North Cyprus property problems will not be solved until Cyprus laws reflect EU standards

I keep watching the events unfold in the Kulaksiz 5 saga and begin to wonder if there will ever be a solution within the TRNC. I know many are watching on the sidelines with identical problems.  Pauline Read claims that Akfinans do not own her villa, yet she is unable to go anywhere near it. The old adage ‘possession is 9/10th’s of the law’ springs to mind and clearly that must have been what motivated the Bank when they took her property. I understand they now have two of the ten villas in their possession, both taken by similar methods.

When I look back at the Repossession Order awarded to them, I have to wonder if the Judge did ask any questions about there being properties on the land and possible owners of those properties. Surely, it must have occurred to the Judge that the provenance could have altered in the three years between the mortgage being taken and the Repossession Order being granted. At that time the whole of the North had turned into a building site.Then I look at the allegation that the the Judge reduced the interest rate from 250% to 80% per quarter compound. Now I am not a money man but I cannot see the difference. Surely a reduction to say, 30% per annum would have been more realistic, or an even lower percentage rate? If the Judge was totally unaware of the villas on the land, he must have realised that the interest rate was unrealistic from day one.

We are told this is a normal Bank going about its business in a normal way. Well if this is normal in the TRNC, then there is no hope for all those still waiting for the axe to fall.

I believe until the TRNC take this problem and start to sort it out nothing can get better, indeed it can only get worse. Crack downs on illegal workers, illegal taxis, illegal letting etc. may be necessary, the the most important thing, the biggest problem in the TRNC, the Property scams is being ignored.

All the crack downs they can think of will not prevent the eventual ‘melt down’ of the TRNC if the Government do not act.

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