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Warning About Buying In northern Cyprus
We do NOT deal in property located in northern Cyprus. This area of the Island is under illegal Turkish military occupation. It is politically unsafe and you risk losing your investment. You have been warned!
Let the buyer beware
For a Cyprus bargain one is told to look to the North of the island. Beware as this is fraught with dangers.
In the referendum in April 2004, the Turkish Cypriots voted to for a reunification of the island but the Greek Cypriots voted against what was in the (unfair and totally biased) plan. The Republic of Cyprus, the southern part has now joined the EU, but the Turkish side has not, and may never do, if no solution is found.
The economic boom that was expected has attracted British investors to the north and south driving property prices higher.
Since the crossing controls between north and south were relaxed, development in the North has boomed.
Beware though of the legal implications should you be considering buying in the North. DO NOT DO IT.
The 'Turkish Republic of Northern Cyprus', 'TRNC' is only recognised by Turkey and no other country as a legal state or country. Potential property gains do not outweigh the risks and investing in this illegal state is very high risk. The UN resolutions dictate that the 'trnc' is illegal and calls upon all nations not to recognise it. As such there is no Direct Trade, no Direct Flights and remains in economic isolation. You have no protection of the law, as it is a lawless pseudo state.
The Republic of Cyprus, the south, has declared that the buyers are dealing in stolen property as most of the houses were appropriated when the island was divided with Turkish Cypriots going to the north and Greek Cypriots going to the south in 1974.
The former attorney general of Cyprus has declared that anyone buying land or property in the north run the risk of losing all their money. The Annan plan to reunite the island has complicated compensation rules for former owners and could restore the land and property to the rightful owner without any compensation to the purchaser who bought after 1974.
The plan also indicates that some land and villages under the control of the 'TRNC' would move to the Greek Cypriot state if the two state federation idea is adopted. Therefore it is not a good idea to buy any land or property that may be subject to another jurisdiction in the years to come.
We think anyone buying in the 'TRNC' is taking a huge financial and emotional risk and could lose everything without any compensation at all.