| Take care when buying property in Northern Cyprus |
Published
on :
Fri, 22 Apr 2005 00:00GMT
by :
Paul Dyson
Kyrenia, Cyprus: British citizens who plan to buy property in northern Cyprus will now have to rethink their decision. A Cypriot court has destroyed the dream of British couple Linda and David Orams who had built their beautiful holiday-home in this idyllic island-state three years ago. They are ordered to demolish their house, return the land, and pay 'rent' for the time they lived there.
The ruling is expected to impact the current housing boom in northern Cyprus. It also has historical import for the natives who are currently in conflict over ownership of the land. The animosity between Greek Cypriots and Turkish Cypriots isn’t a recent development. In 1974, northern Cyprus was invaded by Turkey in a Greek-backed coup. Greek Cypriots were forced to flee south.
These Greek refugees are now mobilized into a campaign to stop the sale of and construction on land where they once lived. They are being led by Greek lawyer Constantis Candounas who had initiated the lawsuit against the Orams. The Greeks claim as theirs, regions like the northern part of Cyprus, especially Kyrenia where a huge village of holiday homes is under-construction.
Meanwhile, Turkish Cypriots living here are happy with the widespread construction activity as it means more income for them; many of them are cashing in on the boom and run businesses such as estate agents, furniture stores and swimming pool services here.
The British government’s Foreign Affairs Select Committee has warned British citizens who intend to buy property here that they are likely to face legal action by Greek Cypriots who may be the lawful owners of those properties.
The court ruling has understandably upset the community of builders, contractors, property buyers and sellers who had invested money in various property projects in northern Cyprus. They argue that all this construction activity is helping revive the economy of this island-state which once faced international isolation.
The biggest building project is a new village at Arapkov village, about 10 miles (16km) east of Kyrenia. The project is managed by Aga Development whose apartments and villas range in price between £55,000 ($104,000) and £100,000 ($190,000).
Many foreigners have bought properties like villas in this picturesque location, with Britons accounting for a huge percentage. Of the 335 properties sold so far, about 85% have gone to British buyers.
The Orams are determined to keep their holiday-home and have applied for the case in Cyprus to be heard again. If the Cypriot court upholds its original ruling, lawyer Candounas is expected to use Cyprus’ new membership in the European Union to have the Cypriot court’s judgment registered in the UK. The Orams would then have fewer chances of reversing the ruling.
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