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Thinking about buying property in North Cyprus - but worried!

Discussion in 'Cyprus Property' started by colby, Dec 5, 2006.

  1. colby

    colby New Member

    OK - I have looked into the property market in Turkey and a bit in North Cyprus and am really tempted to make some property investment steps into both. Property in North Cyprus worries me though. I have some Greek work colleagues and friends and when I discuss this with them they use words such as "illegal investment" and that property investment in North Cyprus is not risky it is just totally wrong. I have also read about the recent case won but the British couple which is meant to legitimise things.

    Maybe buying property in North Cyprus is just not worth the effort and risk at the moment. BUT no property investment is wothout risk and the upside is very tempting.

    Is it worth the risk???
    Dazed and confused!!!

    Colby
     
  2. Alexandrou

    Alexandrou New Member

    Property in N. Cyprus now with the new 7 year law in affect, if found buying or selling property of legal owners by title deeds e.g. Greek-Cypriots, and the fact even though the Orams case was won but actually was totally lost,the case is being forwarded to the European Court of Justice for a verdict, forwarded with a British High Court Judge that there was trespassing and illegalities where present but hands were tied judgment could not be served, reason why judgment was unable to to served because Protocol 10 applies in North Cyprus, suspending EU benefits, privileges , and certain legal matters including the enforcing or passing judgment, causing a demand for legal title deeds if to purchase or own land in N. Cyprus. Double and triple check before making any investments in N. Cyprus by a very reputable and reliable source.
     
  3. hearts

    hearts New Member

    Alexandrou. Is it not the case that if you purchase property built on land owned by TURKS or FOREIGNERS prior to 1974 then you are as safe as anywhere else.
    I also am looking to buy in N. Cyprus. BUT I will only consider property that fits the above critirion.
    What are your feelings on this?
     
  4. peterl

    peterl New Member

    Hi All

    If you are looking for a comprehensive guide for buying property in North Cyprus, everything is explained on this website North Cyprus Properties Guide, every thing is explained on the main page. And if you need anything else you can pm me or mail me with the link provided on the webpage.

    Peter
     
  5. Ceyhun Tunali

    Ceyhun Tunali New Member

    I understand about what you think about buying houses in North Cyprus.Do not let them to threaten you.Do not think someone will come and get your home back from you.These are just for confusing people brain.Belive me there will be no agrement in North Cyprus and North Cyprus will grow up.The greek cypriot do not want any agrement.We sayed ok.We sayed come and signed the agremant,but they did not come,because they think they are going to be the owner of the All Cyprus.I live in Cyprus.I am 26 years old.You know whats the truth,My father says that he is 61 years old.We saw too much agremant on this island when he was 20-30-40-50 years old.But the greek cypriot dıd not want to give us anything.So ı hope ı can explain little bit things to you.my english is not enough to explain everything.BUt just belive me.Take care.Best regards
     
  6. charis

    charis New Member

    The northern area of the Republic of Cyprus, under military occupation by Turkey since 1974, has been experiencing an unprecedented construction “property sale” boom. The vast majority of the properties affected by this boom are owned by Greek Cypriots who were forcibly expelled from their homes due to the Turkish invasion. These displaced people are to this day prevented by the Turkish Armed Forces from returning and repossessing their homes and properties. A recent development is that the occupied area has become a haven for corrupt and unscrupulous businessmen out to make a quick profit from the illegal “sale” of Greek Cypriot property.

    According to the 1964 Land and Registry record, approximately 82% of the privately owned land in the territory now under Turkish occupation was owned by persons belonging to the Greek Cypriot community. While persons belonging to the Turkish Cypriot community owned approximately 16.7%. That position was still obtained in 1974.

    In August 2004 Ahmet Uzun, the so-called “finance minister” of Turkey’s puppet regime in the occupied area, stated that the UN Plan provided an incentive to build on Greek Cypriot property, because persons investing in such property could have had priority over the legitimate Greek Cypriot refugee title-holder in its ownership. Such provisions were indeed an incentive, and facilitated the rush to build on usurped properties and to “sell” them mainly to British and other European citizens seeking a home in the sunny Mediterranean.

