Buyers Beware of Northern Cyprus
According to the 1964 Land and Registry record, approximately 82% of the land now under Turkish occupation was owned by persons belonging to the Greek Cypriot community, and people belonging to the Turkish Cypriot community owned around 17%. This was still the case previous to the invasion by Turkish forces.
Due to the military action that took place, 167,000 Cypriots of Greek origin were forced from their own homes and became refugees in their own country. They have neither forgotten nor renounced their claim to the land they were forcibly expelled from. The recent court cases that have taken place in the Republic of Cyprus, which actually remains the only internationally recognised and legal state on the island, have led to judgements which have implications for many foreign nationals seeking property at "reduced" prices in the North.
A large proportion of the properties vacated subsequent to the compulsory evacuation of Greek Cypriots were distributed amongst 120,000 Turkish settlers brought into the area to help boost the island's demographic structure. An increasing number of Greek Cypriots are turning to the international court to reclaim their land back, another cause for concern as this causes major disruption.
Until recently it had been impossible to enforce judgements granted in the South regarding land issues in the North. However, now that the Republic of Cyprus is a member state in the European Union, many Brits now face the prospect of losing their homes in the occupied territory of the North and even in the United Kingdom. A recent case looks set to become a president as to whether the owner of illegally constructed property could be forced to return the land to its previous owner and pay substantial compensation. As it currently can not be enforced in Northern Cyprus, the plaintiff has announced his intention to have the judgement enforced against the defendants property in the UK. Should Northern Cyprus join the EU, either as a part of a unified Cypriot state, or as a seperate entity, the Greek Cypriots could ask for any judgement in their favour to be enforced.
The constitution of Northern Cyprus guarantees the rights of foreign property owners but this does not provide a peace of mind guarantee. What if Northern Cyprus were to cease existence as a state? What if Turkey were to pull out in their desire to be accepted into the EU? Whatever the next step maybe, the threat of lengthy litigation coupled with the increasing uncertainty faced by potential buyers, could be enough to put off potential investors in the North and buy in the up and coming South.
The press and information offices in both the United Kingdom and Republic of Cyprus make you aware of the pitfalls when you consider buying in Northern Cyprus, make sure you adhere to it.