a place in Famagusta...impossible dream?

famagusta99


Joined: 23/11/2010
Posts: 68

Message Posted:
23/11/2010 23:18

May I introduce myself: I'm a Scandinavian female, who first visited Cyprus last year.



I have long been looking to buy a 2nd home in a warmer place than home, and visiting Famagusta last year I fell in love with the Old Town. I rented a house there later on last winter (So yes: I do know how it is here when the weather is awful!). Preferably I would like to buy a duplex; to rent part out to my fellow Scandinavians (who are now mostly "wintering" in rented places in Aya Napa).



Living in Famagusta would be in some ways like home: in Scandinavia I live in the center of an equally old town, in a 250 old house which I have restored, and love as much as you can love a house.. I would love to have something similar, in a warmer place!



Renting for long periods is not an option. As you can see from my (small) web-site, I am a hopeless collector: my house at home is filled to bursting ...and I cannot (and will not) change/expand it, as it is one of the few 18th cent. houses left there.

Noeler


Joined: 23/01/2009
Posts: 32

Message Posted:
23/11/2010 23:29

Good for you, Famagusta99. Lovely city. Hope it works out for you.

oceana


Joined: 12/07/2010
Posts: 395

Message Posted:
23/11/2010 23:30

Good choice;)

famagusta99


Joined: 23/11/2010
Posts: 68

Message Posted:
23/11/2010 23:34

CONT.

I am now back in Famagusta, looking at houses.



However, as the Old Town was nearly fully TurkishCypriot before 1974, I am told it means that there are problems with me getting a P2P to buy a property here.



My one real estate agent tells me that there are "ways around" that, and I can go into a partnership with a reputable TC, (he suggested a named lawer)..or any TC I choose. Well, I don't know anyone in Cyprus that well. And I would basically put 100-200 K £ into the hands of someone I do not know.



Are anyone out there in a similar situation, or do you know anyone who are?



Also, if anyone is in Famagusta, with an interest in the place, I would like to meet you!

famagusta99


Joined: 23/11/2010
Posts: 68

Message Posted:
23/11/2010 23:38

Noeler, Oceana: Thanks!



I sure hope it works out, also. The Old Town is wonderful, but sure could need a little investment & care, I think!

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
24/11/2010 00:06

Famagusta,

I don't have the answer you are looking for but think again before you trust anybody with such money. I would not trust anybody but if you decide to go ahead nevertheless, at least ask me for a final assesment. I know most people here

ismet

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
24/11/2010 00:18

It is a very difficult situation famagusta99. I speak as someone who was refused P2P on Pre 74 and having paid in full for my property, needed to explore all the options available to safeguard my investment.



The Estate Agents and Advocates will make light of the problem, as will those wanting to sell Pre 74. They will inform you that you can put your property in Trust, however have you looked at the cost of doing this? It is not simply the initial administrative costs but the tax implications and annual charges make it a very costly exercise.



Have you asked why you are being asked to pay in full for a property and then put it in another persons name? Does this not send alarm bells and make you wonder why one has to take such drastic actions simply to purchase a property?



As for putting it in the name of someone else and securing a "Trust Contract" read all the threads on Advocates duty of care and the real value of TRNC contracts.

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
24/11/2010 00:22

Tale elco's advise, and you won't go wrong !!

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
24/11/2010 00:25

Sorry to be a doom and gloom merchant but this is reality. Considering that someone else will be the legal owner if you chose to go down this route, I think it would be wise for you to read about the problems of memorandums and mortgages on fully paid for properties. This may help you make an informed decision.



Renting, long term is a very good idea!

TRNCvictim


Joined: 17/08/2010
Posts: 1417

Message Posted:
24/11/2010 00:46

NO DEEDS NO MONEY



A very simple idea, do not part with a penny until you have your deeds!!!! (would you buy anything in Scandinavia without deeds?



Very Very Simple!



Do not be side tracked into trusts, if you can't have deeds do not part with any money!



Rent, Rent and Rent again! keep your money! use your brain! famagusta99 if you don't want to rent long term, then don't touch Cyprus either North or South with a bargepole!



The rest is up to you!

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
24/11/2010 01:48

Msg1

Not too much to worry about, find the property that suits you and then employ Ismet's (Elko2) wife, a lawyer, to represent your interests.



Richard

famagusta99


Joined: 23/11/2010
Posts: 68

Message Posted:
24/11/2010 02:05

Thank you for all your replies.



And long-time renting is NOT an option; if I do not buy here, I expect to buy in Egypt (possibly La Gouna)...I seriously need to get a lot of stuff out of my house up north!



