North Cyprus Property | Targeting the Russian Market


North Cyprus Property | Targeting the Russian Market

It is interesting to see that the number of scams in the property market may have lessened since the Estate Agents Law came into force, but they have not stopped by any means.

I am hearing stories of purchasers being told they do not need an advocate, or indeed that their Contract of Sale has been registered when it has not. Now why would anyone knowingly ‘not’ register a Contract.

The answer is simple, because they know there is a mortgage registered with the Tapu on that land, or they know there are memorandums registered against the owner of the land. This is deliberate calculated criminal fraud. It could be that the first purchaser of the property has their Contract registered and you are the second purchaser and of course, letting you know this would stop you parting with your money, again deliberate and calculated criminal fraud.

The majority of such frauds are now being targeted at the Russian market. I am told the Russian Government are warning against buying in north Cyprus, but it is still happening. I know a British lady who was trying to sell her property, an apartment with a memorandum on, she did sell it with the collusion of an Advocate and the Russian buyer was never made aware of the fact. You see even some of the original victims are passing on their ‘lemons’ to another set of victims.

I know of an agent/builder who sold on a property from the original purchaser to another Russian, but pocketed the money and only when threatened passed the money on it dribs and drabs to the former owner, oh and forgot to mention to the Russian purchaser that there is a mortgage on his now fully paid for apartment and that this was there before the sale.

The scams have not stopped, they have just been reinvented and refined.

The problem with Governments warning against buying in foreign parts is that the Governments in these foreign parts go on to tell the purchasers it is safe to do so. The purchasers are torn between conflicting advice.

My advice at this moment in time would be ‘buyer beware,’ do your homework. If it seems too good to be true, it probably is.

Power to the people

Citizen Smith

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