Does sombody know something we dont

jay76


Joined: 17/07/2008
Posts: 532

Message Posted:
14/01/2009 14:08

Notice more and more villas coming on the forum for sale.

mmmmmm



Joined: 19/12/2008
Posts: 8398

Message Posted:
14/01/2009 14:16

Well there could be any number of reasons for that and I am sure most folk aren't going to reveal why - especially if it is for financial reasons.



It in't just a symptom on this board or in thus area of the world.. "bargain" is what someone is prepared to pay.. not what we think our place might be worth.. buyer's market ..

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
14/01/2009 15:11

Hi Jay76,



I agree! Certainly does seem to have a hint of panic about it.



Can't think that it is going to help property resale values much!



Hopefully we will all feel better when we hear Mr Talats and Mr Christophias thoiughts on a



proposed property issues settlement ! Shouldn't be long now!



wyn



wyn

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
14/01/2009 15:21

SELL...SELL...SELL !



Run for the hills!



Save yourselves!



Haha

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
14/01/2009 15:27

Also the new arrangement for a huge discount of 75% if you pay for your deeds 'up front' makes you think!

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
14/01/2009 16:11

Does sombody know something we dont,



No ,we all have an idea of what is going on.



The TRNC authorities have had five years to sort out the problems with deeds, mortgages ,legal protection, and have done nothing. I guess there comes a time for some when they have to presume nothing will ever get done, cut their losses, and move on.



For those that have sold or trying to sell, this is the year they have said enough is enough. For others it might be next year or the year after and wait in hope that things change for the better before then.

ian444


Joined: 14/01/2009
Posts: 71

Message Posted:
14/01/2009 16:16

The UK's property boom fuelled sharply rising prices across many Mediterranean counties. Alas, as we all know this is at an end, with UK prices down 28% 2008 and similar falls predicted for 2009 by some commentators although 15%, hopefully will be closer to the figure.



TRNC largest source of foreign house buyers have gone, add to this



EU recommendation in the Orams case, and the implication for EU property owners

Uncertainties regarding political outcome for the island,

Permission to purchase on pre 74 Turkish land being refused,.

Retention of Kocans by builders some of whom have borrowed money against them,

Continued large scale new building



Simple supply and demand means prices will drop there are no buyers and some people must sell



However I am afraid TRNC unique circumstances could lead to a dramatic fall.



Running for the hills may not be a bad idea

jay76


Joined: 17/07/2008
Posts: 532

Message Posted:
14/01/2009 18:49

running for the hills is something i wont be doing. as said before as long as i get a good few years out of my villa couldnt give a monkies what happens.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
14/01/2009 19:03

Well guys. I hope that there are not any potential buyers looking at this site!



wyn

CJtill


Joined: 02/05/2008
Posts: 836

Message Posted:
14/01/2009 19:03

Yes its ok if you dont have to sell BUT think of the unfortunate many who have been tricked/misled/hoodwinked/conned/cheated/threatened/swindled* (*delete where appropriate) and who have told their friends, and anyone else who is prepared to listen, that there are big pitfuls in buying property in the TRNC.

Then their are the really unfortunate people who have bought on a complex and are paying very high management fees(£100 plus per month) cannot sell because the land has a mortgage on it and have nowhere else to go to.

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
14/01/2009 19:18

No1Doyen



Message 5 re the 75% discount on the 3% transfer tax, I don't think this is correct. The government have shaved 0.75% off the 3% transfer tax so it now stands at 2.25%, not 3%. This is a little different to the 75% reduction in costs.



Lem

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
14/01/2009 19:20

Wyn can you post something of importance, silly me, of course not









Comment not called for. Says more about the poster than the receiver. Bradus

The-Wicks


Joined: 27/05/2007
Posts: 2279

Message Posted:
14/01/2009 19:30

Message 11 thanks for clarifying this point.

J

jay76


Joined: 17/07/2008
Posts: 532

Message Posted:
14/01/2009 19:32

It will be alright in the end.

The-Wicks


Joined: 27/05/2007
Posts: 2279

Message Posted:
14/01/2009 19:41

Jay - I admire your optimism - let's hope so!



