property will continue to be a great investment in 2007 would be wrong…so we hope we achieve a balance in this report on the 2007 prospects for the real estate market in Northern Cyprus.

    In 2006 certain significant events occurred that suggest that a permanent solution to the property dispute across the whole of Cyprus could be resolved as early as 2007. Firstly the High Court in London ruled that a Greek Cypriot court had no jurisdiction in North Cyprus and they also ruled in favour of a British family keeping former Greek Cypriot property that they had bought, taken over and redeveloped in Northern Cyprus. Secondly the Northern Cyprus Property Commission which was established in TRNC in 2005 ruled that a former Greek Cypriot owner of properties in the North of the island should be paid compensation by Turkey for loss of access to their property and this ruling was upheld by the European Court of Human Rights.

    Both of these events suggest that over the medium term any Greek Cypriots who have direct claim to properties in North Cyprus will be able to apply for compensation from the Turkish government for loss of use of their properties. While this will not solve the issue for Turkish Cypriots who lost land and real estate in Southern Cyprus it could well put to bed the long running concern over what could happen to resolve disputed property cases in the North.

    Naturally this will remove all fear that has been instilled in people that if they buy property in North Cyprus they could be evicted from it or have to pay compensation to former owners for the use of it.

    It’s a very real fact that the High Court ruling resulted in a resurgence of serious property investment interest in Northern Cyprus from British investors which immediately boosted property prices, and it’s a very real fact that Turkey’s offer to open ports and airports to Greek Cypriot traffic in return for the opening of Ercan airport in Northern Cyprus to direct flights is a step closer to expanding the tourism industry in the North upon which a great deal of property investors will rely for rental income in the future.

    Cyprus Turkish Airways have just applied to the British government to be allowed direct flights from London to Ercan and a ruling is expected on this request in 2007 with most confident that a ruling will be positive and result in a bumper summer in 2007 for North Cyprus’s travel and tourism economic sector.

    The Turkish Cypriot government have put before parliament a change to inheritance tax rules in North Cyprus that should see IHT drop from 25% to 1% in 2007 in a bid to encourage greater foreign direct investment into real estate. Add to this the fact that property companies in the North are now self-financing mortgage arrangements for customers and that it is now possible to establish a limited company in North Cyprus with 100% foreign ownership through which an individual can own multiple property units and parcels of land and you begin to get the picture that things are moving so incredibly fast towards boosting TRNC’s FDI which will in turn see property and land prices rapidly increasing.

    In real terms property is still at least a third of the price in the North compared to the South and there is so much of North Cyprus that remains untouched. The east – west corridor from Tatlisu to Lapta has been heavily targeted for development but that leaves about 90% of the rest of North Cyprus untouched. In a bid to protect the nation from excessive building the government have just put a blanket ban on all new building permissions for multiple housing developments while they reassess which areas are nearing saturation and which are ripe for further development. The ban will be lifted in January 2007 and developers will be given tight guidelines about what they can and cannot do. Furthermore, environmentally speaking the government have finally realised that they cannot market mucky beaches and landfill sites that were formally attractive ravines to holiday makers. A huge operation is underway using public and private funds as well as military assistance to clean up North Cyprus and it is staggering to see how much positive action is occurring so fast.

    Finally it seems North Cyprus has awoken from its own reverie and realised that it has so much tourism potential and possibility as an attractive second home or retirement destination and it is consistently and actively doing all it can to improve the nation both physically and in terms of its attraction for investment.

    Property investors considering North Cyprus have so many angles of approach. They can land bank parcels of land, they can invest into tourism projects such as one that is seeking investment in 2007 which is a pre 1974 title deed luxury beach front hotel project, they can commission developers to construct properties that they then market, they can buy one off apartments to let to the huge international student population in North Cyprus, they can buy villas to rent out privately to tourists, they can purchase and renovate traditional properties or they can even purchase commercial or residential stock suitable for letting out or leasing to local demand or they can buy off plan and flip on to other investors of property purchasers.

    North Cyprus has to be one of the most dynamic countries in Europe right now in terms of the efforts it is making to transform its country into one of the most exciting places to invest and one of the most attractive places to live or holiday and we truly, wholeheartedly believe that North Cyprus property will continue to be a great investment in 2007 and beyond.
     
  18. Christos

    Christos New Member

    Can you give us the source for the article Pete?

    Thx
     
  19. romulus

    romulus New Member

    Whatever your point of view some facts remain:

    1. Cyprus is an EU country
    2. The self-proclaimed TRNC is not
    3. The UN has formally condemned the Turkish invasion and will never recognize TRNC as a political entity

    There are reasons for the above that transcend some of the historical revisionism we have witnessed in this thread.

    If TRNC were ever to enter the EU it would only ever be with the full agreement of the Cypriot government which means probably never or at least not in our lifetimes.

    This means that TRNC will always be a militarized area, with far inferior economic development compared to Cyprus.

    You may aswell buy property in Baghdad.
     
  20. countyboy

    countyboy New Member

    TRNC safest place in Europe

    well if you check the statistics, it will inform you that Baghdad despite having al the military presence is one of the most dangerous places on earth. We are seeing more civilians being killed then soldiers.

    Well not in TRNC.

    TRNC is statistically one of the safest places in the world, with the lowest crime rates in Europe.

    So next time you want to post something please keep your emotions out of it and stick to the current facts. Its not the 1970s anymore, get over it,!!! we are just talking about property here.
     
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