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Buying Property in Northern Cyprus
from: by John RichardsAlthough relatively quiet in comparison to its more commercialised neighbour, the Republic of Cyprus, Northern Cyprus has long been home to a thriving, British ex-pat community. In recent years the north has seen a marked increase in property purchase by overseas investors, keen to take advantage of the relatively low prices. As with any overseas purchase, there are potential pitfalls for the unwary, but buying in Northern Cyprus need not be the potential nightmare it is made out to be by some.
Following a military coup by Greek Cypriots, the island was invaded by Turkish troops in the mid 1970s, following which the island was effectively divided into two parts; the south governed by Greek Cypriots and the North by Turkish Cypriots with a border between, controlled by the UN and which for years could not be crossed. Recent easing of the political gap between the two parts has seen the border effectively opened, and EC citizens, as well as Cypriot nationals, can freely cross and stay unrestricted in either country. Currently the government in the south remains the only one generally internationally recognised and as both Turkish and Green Cypriots lost land in the 70s, this remains a point of contention.
There have been many attempts at finalising the political situation in Cyprus, the most recent and comprehensive being the Anan plan. Proposed by the UN, this would have involved a complex scheme of land restitution and compensation, followed by a constitutional settlement. The plan was put to a vote in both parts of the island, but whilst accepted by the Turkish Cypriot population, it was rejected by their Greek counterparts.
Currently therefore, land in Northern Cyprus falls into different categories. Land which was held in Turkish Cypriot title prior to the 70s is under no dispute. Though comparatively costly, there is effectively no fear of loss in the future. The vast majority of property and development, however, is built on land granted title after 1974. Turkish Cypriots who had lost property in the south and who fled to the North, were allocated land under a points system. Such land and property was formally Greek Cypriot owned and title was granted by the Turkish Cypriot authorities. Be cautious of land that has buildings on it which existed prior to 1974. But most properties have been built on formally undeveloped land. It is unlikely in the extreme that any final plan would include an element of restitution of such land, and neither the Anan plan, nor any other, has proposed such an idea. There may be a possibility that in the event of a final resolution of the Cyprus Problem a degree of compensation might be payable. In all truth, this would be most unlikely to be substantial and is anyway reflected in relatively lower purchase prices today. Further, flights to Northern Cyprus are becoming very easy to obtain.
Any prospective purchasers will find the legal system in Northern Cyprus bears strong resemblance to that in Britain. Any decent solicitor will be able to give proper advice and it goes without saying that this is essential. More importantly for prospective buyers, the recent rush of buying has tailed off, so this may be a good time to bag a bargain. As for building and renovating, thats a different story, and be warned that the biggest problem of all in Northern Cyprus is the relatively laid-back attitude of the work force!
John in a manager at Cyprus Paradise, Northern Cyprus specialists.
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