Michael Coumas wrote:If it is of any help I can tell you that I asked someone to call a local agent to try & get me a ticket to Cyprus yesterday. Apparently the agent’s manager indulged in polite conversation & commented that I had only returned a few weeks ago so it was explained that I had to return etc etc. To cut a long story short the call was put through to me as it was felt I would be interested in what the agent had to say regarding her friend. Apparently her friend is seriously considering the purchase of a villa in the North as it is so cheap. I took the time to try and educate the lady, explained the possibility of stolen land & asked her to pass on my comments to her friend but I got the impression that her friend was aware of the situation but was not that concerned as she could see an opportunity to make some money. I was also amazed at the ignorance displayed by a travel agent. I shall call in to see them on Saturday & if I feel it necessary that will be the last ticket we get from there.
Michael, most investors see the land they are buying for villas etc not as stolen but 'exchanged'. You may argue that the former Greek occupiers of the land had no say in this exchange but investors are told to differentiate between land that was allocated to TC refugees as compensation for what they lost in Paphos/Limasol/Larnaca etc as opposed to land that was 'gifted' to TCs/Turkish mainlanders.
From a neutral standpoint it seems fair to many buyers that TC refugees - in the absence of a political settlement - make use of an asset that they have some powewrful claim to in the current circumstances. Also, the TRNC government issues title deeds and accepts tax payments - further legitimising the transaction in the eyes of the buyers.
Of course, the other factor upper most in buyers' minds is the likelihood that the Annan Plan will form the bones of any solution. And its property provisions will only become more entrenched as time passes.
Another factor is the distance of time: it has been thirty-one years since the disspossession of this land and will probably be another thirty-one years before there is a solution - this is how people are taking a pragmatic view, that the longer the period for the solution to happen the more likely a negotiated settlement with total safeguards for their purchases becomes.
Also, you might want to know that people are not solely buying in North Cyprus because it is 'cheap'. Prices have risen nearly 100% in two years, the local infrastructure is generally second world, there are no direct flights and there is the constant questioning of their right to purchase from the GC quarter. Most end-users, not investors, are buying because the quality of life is superior to many other places, including south Cyprus.