NORTHERN CYPRUS

OWNERSHIP OF PROPERTY IN NORTHERN CYPRUS

 This is written with both the interests of the legal owners of Land in Northern Cyprus and potential purchasers of in mind, in the light of the many requests that we have received on this subject. Many of you will have heard of the discussions that have taken place in the past 12 months with regards to the resolution of the Cyprus problem. Whilst there has been some progress made in terms of relaxing of some restrictions in terms of visits, the situation still has a considerable way to go before a permanent solution to the problem is achieved. The increased publicity has generated a lot of interest from people looking to get in on the ground floor and invest in property in the North and take advantage of what they consider to be bargain prices. We get requests from people with regards to availability of property in the light of the above. You should be aware that the Northern Cyprus area which is illegally occupied by the Turkish regime headed by Raulf Denktash is not recognised internationally. In fact there are still sanctions in place at the United Nations on this pseudo state. The only country that recognises its existence is Turkey itself! Anyone contemplating the purchase of property on the Northern side of the Island run the risk of losing their money when a solution to the Cyprus problem is eventually found. Which, it will be. You have to bear in mind that the regime will be in some cases selling land that belong to the Greek Cypriot community that were forced to flee during the 1974 invasion. The bottom line is that you pay your money and take a chances with regards to this very risky process. It is therefore better to wait until a solution is found if you believe that you need to purchase on the Northern side of the island. We are aware of certain companies in the UK who are offering land for sale in the occupied areas. This is illegal. We cannot and indeed would not be prepared to assist anyone seeking land or property on the Northern side whilst the existing situation prevails. You would also be well advised to steer clear as well.

Also Read this:http://observer.guardian.co.uk/print/0,3858,4479510-102275,00.html

Another article on the same subject-please read:

09/07/2004 @ 14:45 | posted by Marios Flourentzou

Britons are driving an unprecedented property boom in northern Cyprus; but few realise they risk losing everything as land disputes escalate.
Despite the fact that the north part of Cyprus is occupied by the Turkey since 1974 and yet is an internationally unrecognized state subject to international trade embargoes it seems that time to time is gaining more and more consideration by potential opportunists. Recently, Cyprus has joined EU and as a result many Britons investors found that as an ideal opportunity to proceed on buying property seeking a potential gain. What they have not taken into consideration is the ultimate risk that inevitably are going to face since the land is owned by Greek Cypriots and in implicit reunification of the island merely they will lose their money. While the potential gains are not negligible, the associated risks of investing in this internationally unrecognized state are extremely high. The fact is that the buyers are dealing in a stolen property. The majority of houses, which are being bought by the British investors, are built on the land that 163,000 Greek Cypriots were forced to abandon when Turkish Troops invaded northern Cyprus. Furthermore, the UN has given assurances that the Greek Cypriots who lost property as a result of the Turkish occupation would be likely to receive financial compensation. Robotically, is raised the issue of what action the Britons will take whether they found out that the level of the compensation is far greater than the amount that are prepared to bargain with. Do they still want to get to keep ‘their’ homes? Let alone calculations will be based on a similar size property or plot of land in the southern Cyprus where the property prices are significantly higher. Even worst, are they willing to face legal action by the Greek Cypriot owners of property or plot land? The property rush in northern Cyprus looks likely to continue and whether Cyprus is unified or not in the future, the land rights issue is not only unlikely to go away but also is valid in many international courts of justice. Yet Britons chasing a slice of paradise and a fast penny are stepping into a political quagmire. Words from Carolyn Watt.