North Cyprus Property | Here We Go Again?


Front page of Cyprus Today Saturday 20th June 2015. Deja vu…or what?

Sometimes you think, ‘when will they ever learn’.

How blind are the planners or how big are the brown envelopes, that is the question?

Having been made aware of this as the front page of Cyprus Today, I realise nothing has changed in the 20 months I have been away from north Cyprus.

Different company name, but the same people. Hands up who remembers Santa Fe the company that promised so much and delivered so little.

Did you buy from them?

Did you ever get your kocan?

Did Santa Fe ever repay the mortgages the sum total of which went into the millions?

Bulut akacan at it againBulut-Akacan-at-it-again--2Do you remember the front page headlines when Santa Fe borrowed more millions to restructure their then already unmanageable mortgages? Santa Fe allegedly is no more, having gone into liquidation? So why am I mentioning them in relation to this ‘scheme’. Look at who is the Project Head for FEO Elegance, recognise the name? I am sure all Santa Fe purchasers will.

Might be a good idea to get a copy of the Onay Belgesie for this company and see just how deep the involvement of their Project head is…no accusations…no harm in looking?

Clearly, many are not happy with this proposal and with good reason too. It is suggested the reasons for this development are purely altruistic, here’s a novel idea, finish some of the unfinished projects that litter the Kyrenia area and you will have sufficient housing to meet the housing needs and then some.

But no, I guess money will talk and another white elephant will litter Kyrenia, this time the skyline too.

As an aside, I remember helping a purchaser and seller of a Santa Fe property get his money back….it took a long time and came back in small amounts, but eventually he got it. A potted version, the victim bought an apartment from Santa Fe, he then decided to sell it but found it had a memorandum on. Santa Fe said they would sell it for him complete with the memorandum. This they did to an unsuspecting Russian couple. They took the money and ‘forgot’ to pass the money on to victim number one. After much wrangling and a little persuasion from me the victim eventually got all the money. A cautionary but true tale which throws up some obvious questions.

Would you buy from someone who has such a bad track record and who deliberately sells a property knowing it has a memorandum on. How did it get past:- a) the advocate and b) the Tapu. We all know the answers. In exactly the same way this white elephant of a scheme will be passed.

Financial tip:

Buy shares in brown envelopes.

Corruption continues unabated.

Pauline Read

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