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PEOPLE LETTERS www.opp.org.uk
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FEBRUARY 2010
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TOPIC OF THE MONTH:
Re: North Cyprus agents
‘could face legal action’
Dear editor,
TIONTION
As it was widely expected the British Court of Appeal has agreed with the
European Court decision on the Orams case. This is great news for Cyprus, great
news for justice and great news for human rights.
The European individuals that have bought Greek Cypriot property who I believe that the majority would be a false claim. The percentage of Turkish
DESTINADESTINA should have known better would now be worried as the decision will mean that Cypriot owned land that can be sold is relatively small and all the claims can not
they too could be sued with the same results. be genuine. The Turkish Cypriots own more land in the south and particularly
I would also suggest that action can be brought against not only the buyers the Paphos area.
but anybody that has been involved in the sales process. There have been claims over the years that a lot of this land has already
I hope that this decision will persuade those that have been thinking about been sold. We then have the land that the Turkish Cypriots need to keep for
buying to abort such an action and those that have been involved in the illegal themselves to live on or live off and land that they intend to pass to their
sale of Greek Cypriot land to stop from doing so. When there is money involved, children.
however, you will always get buyers taking chances and high risks and some of That leaves very little and I would suggest that it would be very diffi cult to
those that have been selling also carrying on. prove, unless it can be confi rmed by the only legal land registry offi ces in the
I would expect that those left with all the unsold property may reduce prices government-controlled part of Cyprus.
BUSINESSBUSINESS
to tempt buyers, taking even more chances, and they will also look at markets I would expect any genuine Turkish Cypriot land to very quickly reach prices
outside Europe - as I am sure they already have done. similar to those in the South. That being the case, why would anybody want to
We will also see more and more claiming to be selling pre-1974 Turkish Cypriot take chances and not purchase in the government-controlled area?
owned land. Although there will be some genuine cases of that happening Chris Christides, IFA
not to proceed was that the builder had a mortgage on the land and we would
OPEROPER
not get the mortgage deeds and the freehold upon completion. I would simply
VELVEL
ask - would you buy a property in the UK if this was the case?
Exchange rate conversion has surely been a major nail in the coffi n for any UK
DEDE
buyer. Mortgage interest rates in Cyprus are also somewhat higher than in the UK.
The global economic downturn and now the UK mortgage market’s reluctance
to lend is a further factor. For example if you are using your own property as a
remortgage vehicle to raise funds the better deals are below 60% loan to value.
The rental market must be dead in the water at the moment. I visit Cyprus every
year and noticed how empty so many properties were.
Re: Cyprus market in meltdown
One guy mentioned rising land and construction prices - how can that be when
TINGTING
everything around is in turmoil?
Dear editor, There appears to be a mini Spain happening - property prices will go sideways
ARKEARKE
I read with much interest the article about the property crash in Cyprus which for years to come and as a result attracting overseas purchasers will remain very
MM
does not come as too much of a surprise for a variety of reasons - having had the diffi cult.
experience of trying to buy a property in 2008 (off plan) - most of which seems to be Building must surely come to a grinding halt with immediate eff ect in order to
pretty accurate from my experience. avert catastrophe.
In addition to which I would add that a major contributory factor in our decision ‘Tom’, an overseas property buyer
FEB10_OPP_MAG.indd 22 28/01/2010 15:19
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