From:
http://www.nytimes.com/2009/04/22/great ... realestate
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BUYING BASICS
Foreign buyers are limited to new properties smaller than one donum (14,400 square feet) or pre-existing homes built on five donums (72,000 square feet), said Mustafa Sener, a lawyer in Kyrenia who handles real estate. Buyers are also limited to owning one property, he said. They are required to obtain a special ownership permit, in a process involving many local agencies and Interpol, and sometimes lasting as long as two years, according to Mr. Sener. (While awaiting approval, buyers can take occupancy, Mr. Unwin explained.)
Lawyers’ fees are about £1,350 ($1,965), Mr. Sener said. (The use of a lawyer is generally recommended.)
Given the delicate political situation, newcomers to the market in northern Cyprus should also be aware of the type of title deed they buy. If the island were reunified, Greek Cypriots who owned property in northern Cyprus before fleeing south might come forward to seek compensation, Mr. Sener said.
To avoid complications, he advises cautious buyers to seek a property with a Turkish title deed, which indicates ownership by a Turkish Cypriot before 1974. This title is internationally recognized and carries no risk to the buyer.
Still, Mr. Sener believes that any property developed since 1974 carries minimal risk, as potential compensation to Greek Cypriots would be based on the pre-1974 value of the land alone, which is likely to be nominal.
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Those of you fools considering "buying" stolen Greek Cypriot property in the occupied by Turkey northern part of Cyprus, read this post, you must know that the above claims by this Mustafa Sener regarding property compensations, have absolutely no validity. He says what he does with the sole aim of tricking and convincing you to "buy" stolen GC properties, so that he and his likes will make quick money in your expense. The GC side will never accept the above arrangements, and his claims have absolutely no substance or truthfulness. The end result will be to become trapped into a very destructive situation and lose your entire investments.
