Is Foreign Investment in North Cyprus safe?

‘The more things change the more they stay the same’. My researcher in London came up with an article in the The Milwaukee Journal dated Sept. 9th 1974 which demonstrates the truth of this.

The then vice President of North Cyprus our own Mr. Rauf Denktas forecast a virtual economic takeover of Greek assets in Northern Cyprus but said foreign interests and foreign owned property would not be touched. The paper went on to say “Mainland Turkey does not allow foreign ownership of property, and the status of large outside interests in Northern Cyprus has been unclear since the Turkish forces captured the northern 40% of the island after their July 20 invasion”

Clearly Turkey do now allow foreign ownership, witness the fact that so many multi national companies now invest in Turkey and the many foreign nationals who have now made their homes in mainland Turkey, a popular choice for retirement by ex pats who now live there and own property there.

1974 was a ‘testing’ time for all Cypriots, not least for the minority, the Turkish Cypriots. The newspaper goes on to report of the 10,000 Turkish Cypriots who found sanctuary at a British Military base there but were not allowed to be flown to mainland Turkey because of the Greek Cypriot’s fear they would be repatriated to North Cyprus by Turkey, although I personally cannot see why such permission was refused.

So here we are at the end of 2011. A lot of things have changed, a lot have not. The biggest change has to be in the ‘ownership’ by foreigners. Encouraged by promises of it being ‘safe’ to purchase here, ex pats have done just that. How then can some of those self same investors and homebuyers be in the position where having trusted those promises are now losing their hard earned cash and homes?

It is my personal opinion that if Mr. Rauf Denktas were still in power this would not have been allowed to happen. It is my opinion that if Mr. Rauf Denktas were still in power, he would have seen the problem at its inception and nipped it in the bud. The misfortune of the victims, who I hope will become successful survivors of this atrocity, is that Mr. Denktas is not in power, and although he has attempted to help us is now in poor health and not able to add his voice to ours. It must be so disappointing to Mr. Denktas that his beloved UBP is in power but is not helping us.

The property ‘scams’ are not just happening to foreigners, they are also happening to Turkish Cypriots and to mainland Turkish people who have settled here too. The retired army officer from Baris apartments, a man who so loved this country, he chose to stay here and now, like the rest of us, faces the real possibility of being homeless and penniless in his old age.

I beg of the Turkish Government, please intervene, do not let this happen to any of us.





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