Cyprus rip off

spireite


Joined: 21/02/2007
Posts: 39

Message Posted:
19/03/2008 21:09

Brit fury over Cyprus ‘rip-off’







Wednesday, March 19, 2008



Found this on the News Now Web Site, more worrying times ahead.





Northern Cyprus is apparently in the grip of a title deed crisis…



The revelation comes after Turkish daily newspaper ‘The Star’ reported that local commercial banks are now refusing to recognise title deeds issued by the northern Cyprus "Government".



The newspaper wrote that banks are not allowing any loans for mortgages on Turkish Cypriot title deeds – the paper also claimed that most of the construction work on new properties had ground to a halt.



Construction sites in Salamis were deserted this morning and a local resident told the Famagusta Gazette that they had not seen workmen for the past month.



Meanwhile, a group of British ex-pats called the AGA Buyers Action Group have started a high profile campaign to protest at what they describe as the "rip off" and crimes against British citizens trying to purchase property in northern Cyprus.



Foreign investment slowing







Referring to several recent property scams in the occupied areas, AGA commented: “What none



of us can understand is why a small group of greed-obsessed individuals are allowed to get away with causing so much pain to so many people?







“Somebody in power in Northern Cyprus must be able to do something to put things right – hopefully sooner rather than later".



It’s known that the number of foreigners investing in land and property in northern Cyprus has slowed dramatically and property prices in the Kyrenia district have fallen by 40% in recent months.



The Star concluded its report by noting that people have lost their trust in local contractors and that cases of fraud against foreign buyers is on the rise.

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
19/03/2008 22:44

The AGA story is old news and has been an ongoing issue for a couple of years. To the best of my knowledge the only type of property a Turkish bank would secure monies on was Turkish Pre-74 or Foreign Registered (also Pre-74) title as this was classed as 100% safe.

Karen

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
20/03/2008 08:45

If you look at the mini poll at http://trncvillaowners.phpbb3now.com/viewtopic.php?f=4&t=2423&start=0&st=0&sk=t&sd=a&view=viewpoll

43% of the contracts registered had a mortgage on it. Probably mot of those are not pre 1974 Turkish.

Banks are independent commercial enterprises and they can work out their risks better than anybody else. I think the banks do not like to lend money and take security land that was to beleft to Greek Cypriots per Annan Plan. Accordingly the land in Girne was considered safe.



ismet

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
20/03/2008 10:26

Hi Ismet

Are mortgages a new thing then because when we started looking early 2000 it was unheard of to have a mortgage, especially to an "outsider" and we were told that only pre74 and foreign title would ever have funds secured against them.

Karen

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
20/03/2008 11:19

Karen I think the mortgages they are referring to are to construction companies

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
20/03/2008 11:41

Msg. 4

Karen,

It was true with some banks but not most. Thus it was not a true statement but unfortunately nobody has been fined for telling lies. Perhaps some people should think of it and set an example.

ismet

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
20/03/2008 11:54

OK Thank you.

Karen

glencoe


Joined: 01/02/2008
Posts: 256

Message Posted:
21/03/2008 14:28

Something dosent ring true about your post Spireite, maybe I am reading this wrongly, but you say it was in a TURKISH PAPER yet they talk about "property scams in the occupied areas" it is very un Turkey like to talk about "occupied area's" are you sure this is not proaganda, propogated from elsewhere. ??

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
21/03/2008 14:49

hi

i must agree with glen, because firstly did you read this from the star website because i read the star newspaper everyday and there was no reports about this and also this is in turkish!!!!!

i have also looked through newsnow website on that date and found nothing on it, i personally think it once again is propaganda and also if this story is true it wont have any affect on people buying because most people are buying properties without mortgages and if they are buying and paying in instalments they are paying directly to the developer and not the bank

regards

ukturk

spireite


Joined: 21/02/2007
Posts: 39

Message Posted:
21/03/2008 19:52

I read this article on 19th March from the following site



http://www.newsnow.co.uk/h/?search=cyprus&searchheadlines=1



Usually some good articles, loads today about the talks.