Cyprus-Forum.com

[kurupetos]

The end of an island dream; and the return of sealed bidding

Britons who own homes in Northern Cyprus may have to demolish them or pay compensation to the original landowner

A landmark ruling from the European Court of Justice this week means that an estimated 4,000 Britons who own homes in Northern Cyprus may have to demolish their properties or pay compensation to the original landowner.

The ruling follows a legal battle between Meletis Apostolides, a Greek Cypriot who fled the area after the Turkish invasion in 1974, and Linda and David Orams, a British couple who later built a villa there. This week’s European court verdict backs a previous ruling by a Cypriot court that the villa should be demolished, and it could pave the way for other Greek Cypriots to claim back land.

• Owing to a shortage of ultradesirable property on the market, those that do appear are generating a lot of interest. Hence the revival of sealed bidding, when agents invite potential buyers to submit secret offers for the maximum they are prepared to pay. The seller then chooses the winner, based on the amount offered but also on how quickly the buyer can move.

For sellers, there is an element of excitement in sealed bidding, as in most cases they will receive higher offers. However, the process is daunting for buyers. Most agents will still set a guide price, but Bill Spreckley, of Stacks Property Search & Acquisition, a buying agent, says: “It can be difficult to know how much to offer.”

He has these tips for bidders: ask the seller to accept an offer before the bidding begins; make your offer attractive by being flexible and making sure that you can proceed quickly; conduct a survey before the bidding date; and ask the agent for information about the other bidders to assess the competition.



http://property.timesonline.co.uk/tol/l ... 198562.ece

Rebecca O’Connor, The Times, April 30, 2009

[RichardB]

I don't see what the second part of the article has to do in relation to the first?

Are they 2 separate articles or are they meant to be read as one?

[kurupetos]

I don't see what the second part of the article has to do in relation to the first?

Are they 2 separate articles or are they meant to be read as one?

Yes it's a bit odd, but I think it's meant to be a single article.

[bill cobbett]

Well as far as the first half goes it's innaccurate reporting when the writer says the Harems will have to pay compensation to Mr A OR demolish, the judgement insists that they compensate Mr A (presumably by way of some kind of rent for the illegal use) AND demolish.