Should we start saving?

briggus


Joined: 25/07/2007
Posts: 161

Message Posted:
03/11/2010 10:50

http://www.cyprus-mail.com/cyprus/turkish-cypriots-may-be-called-upon-pay-compensation-claims/20101103



Reference made near the end of the article to foreign owners.................

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
03/11/2010 11:15

Presumably the £30,000 referred to is one third of the compensation value of an average existing home in 1974...

Sundance


Joined: 15/07/2010
Posts: 213

Message Posted:
03/11/2010 11:22

I always knew and planned to pay some sort of compensation, it would be interesting to see how much the figure,s will have jumped from the £5000 approx, that we were given for a two bedroom appartment on a development on greek scrub land ?



Sundance

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
03/11/2010 11:29

Surely most TC's and mainlanders wont be able to afford this. They would have to bring in some sort of mortgage system with Turkey or a large financial institution putting up the initial capital.

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
03/11/2010 12:04

Groucho, I am sure 30k would have bought you pretty much a whole street in '74

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
03/11/2010 12:07

At long last they started to think long term. Personally I do not expect a settlement in the near future. As far as I know the compensation board so far awarded compensation or some land in the south that belonged to the Vakf i.e. easy to give away. It will not be so easy when the Board begins to give away land in the sourth as exchange that belonged to individual Turkish Cypriots. A substantial number of TCs have sold their land in the south and some also sold the exchange land they got in TRNC. So what will they do to such persons who sold both land? This will be a very thorny problem to solve. Furthermore, the authority in the south has to cooperate with the Compensation Board wrt land left behind by TCs in the south to be offered as "exchange" in lieu of compensation. That will be another throrny issue to solve.



On the bright side, those who are prepared to contribute towards the compensation will find the value of their investment double in a short time, only if they can aford it. This is where the big financial institutions of Turkey will move in and make a profitable killing. The expat pensioner will get back his money and the bank will make handsome profit on it.

ismet

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
03/11/2010 13:43

When we bought our properties, were we not assured that exchange land was safe? We were all told that it was exchanged for land in the south that was much more expensive than land in the north. Why should us pensioners be the ones to pay the compensation, shouldn't the greedy developers be paying this from the profits they have made? There will many who will not be able to afford this compensation, what will happen to them, I expect they will be sold down the river again?



The butlers wife

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
03/11/2010 14:25

Whilst I think that buyers should pay no compensation whatsoever and that any compensation should be met by the TRNC who sold the property, it is of no value to use the old chestnut that exchange property, really was exchanged with land in the south. This was the defense in the Oram's case and as you all know it carried no weight at all. Mainly because it is not true. Did the GC consent to this agreed exchange?NO, so how could there possibly have been an exchange. No matter what the Estate Agents and Advocates told you the real truth was very easy to research and the problems identified with buying disputed property have always been well publicised.



Sadly I feel that compensation will need to be paid. Turkey must enforce the IPC findings otherwise its back to the ECHR and we all know what their solutions were. Turkey does not have sufficient funds to cover all claims hence they are now searching for methods to divert funds from other sources.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
03/11/2010 14:29

Ismet,



How did they sell the land in the south when they had to hand over the deeds for the land in the south to get their esdeger land?

littlejohn


Joined: 09/03/2009
Posts: 316

Message Posted:
04/11/2010 02:46

No one knows what will happen!!

These postings go round and round in circles with no resolution in sight.

This situation is likely to continue for many years and it will be your kids left to pick up the pieces - assuming there ever is a settlement.

But why are people still buying property there when they must know they are on a very sticky wicket??

And message 7 - you aren't old enough to be a pensioner!

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
04/11/2010 06:48

http://www.cyprus44.com/forums/49006.asp

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
04/11/2010 07:52

I have no problem with GC's being given compensation for the loss of their land.



When people bought here they were given (or are still waiting for) TRNC deeds. The government 'guaranteed' these deeds so in effect are responsible for any compensation payments.



However, it does not surprise me in the slightest to see 'talk' of owners being responsible for the payment of some part of compensation claims. Have you ever known the TRNC government to uphold any of its' promises ?

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
04/11/2010 08:11

My question is, what about the land in the south that was used as the excuse for granting esdeger land in the north?



If the deeds are held by the TRNC then the value of this land should be first port of call... surely they can't sell their cake and eat it!

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
04/11/2010 10:10

Hi Msg 10,



The butlers wife was born in 1942, I definitely think that makes her a pensioner.





The butler

Smity



Joined: 14/09/2009
Posts: 826

Message Posted:
04/11/2010 10:31

I agree with the butler

After all they purchased the land and made all the profit

What about all the land in the south that was taken back and turned into parks and shopping areas. oh forgot there were never any houses on that land Yha right

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
04/11/2010 11:18

msg 9 Groucho asked:

"How did they sell the land in the south when they had to hand over the deeds for the land in the south to get their esdeger land?"



There are always ways and means. You will have to do some creative thinking like obtaining a new title deed in place of a lost one

ismet

damchi


Joined: 21/05/2010
Posts: 26

Message Posted:
04/11/2010 18:26

I have a Turkish Cypriot born elderly neighbour with full title deeds to four separate parcels of land in South Cyprus (he inherited these from now deceased family members). This gentleman visited North Cyprus early this year and went to the South where he produced the Deeds and offered to put them on the market but he was refused permission to do so despite the fact that he is not a resident of Cyprus (north or south) nor has been since he was 19. He has since found a Greek purchaser for the parcels of land (who already owns property and land in the south) and this has also been refused. Now everyone is confused, my Turkish Cypriot neighbour, the purchaser of his property (who incidentally lives and works in London) and probably everyone who is reading this.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
04/11/2010 18:59

Is it to prevent double dipping i.e to prevent those that were given homes or land in the North selling their property in the south as well?

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
04/11/2010 21:51

Like msg9 I thought that a Turkish Cypriot who left land in the south and moved to the north had to hand in his title deeds for the property in the south. In msg17 the elderly gentleman who has parcels of land in the south, doesn't sound like he moved to the north, so he should still own this land. So I wonder why he can't sell this land, surely if the title deeds were lodged with the land registry office in Nicosia, there shouldn't be a problem verifying his claim to it and selling it on.





The butlers wife