Cyprus - Hot Property

Simon Hampel · 17th Sep, 2016

ABC's foreign correspondent has a story about property disputes in Cyprus. This is a good warning for those people looking to invest overseas ... do your homework !!!

Foreign Correspondent - 01/05/2007: Cyprus - Hot Property

http://www.abc.net.au/foreign/content/2007/cyprus_property_200k.asx

Synopsis

For centuries Cyprus has been invaded and colonised by Mediterranean powers. The British came during the Crusades and returned in the 19th century to end Ottoman rule. Now they’re back, lured by sun sea, sand and cheap property. This time Northern Cyprus is the main draw card.

Turkey invaded Cyprus 33 years ago after Greece backed a coup against the Cypriot government. Since then the island has been split in two and run as two completely separate countries – the Greek south and the Turkish north - and the United Nations patrols the so-called Green Line that divides the two sides.

For a long time the north languished, while the south was transformed by tourism and rampant development. Now, however, Northern Cyprus is surging ahead and at the centre of the economic success is a property boom being fuelled by cashed up Turkish property investors. For Britons, this means some of the best property bargains in the Mediterranean.

But the dream deals are turning sour for many, as they find themselves exposed to shonky builders and illegal building practises which threaten the very homes they have built. On top of that, many are also finding themselves at the centre of property title disputes that reach back to the time the island was partitioned in 1974.

For the Cypriot people on both sides of the border, this situation facing some of their newest residents is nothing new.

The Northern Cyprus Government, the TRNC, is now attempting to allay the fears of investors and has said it will guarantee all title deeds. For many people in the south, this does not solve the problem. They see it as an attempt to try to formalise the illegal seizure of their property. The increased bitterness that the new northern property boom is creating in the south means that any hope of reunification is even further away than ever.
Click to expand...

29349 · 7th Dec, 2020

Read Lawrence Durrell bitter lemons, not much has changed regarding buying property there.

Cyprus (south, the north is considered no man's land as it was invaded) is offering property buyers EU citizenship! Many properties do not have title deeds.
Lawyers are shady.

MyPropertyPro · 7th Dec, 2020

Yes it's a risky proposition unless you have a good understanding of local laws (and access to information and help) and how to get around all those things we somewhat take for granted as protections in countries like Australia.

- Andrew

Log in or Sign up

Cyprus - Hot Property

Simon Hampel Founder Staff Member

29349 Well-Known Member

MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

Log in or Sign up

Cyprus - Hot Property

Simon Hampel Founder Staff Member

29349 Well-Known Member

MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

Useful Searches