By Mark Vurnum / Published on March 3th, 2007 / Business
communities underway, many brave (again mainly British),
souls have chanced their arm with an investment in
the northern property market.
Whilst there are unquestionably many property bargains
to be had in the beautiful and still largely unspoilt
north, a note of caution: the risk of losing your
entire investment is a very real threat unless you
have a cast iron guarantee to the title.
This is because the Turkish Republic of Northern
Cyprus is legally recognised by very few countries
except Turkey, and therefore the legal position
of title deeds issued in the TRNC (Turkish Republic
of Northern Cyprus) over the last three decades is
precarious to say the least.
A lot will depend on Turkey's entry into the European
Union, if and when it happens.
Since border restrictions were lifted and Greek
Cypriots have been allowed to cross the demarcation
line, many have visited land or homes lost after the
Turkish invasion, and may be expected to press for
restitution or compensation in any negotiated bi-communal
settlement. Therefore, buying in the north is probably
only for the more determined or adventurous bargain hunter.
About the Author
Mark Vurnum provides useful information about buying property in Cyprus. Visit www.yourcyprusproperty.co.uk for more FREE information