And yes: asking me to put my property in someone elses name makes a LOT of alarm bells go off in the back of my head: NO other country, (that I know of, or was considering investing in) asks this.



Btw, local media was all positive about buying in NC in say, 2008.

This year: completely different. Take this article (linked from my web-site):

http://www.ipb-magazine.com/nb/articles/boligeiere-i-sjokk-–-hjemmene-solgt-på-auksjon

..headline translated: "Home-owners in chock ---their homes sold on auction"



It is about the Akfinans and K5-story: it say (directly translated) about how the debth grew: ".....2.000.000 TL (omtrent 8,8 mill kr), en gjeld som i ethvert sivilisert samfunn ville bli sett for det det er, nemlig ren svindel."



cont:

famagusta99


Joined: 23/11/2010
Posts: 68

Message Posted:
24/11/2010 02:19

cont:

translated; the debth grew to "...2.000.000 TL (about 8,8 mill kr), a debth which in any civilized society would be seen for what it is, namely pure fraud."



Here is another: http://www.ipb-magazine.com/nb/articles/nord-kypros-nekter-å-gi-skjøte-til-kjøpere Headline translated: "North Cyprus refuse to give title deeds to buyers." (About Afrodite Beachfront)



So yeah: alarm bells are ringing, loud and clear.



However; Famagusta is such a wonderful, wonderful city...I'm going the extra mile here.



elko2: I will certainly make use of you kind offer, if I went down that line. I tend to agree with you, though. A lot of money to place in some unknown hand.



Are there anyone out there who are in the same position, and who has chosen to "own by proxy"?

kisla11


Joined: 29/01/2011
Posts: 1

Message Posted:
29/01/2011 19:42

hi

i live in london but grew up in magusa area. i bought a house inside the walled city about 8 years ago. i'm british and i haven't any turkish passport. i didn't have any difficulty buying the property and and have turkish deeds.

i'm finally getting it refurbished now. it's a beautiful little house about 2 mins walk from lala mustafa pasa meydani. last time i was there to visit, the house next to mine was for sale. let me know if you're interested discussing it further as i'm going to magusa in mid february.

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
29/01/2011 21:06

Kisla11 must have bought before the sstringent rules came in. So, do beware before considering purchasing in Famagusta and losing everything. Same thing happened to a friend of mine in Turkey. Was told no probs, but permission to purchase turned down and only option was to put into someone's elses name. The '#rogue estate agent was British and either did not know, or lied in his back teeth, as a consequence of which it looks as if all he had is gone. The rogue estate agent never answers questions, nor will give name of lawyers etc. All done in innocence and trust in the words of what should have been an honest man (sad, mad or bad????).

If you are prepared to lose the money you put in - then fine - if not, don't let the lure of Paradise become Hell.

As to Egypt - perhapsnot a good place to consider at the moment.

famagusta99


Joined: 23/11/2010
Posts: 68

Message Posted:
30/01/2011 21:15

Hi Kisla;

well, I have not bought anywhere else yet, so I am open for suggestions. But note: I will not under any circumstances buy "by proxy", or hand over the money to the seller before I have p2p and the title deeds! I love Famagusta, but I will not fork out my hard-earned money without getting title deeds. Why should I accept worse conditions in Cyprus than I have to accept anywhere else?



And yeah; I was going to Egypt later this week....but that has been cancelled. For obvious reasons.

Oh well: Tenerife next, I suppose

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
30/01/2011 23:12

Sorry, Famagusta 99, but I do not think you have a hope in hell of getting aplace if you won't part up with money until you have p2p and title deeds. Maybe the system has changed in the last few years, but just about eveyrone paid their money and waited for what was meant to be a 'guaranteed purchase' - and that is where many troubles started. But of course, the vendors want their money, don't they.

Why not have a good long chat with an estate agent you feel you could trust.

However, iut has long been accepted that buying abroad has risks you would not encounter at home.

Good luck.

famagusta99


Joined: 23/11/2010
Posts: 68

Message Posted:
31/01/2011 02:30

Maz; I realize that, and so I have basically given up the idea of buying in Cyprus (I rarely check in on C44 anymore).



Yes, there are risks buying abroad, (especially off plan), but in other countries it is possible to buy quite safely IF you do your homework. Only (?) on Cyprus is it impossible to buy safely even when you have done your homework. Or rather: after doing your home-work you draw the conclusion I did: buy somewhere else. Cyprus wants your money...but will not give you ANY uncontested property in return.



I say: then forget it.