    On 23 August 2004, Turkey’s Deputy prime Minister and Minister responsible for Cypriot affairs, Abdullatif Sener, was reported by Milliyet as having stated that the amount of properties that foreigners had “bought” in the occupied areas of Cyprus had increased tenfold over the last two years!

    Nonetheless, anyone who has “bought” or is seeking to “buy” Greek Cypriot owned property in the occupied part of the Republic does so illegally, as first discovered by a British couple in October 2004. Anyone contributing to the ongoing plunder of such properties becomes a potential target for criminal and civil law suits in the courts of the Republic of Cyprus. The resulting arrest warrants and decisions could then by judicially enforced abroad.

    The rights to restitution of the properties and home of Greek Cypriot displaced persons have been recognised by the European Court of Human Rights. The Court found Turkey guilty of depriving Greek Cypriot refugees of the use of their properties. The Government of Turkey is obliged to compensate the refugees for the time period of the deprivation of use and to allow them to return home. Ankara has not done this, thus violating the fundamental human rights principles with which an EU Candidate Country must comply in order to start accession negotiations.


    …quick points
    • Four fifths of the privately owned land in the territory now under military occupation by Turkey is owned by displaced Greek Cypriots. The government of the Republic of Cyprus itself owns one quarter of the total area under occupation.

    • The European Court of Human Rights (ECHR) has upheld the rights of the displaced Greek Cypriot owners to their properties, and on a number of individual applications, the Court ordered Turkey to restore those rights and to pay compensation for the period of deprivation (Loizidou v Turkey, Xenides – Arestis v Turkey). Several thousand applications by Greek Cypriot displaced owners are currently pending before the European Court of Human Rights.

    • Pursuant to Security Council Resolutions 541 (1983) and 550 (1984), the illegal secessionist entity in the occupied areas cannot issue valid title deeds. “Certificates” so issued, are not recognized by the Republic of Cyprus nor by any other state, other than Turkey.

    • Several governments, including U.K., U.S.A., Russia, France and Germany have issued warnings on the purchase of property in the occupied areas of Cyprus.

    • Therefore, buying property in the occupied area of Cyprus could infringe upon the property rights of others involved. A violation of criminal and civil law could entangle the buyer in legal proceedings, financial damage, personal liability and the risk of losing money invested, as well as assets at home. Why then undertake such unnecessary risks?



    Colby[/QUOTE]
     
  7. Cagla

    Cagla New Member

    Colby,

    If you have doubts about this country, you have to search more or find a guide who can give you detailed information.
    I just wondered why you do not think about Turkey because the climates are similiar and the prices are reasonable comparing to Cyprus.
    If you think on this subject, we have five apartments left in £40.000 two bedrooms (one is en suite), landscaped garden, pool opened 5 months, air/con in lounge.
    I am not an estate agent, a developer so no commission fee!
    Think about this and if you have anything to ask me, pls do not hesitate to request!
    Regards,
    Cagla
     
  8. TH4S

    TH4S New Member

    Colby you posted on the 16-08-2006,

    Turkey is a good investment alternate,:confused:

    http://www.totallyproperty.com/turkey-property/45-turkey-good-investment-alternate.html#post45


    Colby Turkiye is thee most suitable place for foreign investment.Turkiye is well worth the risk.. you said so your self. ;):D
     
  9. Nigel Howarth

    Nigel Howarth New Member

    There are both moral and legal issues associated with buying property in 'North Cyprus'. I suggest you take a look what the British Government has to say about it.

    And you should also read what the legitimate government of Cyprus has to say on the matter.

    It is possible to buy property with internationally recognised Title Deeds, but for obvious reasons, this are considerably more expensive than buying usurped property.

