Is it safe to invest in North Cyprus?
There has been some confusion and misinformation regarding investment in North Cyprus with several companies and articles (mainly prepared by Greek Cypriots) declaring the area un-wise for investment because of the possibility of the investment becoming worthless in the even of land disputes over correct lineage. Typical statements are similar to the one below:
"When a settlement to the division of the island comes, as it will, anyone who has bought a property without correct lineage - for example one that should rightly belong to the Greeks - may well find themselves with an investment that is worthless . "
This information is actually not accurate and misleading.
There was an interational adjudication under the Annan plan in April 2004 which was accepted by the Turkish side in a referendum and rejected by the Greeks. This will form the legal basis for any future settlement and means Greek Exchanged land (Esdeger) will have no compensation paid by either party if the exchange was done correctly and Expropriated Greek land by the TRNC government will have a compensation based on the 1974 land values plus interest. This will be paid not by the current property owner, but by Turkish Government.
Interesting, but only a few people know that Larnaca Airport in South Cyprus with its millions pounds worth infrastructure was build on the land previously owned by Turkish Cypriot and at any time this owner can start to demand his land back.
And this is not the only example of the land in South Cyprus abandoned by Turkish Cipriot during the war in 1974, when Greek Cypriots started to attack innocent Turkish Cypriots. Of course, Greek Cypriot prefer not to talk about it...
Greek Cypriots already lost their chance to apply to European Court of Human Rights to seek support. Now they have to apply to TRNC Compensation Commission and there is no chance that anybody of Greek Cypriots can return land through this establishment. Maximum that they can hope for is monetary compensation from Turkish government. To read the full story about TRNC Compensation Commission you can here.
Or lets have a look at another bright example of Greek Cypriots failure to damand the land back: it's Oram's case, when the dispute over title deed to land on which a British couple
(Mr. and Mrs. Oram) had purchased a villa in 2003 has been
resolved in their favour by a British judge. To read the full story about Oram's Case you can here.
In the last thirty three years there hasn't been an estate agent, developer or end buyer that has lost possession or title to land or property – although a lot of Greek Cypriot publicity recently has suggested otherwise. Numerous propaganda from Greek Cyprus like the article above are just targeted to entice North Cyprus property investors into Greek Cyprus side. This was simply a high-profile attempt by the South to discourage the property boom in Northern Cyprus. But in reality for the last 33 years and now many foreigners have been successfully investing in North Cyprus and around 30,000 British families have already bought a property here and live happily.