Northern Cyprus
03 February 2008, 10:16 PM
#1
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Northern Cyprus
Just been having a look on the property sites & it seems relatively good VFM for property over there.
Does anyone here have a property there ?
Good points / bad points ?
Does anyone here have a property there ?
Good points / bad points ?
03 February 2008, 10:27 PM
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Bad Points - Turkish selling land that doesn't belong to them.
Good points - It's sunny.
Seriously, I'd think twice and REALLY look into it. I believe that there may be some kind of compensation deal up and running now but until recently the turks are selling the land but don't actually own it. In the unlikely event that they give the land back you could find your investment worth..... well not very much.
Good points - It's sunny.
Seriously, I'd think twice and REALLY look into it. I believe that there may be some kind of compensation deal up and running now but until recently the turks are selling the land but don't actually own it. In the unlikely event that they give the land back you could find your investment worth..... well not very much.
04 February 2008, 08:16 AM
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As Milamber says ..... A majority of the property in Northern Cyprus doesnt belong to the people selling it and there have a number of cases recently where the land has been reclaimed from English who have brought property on it.
Britons face losing homes in Cyprus as refugees reclaim land - Britain - Times Online
Make sure you do your homework. There is still a little animosity between the south and the north.
Im not sure wht the outcome was of the Greeks trying to reclaim land, I know after that the Turks tried it too.
Cyprus is steeped in history, a country once sold to the British by the Turks.
Make sure you do your Legal work on it
Britons face losing homes in Cyprus as refugees reclaim land - Britain - Times Online
Make sure you do your homework. There is still a little animosity between the south and the north.
Im not sure wht the outcome was of the Greeks trying to reclaim land, I know after that the Turks tried it too.
Cyprus is steeped in history, a country once sold to the British by the Turks.
Make sure you do your Legal work on it
04 February 2008, 09:14 AM
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Thats it really sti. Make sure you do your homework. Theres a reason the property is cheap. Lots of things have changed recently in Cyprus, you may find after doing som Legal homework that things have changed.
Have been going now for 15 years to Southern Cyprus and have always enjoyed it. There are parts of Cyprus over the last 15 years that have become 'concrete jungles' ie peyia.
Some parts of Cyprus are still very nice. It isnt as bad as Spain (yet) but the influx of English going there to retire or second homes is having an affect on the country.
The property buying process is remarkably straightforward. On signing a contract of sale for your property and paying a deposit, it is necessary to make an application to the Council of Ministers to grant approval for a non-Cypriot to acquire immovable property. A residence permit must also be applied for, but this is easy to obtain if you are purchasing a property. Your conveyance contract must then be filed with the land registry, protecting the ownership rights by preventing the vendor from selling the property a second time. Only the buyer can alter this status, making purchasing property in Cyprus a safe and attractive option. When purchasing your property in Cyprus, it is a requirement to pay for your property in foreign currency. Transfer of funds can be costly and it is advisable to do this through a currency broker. Non-Cypriot citizens may open both foreign and local currency accounts, and many international banks have branches in Cyprus.
As with anything else..... You have to do your homework
Have been going now for 15 years to Southern Cyprus and have always enjoyed it. There are parts of Cyprus over the last 15 years that have become 'concrete jungles' ie peyia.
Some parts of Cyprus are still very nice. It isnt as bad as Spain (yet) but the influx of English going there to retire or second homes is having an affect on the country.
The property buying process is remarkably straightforward. On signing a contract of sale for your property and paying a deposit, it is necessary to make an application to the Council of Ministers to grant approval for a non-Cypriot to acquire immovable property. A residence permit must also be applied for, but this is easy to obtain if you are purchasing a property. Your conveyance contract must then be filed with the land registry, protecting the ownership rights by preventing the vendor from selling the property a second time. Only the buyer can alter this status, making purchasing property in Cyprus a safe and attractive option. When purchasing your property in Cyprus, it is a requirement to pay for your property in foreign currency. Transfer of funds can be costly and it is advisable to do this through a currency broker. Non-Cypriot citizens may open both foreign and local currency accounts, and many international banks have branches in Cyprus.
As with anything else..... You have to do your homework
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