North Cyprus Property Victims | ‘Safe as Houses’


North Cyprus Property Victims – ‘Safe as Houses’

It is such a pity that we as victims in the TRNC are not able to garner this type of publicity for our plight. With the obvious exception of NCFP, no one dares publish anything about us.

As you can see the problem is identical to the ‘stealth’ mortgages put on properties of the hapless purchasers in the north of the island. It seem the culture of borrow/sell do not redeem the mortgage or sell/borrow do not redeem the mortgage is a Cypriot way of life no matter which side of the island you were born on. Of course not all builders/developers/landowners and banks have behaved in this unscrupulous manner, but does this matter? The silence of the honest ones is deafening and unless they bring pressure on their governing bodies and Government to do something, they will suffer too.

I am also amazed at how many loans are made by the Banks on both sides of the island to obviously unsuitable applicants. We know a certain amount of nepotism is in play but surely not everyone who walks into a bank for a loan is related to someone who works there? Yet we do know the number of loans made that were not repaid is staggering. The Banks in the south had huge problems because of this culture, hence the ‘haircut’ suffered by those frugal enough not to live on credit and to actually save. I never thought to live to see the day when careful and frugal would be made to pay for the careless and frivolous, but I did.

I have to wonder how well many TRNC banks would stand up to an unannounced, unbiased audit and what this would reveal. Of course I am making no allegations, just pondering aloud.

The victims in north Cyprus are not able to get the UK press interested in their plight for purely political reasons, yet many are British, old and were assured by the TRNC system that their investment would be safe. As safe as houses, what a crock that saying is.

Never give in never give up.

Pauline Read


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