Many people are interested in buying real estate abroad. Cyprus is one of the most popular destinations among Europeans. The island has many advantages about it. Besides, it’s now a part of the European Union. However, there’s one thing to be worried about; and some of the buyers are not aware of it.
Cyprus is still divided into Northern and Southern territories. The Northern territory has been occupied by Turkish armed forces since 1974. The process of uniting of the two territories seems to never end, though the negotiations on it are going on all the time. Even today the situation does not look any better. Turkey has occupied the EU territory while heads for membership in the European Union.Let’s trace back to real estate!
Due to the occupation of 1974, the inhabitants of the Northern part of the island, being originally Greek Cypriotes, had to leave their properties and move to areas controlled by the Republic of Cyprus. After that, the occupants illegally gave the properties to Turkish Cypriotes, as well as immigrants from Turkey itself. The illicit regime implemented on the occupied territories allows and promotes illegitimate buying and selling of real estate that a priory belonged to the ‘forced’ Greek emigrants, as well as any exploitation of land by the ‘new owners’.
The European Court on Human Rights assured that Greek Cypriots have full rights for properties they used to own on the occupied land. They are legal owners of the real estate.The UN Security Council confessed in their resolutions 541 (1983) and 550 (1984) that the government of Cyprus is the sole legal power on island’s entire territory and rejected the Turkish ‘pseudo-government’, calling it a ‘separatist formation’.
The island unification plan by Kofi Annan, UN General Secretary, accepts the right of all the outcast homeowners for property that used to belong to them on the presently occupied area. This gives them rights to take decisions either on reestablishment of ownerships, or receiving full compensations. Therefore, real estate transactions on Turkish territory of the island can be considered illegal and lead to serious judicial and financial consequences for the buyer.
For more news on cyprus property please visit
No comments:
Post a Comment