Investing in North Cyprus

Yvonne



Joined: 16/05/2008
Posts: 273

Message Posted:
29/05/2009 23:08

Me again,

Over 3 years ago I invested in my dream home, off-plan. I was so hopeful; a place in the sun has always been my dream and a climate like NC leaves no doubt to my expectations. The culture, the scenery and the innocent beauty of the place encouraged me to buy, off-plan.

Now, over 3 years on, I am yet to enjoy the fruitations of my investment. With the 'sudden' recession hitting from all corners, holidays for most are a luxury.

I have to admit -and hate to admit that now I am wondering if I made a wise decision in investing in NC and off-plan. I have been patient but now I feel the bite financially. Contracts have been broken and I feel I am not in a strong enough position to contest this - more Solicitor's fees?!!

So my dream has become a problem. And yes, I am disappointed with my investment.

So advice to future investors: be careful. And if you buy 'off-plan' ensure you get a date when the whole resort is finished ( and not just your apt).

Yvonne

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
29/05/2009 23:11

Oh Yvonne you pooor soul. another sad story so like our own. Keep faith my friend It may come good. Hold onto your dream xxxxxxxxxxxx

Yvonne



Joined: 16/05/2008
Posts: 273

Message Posted:
29/05/2009 23:16

Thank you Lilli - you're such a good person. But I am now beginning to deeply regret my decision to buy. I've had no return in over 3 years and every month pay a mortgage (from Ireland) on the place. Is it worth it - athe expense of my standard of living here in Dublin? I fear I made a huge mistake in doing what I did.

I've got a place over there (finally after 3 years!), but have no income from it, and am paying rent here in Dublin also. When the economy picks up I may have no choice but to sell.. I'm tired of the whole thing.

But other than that (!), I'm fine!

Y

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
29/05/2009 23:27

Yvonne you know Im here for you anytime and whatever I can do to help you I will xxxxxx Keep the faith girl

Yvonne



Joined: 16/05/2008
Posts: 273

Message Posted:
29/05/2009 23:41

Thanks Lili, I appreciate all you've said. But bottom line is my current account bottom line, and right now it is looking stretched - to the brink! Roll out the recession, I say, and then I will re-visit things. But for now, my position is this: when I can sell, I will.

Teamcharms



Joined: 26/06/2008
Posts: 126

Message Posted:
29/05/2009 23:46

Oh no Yvonne, has the site been delayed further? I had heard the whole complex was due to be finished end of this year. The poolside crescent is finished now i think (apart from grass, etc). Chin up my dear and fingers crossed - we are in kind of the same boat as you and seem not to have a leg to stand on re- compensation :0(

Yvonne



Joined: 16/05/2008
Posts: 273

Message Posted:
30/05/2009 00:12

Chris, I am going to start a new thread: 'Developers in Breach of Contract': please refer to this.

Thank you.



Yvonne