Lobby for Cyprus is a non-party-political human rights organisation campaigning for a reunited Cyprus.
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Media Watch 2008

17 March 2008
Source: Famagusta Gazette
Author:
Comment: The following article appeared in the Famagusta Gazette on 17 March 2008.
Crisis for northern Cyprus property market
"A title deed crisis appears to be brewing in the occupied areas of northern Cyprus. The revelation comes after a Turkish Cypriot daily newspaper reported that local commercial banks are now refusing to recognise title deeds issued by the northern Cyprus "government"."

"A title deed crisis appears to be brewing in the occupied areas of northern Cyprus.

The revelation comes after a Turkish Cypriot daily newspaper reported that local commercial banks are now refusing to recognise title deeds issued by the northern Cyprus "government".

The Star newspaper wrote that banks are not allowing any loans for mortgages on Turkish Cypriot title deeds – the paper also claimed that most of the construction work on new properties had ground to a halt.

Construction sites in Salamis were deserted this morning and a local resident told the Famagusta Gazette that they had not seen workmen for the past month.

Meanwhile, a group of British ex-pats called the AGA Buyers Action Group have started a high profile campaign to protest at what they describe as the "rip off" and crimes against British citizens trying to purchase property in northern Cyprus.

Referring to several recent property scams in the occupied areas, AGA wrote, “What none of us can understand is why a small group of greed-obsessed individuals are allowed to get away with causing so much pain to so many people? Somebody in power in Northern Cyprus must be able to do something to put things right – hopefully sooner rather than later".

It’s known that the number of foreigners investing in land and property in northern Cyprus has slowed dramatically and property prices in the Kyrenia district have fallen by 40% in recent months.

The Star concluded its report by noting that people have lost their trust in local contractors and that cases of fraud against foreign buyers is on the rise."