20 | LETTERS Your shout Have your say | OPP Online has INBOX
Topic of the month : AIPP bans North Cyprus agents
Dear editor,
AIPP’s decision regarding the sale of property in Northern Cyprus has been coming for a long time. And I do not believe that the association had much choice on the decision because the ruling on the Apostolides Vs Orams case is very clear. Not only does the decision mean that just like the Orams, anyone buying a
Greek property can be sued anywhere in EU, but also that the same would apply to anybody involved in the
sales process whether it is an agent or a property developer … or anybody else for that matter . Also, what many people do not realise is that it can be any individual,
corporation or organisation with assets in the EU that can now be sued … and they do not even have to me an EU member. It is clear that the AIPP has a duty of care to protect purchasers from buying
land from any of its members where there a questions regarding the legality of that sale. The association clearly needs to protect its members, it own organisation and its reputation. The AIPP is giving a clear indication to the public that they are there to
protect them. It is also telling its members loud and clear that this would be their intention – not just in Northern Cyprus - but also in any other similar situation.
The 1974 title deeds issue Another factor in the Cyprus situation is pre-1974 land. There is a lot of land that has been sold already – or is in process of being sold – that is supposed to have a pre-1974 title but the fi gures simply do not stack up. Most of the Turkish-Cypriot-owned land is in the southern part of Cyprus … mainly in the Paphos area. When you take into consideration the land that has already been sold,
Do IFAs create a confl ict of interests? Dear editor,
I am increasingly concerned about the rush that is taking place today to attract IFAs into going direct to developers and being paid directly by that developer. I think this confl icts with the point of being an independent fi nancial advisor
because where is the client choice and service? I think that this is one of the most important issues that we have to be aware of as an industry in the future. My overall view is that this year it will remain an extremely competitive
marketplace in international real estate with no one place / country having a major advantage over any other. IFAs need to be as objective as possible. I think that purchasers today are personally motivated rather than being
wholly investment orientated … i.e. purchasers are choosing to buy into a place that they have researched and chosen this because it is a personal favourite -
rather than being just a good buy. Overall I am optimistic for the future and, although this year will not be a bumper year, I see a year of steady growth over our 2009 levels.
John Goldacre
GoldAcre Estates SL Canary Islands, Spain
Editor’s comment Proposed UK regulation should prevent IFAs from being paid commission for
the sale of property through SIPPs. It could also create an opportunity for agents to fi ll the gap left behind. For more, read OPP’s exclusive story on page 9.
the land that the Turkish Cypriots are using for themselves or the land that they are holding back to pass onto their family … you soon realise that it leaves a low percentage of land that can be pre-1974. The only way that things can be properly checked is to go to the Land
Registry in the government control area. If people were to do this then I can see no reason why any of my compatriots should not be able to sell any genuine pre-1974 property. I very much doubt it whether this process is been followed. If it is …
certainly not by many. I would advise people who are intending to buy in Northern Cyprus to
wait and see if there is a political solution to these problems, or have the land carefully checked with the Land Registry as suggested above.
Chris Christides. Independent Financial Adviser UK
launched new, dedicated property forums for agents and developers. To join the latest debate, visit
www.opp.org.uk
www.opp.org.uk | JUNE 2010
Opinions and letters from OPP readers. Email geoff .
h@opp.org.uk Greek developer returns with €300 million project
PEOPLE
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