J

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
14/01/2009 19:45

"Well guys. I hope that there are not any potential buyers looking at this site!"





Yes Wyn

Better they remain in the dark, and get their info from "Honest Joe" the estate agent.

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
14/01/2009 19:56

Hi Lem, you may be right but i read the HBPG's notice as a reduction of 75% for buyers - http://www.hbpg-trnc.net/documents/tax_transfer.html



Cooper

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
14/01/2009 20:17

Hi Lem, like cooper I read the same.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
14/01/2009 20:40

Although reasons for selling are many, do you think that the recent publicity regarding the Oram's has contributed? I note that Santa Fe has been hit with a 23 million euro demand for compensation by former Greek owners whose land is now a housing complex at Tatlisu.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
14/01/2009 20:45

Of course it has Bradus, I don't doubt that at all.

jay76


Joined: 17/07/2008
Posts: 532

Message Posted:
14/01/2009 20:49

Bradus is there a link for the santa fe story

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
14/01/2009 21:16

Girne29,



With respect you miss the point.



The point being that if multiple posters come on the board and offer heavily discounted prices,



it will do little for property prices.



I do not, nor would not condone anyone being hoodwinked, by unscrupulous Estate Agents,



but many board members may need to sell for personal reasons, and they should be given



consideration also!



wyn

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
14/01/2009 21:16

Sante Fe had problems already,mortgaging property etc, sadly this news could have consquences for those expecting mortgages to be redeemed.

Tatlisu4me


Joined: 26/01/2008
Posts: 436

Message Posted:
14/01/2009 21:47

Coops Msge 17, you get two options with transfer tax 6% or a 1 off 3%.

1.5% is now the rate given by the goverment (75% off the 6%)

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
14/01/2009 21:53

Deecyprus4,



At least my postings are original!



See Infrastructure dated 11.08.08 Message16



MarkVpiazza complained you had copied his posting on an alternative board, virtually word for word.It was an intelligent posting!



Is this posting important enough for you? Members need to be aware.



wyn

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
14/01/2009 22:15

Okay Wyn

I accept what you say about people selling at below market,but if thats the only way they can get out and they need to, we cant expect them not to. just to stop the market collapsing . I dont think it will make that much difference to the property market anyway, as nothing will move until the Govt does something about contract protection and deeds.

Potential purchasers expect to pay for a property and then receive title, and thus full ownership, and its common knowledge now that this doesnt happen in trnc. Its on finding this out, that I am sure 90% of potential purchasers are put off.



If the state of the system in NC for property purchase and been talked about more 2003 -2005 and property purchase had suffered then ,perhaps alarm bells would have rung in the ears of the authorities and something would have been done before it reached this state.

rocking


Joined: 05/11/2008
Posts: 421

Message Posted:
14/01/2009 22:52

I just think NC has become a very, very expensive country to live in over the past 4 years. Those who came and thought fine, we have so much per month to live on we can do nicely on that, plus living in a fabulous place. Over the past 2 years things have risen like mad. All this taking so much percentage off the tax re properties is only lasting 3 months - that takes us up to 2 days before the election - now CTA have bought their fares down from this coming Monday dramatically - yes definitely an election coming up - crooks the whole lot of them. If people are taken in by this shallow lot, and god forbid they get in again what is around the corner. I apologise for being pessimistic.

ian444


Joined: 14/01/2009
Posts: 71

Message Posted:
14/01/2009 22:58

What is the market price in the TRNC it’s certainly nowhere near the level Estate agents are setting.



At Auction what would you get.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
14/01/2009 23:14

jay76



Requested Link.

http://www.hbpg-trnc.net/documents/Press/CT100109_santafe_greek.html

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
14/01/2009 23:19

Hindsight is a wonderful thing!

Although I have had a relatively stress free build/purchase compared to numerous folk on here , if I knew then what I know now I would have not bought......I would have just carried on enjoying NC by renting.



I am not being a doom merchant....I just feel totally out of control and in the hands of a system which seems to conspire against foreign buyers.



