Bought a house in Cyprus? Get out! Developer is bankrupt

It is already well known that it is very risky to buy a house in North Cyprus. One of the recent examples: Kulaksiz 5 Condo, located on the occupied territory that was put on auction. Its owners are British citizens who bought the houses in this condo in 2005-2008. The developer without notifying the owners had taken a loan in a bank & then went bankrupt.

The houses are put on auction so the bank can return its money, in spite the British owners had paid all the sums for the real estate claimed by the developer. Now the owners will have to leave their houses, the authorities of the occupied territory are unwilling to help them in any way. Former leader of Turkish Cypriots Rauf Denktah came toVasilia village in order to support them morally. He said that other 1400 of British citizens are facing similar situation. Their real estate property is to be sold to cover the developers’ debts.

“It is even a more powerful weapon than the Orams case”, — The Famagusta Gazette quotes Mr. Denktash. — Nobody can do nothing with the bank. (The new leader of Turkish Cypriots) Eroglu told me that according to a new law the property of these people would be safe if the owners’ titles had been given. But now the houses must be sold, as they are not liable to the previous law rules. Is it justice?“

This case proved again that occupied Cyprus territories are “ the most suitable place to deceive somebody or to be cheated”, — Turkish – Cyprus newspaper the Afrika notes. While the Yeni Duzen dedicated to the issue an article named “A day of shame”.