Cyprus-Forum.com

[brother]

heh..heh...cool smiley

[-mikkie2-]

This is a link to the web site:

http://www.investorsprovident.com/Europe/Cyprus/developments.asp

and their main page is:

http://www.investorsprovident.com/

It is interesting that they mention the division of Cyprus but no mention of the legal implications of buying property in the north and the possible consequences.

[brother]

Send them an e-mail mikkie and see what their response would be, it would be very interesting to see what they say on the position.

[cannedmoose]

I've sent a 'speculative enquiry'. Will copy any email received from them

[cannedmoose]

Gotta hand it to them, they're efficient. I got a response from Investors Provident. Apparently the development is being built upon land with TRNC title deeds, i.e. the land was owned by a Greek-Cypiot prior to 1974. They attached the following document to the email to allay any concerns about the legal status of this land. It's an interesting perspective at least.

----

What is the risk of buying property in the north?
The risk of buying a property in North Cyprus is no greater than the risk of buying a property in South Cyprus.

North Cyprus property is administered under TRNC law. Pre 1974 properties were owned by Greek Cypriots, Turkish Cypriots and 3rd nations (English, German, French, Russian etc.). After 1974, Greek owned properties were nationalized by the Turkish government (this applied to approximately 17% of the property on north) this was compulsory acquisition done in exchange for compensation.

Instead of claiming their compensation the majority of the Greek land owners opted to challenge the actions of Turkish government and so approximately 2% of the Greeks claimed their compensation. Even though they did not exercise this option it is still available to them.

We should also point out that due to perceived security concerns, most Turkish Cypriots never claimed on the land that they left in the South.

There has been no straight forward solution proposed by the Greek or Turkish Cypriots, or by International Authorities. In 2002 UN (United Nations) proposed a resolution plan (called Annan Plan (named after the general secretary Koffi Annan). This proposal was put forward to determine the state of pre 1974 Greek owned and Turkish nationalized properties.

65% of the Turkish accepted the plan, however, 74% of the Greeks refused it. In the Greeks refusing the plan South Cyprus choose to enter E.U., un-unified, without the North.

The E.U., America and UK are showing their support and recognition of North Cyprus in the direct financial assistance that they are giving. Funding has been given and allocated in many areas to assist in improving infrastructures such as roads, communications etc.

This international investment coupled with the current property boom in North Cyprus makes North Cyprus a low risk investment.

TRNC - Eşdeğer Title
Kesin Tasarruf - absolute possession document - Title deed.

This is land or property originally owned by a Greek Cypriot prior to 1974, with title deeds issued by the Turkish Republic Northern Cyprus Government on a points basis in compensation for land given up in South Cyprus. They would then sign over their properties in the South to the Turkish Republic of North Cyprus Government, who in turn would hold them pending a negotiated settlement between both the North and South Cyprus Governments. The Turkish Cypriot would then be issued with a new title deed for his recompensed property. He would only be able to sell his property once he had received this new title deed. TRNC - Eşdeğer - title deed properties are safe to purchase.

[-mikkie2-]

That makes me laugh!

They are simply pulling the wool over the eyes of people!

The trnc title deeds are non-valid, just like the trnc is!

[cannedmoose]

That makes me laugh!

They are simply pulling the wool over the eyes of people!

The trnc title deeds are non-valid, just like the trnc is!

Regardless of the validity of the TRNC, I would have expected them at least to inform potential investors of the potential hazards involved in purchasing property in the north, particularly in the light of the Oram case.

I found an interesting little site called the 'Northern Cyprus British Forum', a messageboard for UK expats living in the north. Guess what the topic of conversation is... certainly worth a read for some of you. From a quick skim, they seem to spend more time arguing amongst themselves than actually debating any issues.

http://www.network54.com/Forum/134812

[rotate]

Good to see that some may profit out of Cypriot property! Be warned it can go the other way.

Lost a lovely old house and just about everything we owned in 1974, but grateful to have survived when others did not. Common enough story so will not bore everyone with the blood and bits of human flesh details.

Foolishly purchased a flat in Larnaca in 1987, nothing remarkable no pillars or stained glass just a nice place with good neighbours in a predominately residential area near the beach at Psarolimano. Lived there happily until eight years ago when a licensed bar opened up nearby owned by one of Larnaca's premier citizens, an architect who designs and builds property suitable for would be investors and rented to a policeman, whoops! should'nt have written that as no ones supposed to know.

Whole area immediately changed with the bar playing loud music until four in the morning, prostitutes plying their trade and drug dealers selling to kids in the street or in the entrance hall to our flats. Repeated calls to the police by neighbours and ourselves resulted in one neighbour being beaten up by bar 'customers' and another having his car trashed, threats of petrol being poured over front doors finally decided our neighbours and us to quit our homes.

Larnaca Mayor was pleasant and sympathetic but could do nothing as the police reported that there was no problem with the bar, town planner was just as ineffective at having an illegally constructed extension (3mx4m) to the bar removed from the pavement.

Just another complaining Brit, well I suppose I am but my wife is not she's a Cypriot as were my neighbours in Famagusta and Larnaca who together with us share a problem that transcends nationality, property that we've paid for but cannot live in, cannot sell and cannot rent out.
Property purchase in Cyprus as an investment, I think not!

[erolz]

Lost a lovely old house and just about everything we owned in 1974, but grateful to have survived when others did not. Common enough story so will not bore everyone with the blood and bits of human flesh details.

Certainly a common enough 'Cyprus Story' though for some it started a little earlier in 63

[Othellos]

Certainly a common enough 'Cyprus Story' though for some it started a little earlier in 63

And for some others it started even earlier in 1958. That was the time when the TMT was forcing GC's out of their homes in places like Omorphita and Lefka, in an attempt to establish clearer separation lines between the 2 communities.

O.