I am sitting it out,and sincerely look forward to the day I can pronounce that I was wrong.

jay76


Joined: 17/07/2008
Posts: 532

Message Posted:
14/01/2009 23:27

Bradus thank you for the link much appreciated.

jay76


Joined: 17/07/2008
Posts: 532

Message Posted:
14/01/2009 23:32

Cronos a lot of us in the same boat mate whats done is done, well be alright one way or another.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
14/01/2009 23:39

cronus,



I agree entirely with your sentiments.



wyn

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
15/01/2009 00:08

Somebody knows something about Troylake we don't.

not going to find out by the way posts dissapear.

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
15/01/2009 01:02

Cronus

I also agree with you. The cost of living alone, TRNC official inflation figure last year 19%. 19% for heavens sake! Can you imagine the uproar in the UK if that was happening? It's ok of course for the locals who are almost total government employees/retirees as they get that figure as a payrise automatically.

Turbo


Joined: 24/12/2006
Posts: 833

Message Posted:
15/01/2009 02:13

Rocking: exactly what you said and,,,

TRNC is not what it used to be, the prices have gone up, the landscape has changed dramatically and the people have changed,.

The South side are crying that tourism is down 32% for 2009, people from UK are now going to Turkey (in todays Cyprus Mail).

Greed can change most people, for gods sake parts of mountains have disappeared in the quest for "progress" now they all sit empty like ghost houses and towns.

I certainly went off Cyprus two years ago, may go mach again this year for a holiday and see how much more land has disappeared.

How do the poor locals manage???(not the land rich ones).



Very sad.

bakala


Joined: 10/01/2009
Posts: 34

Message Posted:
15/01/2009 04:40

the tax reduction is on the land registry transfer fee

Once in a lifetime on the contract price



example

a £100000 villa



would be £3000 minus 75% = £750 now and for the next 3 months only

mmmmmm



Joined: 19/12/2008
Posts: 8398

Message Posted:
15/01/2009 04:48

re 37 Just like The UK Stamp Duty "reduction"... greater savings to be made by waiting.. Market has a way to fall, yet

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
15/01/2009 19:14

Turbo,



in the future, Cyprus children using the history of these times as an example, will be shown the damage unrestrained greed does,and hopefully will turn things round.

rsalih


Joined: 01/11/2008
Posts: 306

Message Posted:
15/01/2009 20:44

theres an election. hence the reduction i suppose

Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
15/01/2009 21:00

There are a huge number of non-resident owners. With increasing running and maintenance costs, I suspect that many people need to release some capital. Life's not exactly a bed of roses in the UK is it?



If the current discount enables more people to get their deeds then that's great. The builders and developers are pretty hacked off because the buyers discount is significantly more than the sellers, 75% v 2%!!

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
15/01/2009 21:23

Hi Molly, the vendors disount is about 30% - 2% of 6.5% = 30% ish.



Cooper

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
15/01/2009 21:36

Hi all,



Heard today that I have received my PTP. TRNC government have discounted my Transfer of Title tax by 75%. Good news!! Before I break out the champagne.



Will I have to pay the VAT on my Villa? Is this just a ruse, to get me to pay the civil service wage bill, for which no provision has been made?



Is my Kochan of any value given the comments coming out of the Reunification talks?



Given the comments coming from the advocate General of The EEC, would I be better off

not having my Kochan, in the first place.



Would it not help the finances of The TRNC government if they were just open, and straight with people in the first place?

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
15/01/2009 21:44

Congratulations Wyn on getting your PTP.

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
15/01/2009 21:47

well done you two congrats at last xx

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
15/01/2009 21:47

well done you two congrats at last xx

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
15/01/2009 22:21

Well done Wyn,

Still waiting at this end. Turkish pre 74......so not holding my breath! Exchange deeds really seem to have speeded up though.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
15/01/2009 22:29

Bradus,



I need YOU of all members to express an opinion, on the detailed points in my posting!



