Northern Cyprus - Is Your Investment Protected?
With the process of rapprochement between the two 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.