    Cheers,
     
  10. Gina Alexiou

    Gina Alexiou New Member

    100% Mortgage on South Cyprus Property

    Hi there
    When you are not sure of something it probably means it is not supposed to be happening.Tell me what sort of property you are intersted in and your budget and maybe i can help you with something on the South. However, in the village of Liopetri, you can actually buy a 2 bedroom maisonette with just a small reservation fee and a 100% mortgage not paying anything for the next 18 months. And the great thing is that you can use the property since it will be delivered in September 2008. And it comes fully furnished. Now thats a great investment. I am going to buy one and my intention is to use it and sell it before i make a payment on it. Its a great investment.
    I can give you the info on t if you like.
     
  11. Lysos

    Lysos New Member

    Just who do you think you are going to sell to, Gina ?. It's a buyers' market.
     
  12. Veronica

    Veronica Administrator


    The idea of buying and reselling before you have to make a single payment is all very well but in reality it rarely happens that way.
    Too many unscrupulous developers are promisning people this sort of thing but the market is stagnant and properties are taking much longer to sell than in the past.
    We have a website selling properties mainly in the Paphos area and most resales on our books are on many other websites but are just not selling.
    Unless you are in a position to wait for a long time for any returns do not risk getting into something you may not be able to get out easily.
    This is still a great place to live in and anyone looking for a home in the South cant go wrong, but in the present economic climate the time is not right for investment.
    As I said I sell properties here so its is actually not in my interest to talk people out of buying here, but my main concern is to save people making expensive mistakes.
     
  13. Lysos

    Lysos New Member

    Well said, Pippin.

    If looking to buy for personal use then it may be worth taking advantage of the market and negotiating hard on a resale. Tough on the sellers but the market goes in cycles. Currently, Cyprus is not a place to 'invest' in property. Any talk of rents covering mortgages and capital growth belong on 'Jackanory'.
     
  14. Nigel Howarth

    Nigel Howarth New Member

    I have to agree with Pippin - the days of buying and flipping in Cyprus are long gone.

    The market's slowed down here considerably. I was reading a local newspaper report a few days ago that was talking about one developer in Paralimni. During the first 3 months of 2008 he sold 10 properties, compared to 52 during the same period in 2007.

    If you're looking to buy a permanent home, that's fine. But if you're looking at the buy-to-let/jet-to-let market - forget it - too many properties chasing too few holiday makers.

    And Gina - find somewhere more sensible to invest your money - somewhere where you'll make a decent return.

    Cheers,
     
  15. Veronica

    Veronica Administrator


    I too was talking to a small independent developer a few days ago. He used to sell 2 properties per month on average, so far this year he has sold 2 properties in 4 months.
    My livelihood depends on people buying property but i will not tell anyone the lies that many of the less scrupulous developers and agents still insit on telling people. As i have already said, if you are looking to buy a home Cyprus is still a great place, but if you are looking for invesment wait until the market takes an upturn again. Although I doubt that will be for some time.
     
  16. ONLY BUY PRE 74 TURKISH TITLE DEED LAND !!! 100% recognised by turkish and greek sides ! ITS AS SIMPLE AS THAT !!



     
  17. misch.chief

    misch.chief New Member

    The Overseas property market has definitely slowed down, which is just a kbnock on effect of the economy elsewhere in the Western world :(
     
  18. Cornholio

    Cornholio New Member

    Update on the Orams case

    Britons in fight for Cyprus home

    An adviser to the EU's top court says a ruling against the British owners of a holiday home in Turkish-controlled northern Cyprus should be recognised.

    The Court of Appeal of England and Wales had requested a legal opinion from the European Court of Justice.

    Linda and David Orams are engaged in a long-running legal battle with Meletios Apostolides, a Greek Cypriot who claims the land their home stands on.

    Breakaway Turkish-held northern Cyprus is not internationally recognised.

    BBC NEWS | World | Europe | Britons in fight for Cyprus home
     
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