What does it take?? A bottle of Black Tower?



wyn

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
15/01/2009 23:59

Wyn,



Yes you will have to pay your VAT before getitng your title deeds. Get them as soon as possible, you are then protected should your builder become bankrupt or feel like taking out a mortgage on your land. Whilst there is no guarantee that you will not have to pay further compensation at a later date (unlikely but possible) you have more protection if you own the house. The builder will own it if you don't bother getting your kochan.Take control and be in the driving seat if your title is disputed in the event of reunification or you will end up being side tracked in all negotiations as you won't be seen as the owner.

jay76


Joined: 17/07/2008
Posts: 532

Message Posted:
16/01/2009 00:19

anybody know the link to find out ptp progress.



cheers

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
16/01/2009 00:24

I'll save you some time jay......"It's with the Military awaiting approval"



Repeat every month for what seems like forever ;-)

jay76


Joined: 17/07/2008
Posts: 532

Message Posted:
16/01/2009 00:28

cheers cronos

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
16/01/2009 00:39

Jay....I think Cooper posted this link for us all.



Hope it's "clicky".....I'm not much cop at this stuff



http://www.trncproperty.eu/index.php?men=382&submen=376

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
16/01/2009 00:44

Jay,



They are much better at responding now. I have took to e-mailing the above link every month and have always got a quick response. I have no wish to be lost in the system.



Sadly Cronus is right, "Its with the military every time.

Cypfan


Joined: 10/10/2008
Posts: 104

Message Posted:
16/01/2009 12:25

wynyardman:



"Is my Kochan of any value given the comments coming out of the Reunification talks?"



You answered your own question.

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
16/01/2009 23:06

msg 27 its not so bad compared to roc in fact its much cheaper and have you seen what they want for a 1 bed aptm in paphos/limassol crazy prices and lets not forget the mess the uk is in cheaper to live in trnc than any other eu country my friend

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
16/01/2009 23:09

before the poloticians come in i know trnc is not in eu but you know what i mean

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
16/01/2009 23:18

msg 41 hey molly you surely knew the running costs before you bought you should have budgeted for what you could afford why buy a place then come on board and complain about running costs /// dont you pay bills at home

cuddles


Joined: 09/08/2008
Posts: 9

Message Posted:
17/01/2009 02:53

Hi Guys



We are waiting for prices to drop even more before we buy. We nearly lost our deposit to an idiot who went bankrupt but thankfully the guy who has taken over the plot that he was supposed to build on has started to pay us back our deposit on a monthly basis. Luckily it wasn't as much as some people have lost from the things I have read and heard, and we are so thankful he has done this for us. We just want a two bedroomed apartment in Famagusta (my partner's family are Turkish and live in the area, for around £35-£45,000 so if anyone has any ideas. We have seen quite a few already but every time we find something it is half built and already sold. Apartments sell very quickly everywhere. We have steered well clear of resorts and anywhere that requires service/maintenance charges. Having a flat in London taught me that harsh lesson. If anyone has any ideas on some good contractors or estate agents they have had dealing with can you let us know.

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
17/01/2009 14:58

message 49



Bradus, I thought the registration of contract was the protection against re-mortgaging etc.



I take it the advocate informs you that your deeds are ready ,you pay him the VAT and he gives you the deeds, Is the only way one knows if the deeds are ready for transfer and thus VAT to be paid ,by relying on the lawyer informing.



Reason I ask, is that I cant remember lawyer ever informing me of anything without my prompting first.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
17/01/2009 15:26

The registration of contract is indeed to protect you the buyer, from the land owner taking out a mortgage on the land your house is being built on.



Unfotunately there are a few cases coming to light where the developer has still managed to do this.( more cases in the south than the north)

Other people have discovered the mortgage when registering the contract but by this time have handed over a substantial sum of money.

Others and these are a minority of buyers/developers, were told by the developer it was not necessary and was just wasting money and so sadly did not bother. I am amazed at the amount of buyers that are still not sure if their contract has been stamped "because the estate agent/developer/advocate has sorted everything!

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
18/01/2009 21:15

when you sign the contract to buy at your lawyers you can then take a copy to the land registry and for 20ytl it gets stamped take it back to your lawyer and they then register it with the land commision anyone then trying to mortgage the land will be flagged up at your lawyers

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
18/01/2009 21:22

Thanks for that info,but i still wouldn't give you my last rowlo !!



Cooper

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
18/01/2009 21:39

msg 63 remember you died on stage