Press Release – Akfinans Auction in North Cyprus

PRESS RELEASE

“NORTH CYPRUS ENTERS NEW ERA on June 6th 2010, bank to auction British Citizens’ properties that developer mortgaged after selling it.”

Akfinans Bank Limited mortgaged British citizens’ property to developers at 80%pa interest. This is an all too common situation happening to home owners in Cyprus but this would be the first time that the ex-pat owners have been placed in a situation where they could be evicted and lose their life savings. This is particularly sad because one of those owners is an 87 year old pensioner.

Source: Cyprus Today – March 2010

Developers who sold property mainly to British Citizens used the lengthy opportunity, after payment for the property and before the handing over of the Title Deeds, to apply to the banks to mortgage the property once it had been sold. Many British citizens are caught up in this problem and the legal system has been unable to address this. This is only the beginning of a new era in the North Cyprus property market. Even Rauf Denktaş, the former President, has tremendous misgivings about this and has asked for a delay to the June 6th auction date.

If you want to show support for the homeowners please turn up at the auction at the Coffee Shop in Karşiyaka Square at 10.00 a.m. on Sunday 6th June 2010 or you can write to the TRNC representative in London.

If this first auction proceeds, as it is expected, 13 properties will be involved. It is estimated that there are as many as 1,400 other British and European Citizens in the same situation and the banks involved will follow suit if this first auction proceeds.

Malcolm Channing
Editor – www.northcyprusfreepress.com

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