Cyprus-Forum.com

[malaka]

Can anyone tell me if the banks in Cyprus can use a occupied property in Famagusta as security. This may seem as a stupid question excuse the ignorance and the name. What about in deserted varosi area my grandfather had a lot of waterfront property that is sitting there rotting Does the Cypriot gvmnt and banks recognise these properties or are they no mans land?

[Svetlana]

Hi Malaka

The RoC Government will recognise them but I very much doubt a bank would accept them as security. If they had to forclose, it could be arisky business for them!

Lana

[malaka]

Hi lana

thanks for that. I was also wondering how can the Turks sell properties in the North? I see them advertised all the time in Australia.

[Svetlana]

Hi Malaka

By asking about 'How can the Turks sell property in the north', you have woken the Dogs of War and we invited lots of postings containing much heat and very little light!

I study, closely, the property market in the north, although my investment have only, and will only, be in the south.

In a nutshell: GC land in the north has been has been taken over by TC and used for habitation/commerce or sold on. All this is recognised, internationally, as illegal. The only legal land that a foreigner can buy is Pre-1974 TC or Pre-1974 foreign owned land.

<<Just to remind people, this is not the CYprob section and please can we have no discussion on the rights or wrongs of the situation, however strongly you feel>>.

Lan

[malaka]

Hi Lan,

What sort of return would you receive from property in the south? Are they positive or negative geared?
Do buyers agents exist in Cyprus?

[Svetlana]

Hi Malaka

Property in Cyprus is a good long term investment; but the trick is to choose the right property in the right location, not always easy!

There are Estate Agents here who represent many developers and also offer resale (pre-owned) properties; alternatively approach the developers directly. Searching on Google for 'Cyprus property' should give you lots of info about property prices/locatiosn here.

Lana