Ruling Clouds Northern Cyprus Property Market

  • 15 years ago
  • Uncategorized
A ruling by the European Court of Justice could affect the fast-growing market for second homes in the northern part of Cyprus. The court upheld a decision that a Greek Cypriot tribunal made. The original ruling called for a British couple to demolish their home in northern Cyprus, return the land and pay damages to the original Greek Cypriot owner, who left when the island was divided in 1974.
The ruling may lead to additional claims against foreigners who have purchased property in the northern part of the island owned by the original Greek Cypriots prior to 1974. The Telegraph estimates that there are some 4,000 British property owners who are facing claims against property they have in northern Cyprus. A homeowners advocate estimates that there are some 22,000 foreign property investors in northern Cyprus.
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