Brit fury over cyprus ‘rip-off’

Northern Cyprus is apparently in the grip of a title deed crisis…

Turkish daily newspaper ‘The Star’ recently reported that local commercial banks are now refusing to recognise title deeds issued by the Northern Cyprus Government.

The newspaper revealed that banks are not allowing any loans for mortgages on Turkish Cypriot title deeds.  It further claimed that most of the construction work on new properties had ground to a halt.

Meanwhile, a group of British ex-pats called the AGA Buyers Action Group has started a high profile campaign to protest at what they describe as the "rip off" and crimes against British citizens trying to purchase property in Northern Cyprus.

Foreign investment slowing?

Referring to several recent property scams in the occupied areas, AGA commented: “What none of us can understand is why a small group of greed-obsessed individuals are allowed to get away with causing so much pain to so many people?

“Somebody in power in Northern Cyprus must be able to do something to put things right – hopefully sooner rather than later".

The Star further reported that foreig investment in land and property in Northern Cyprus had slowed dramatically and property prices in the Kyrenia district had fallen by 40% in recent months.

The Star concluded its report by noting that people have lost their trust in local contractors and that cases of fraud against foreign buyers is on the rise.