A leading property company in Britain warns prospective buyers or renters in the northern part of Cyprus - which is illegally occupied by Turkey – that investing there is an “ultra high-risk strategy”.
In May 2005 an analytical report titled “Cyprus: Market And Forecast Report, Property Investment Guide and Market Forecast to Cyprus”, PropertySecrets.net which is part of Jojaffa Ltd, stressed:
“We believe very strongly that the northern part of the island makes for investments that are risky in the extreme. We also believe the North is over-valued by a significant degree. The North has attracted a fair amount of interest over the last couple of years. The main reason is that – and this is undeniable – you can buy fabulous properties there for half the price of the Greek side of the island. But our advice is simple – whatever you hear, don’t be tempted. The old saying is accurate: if a deal sounds too good to be true then it is…Buy in the North and you could face ruin.
The northern area of the Republic of Cyprus, under military occupation by Turkey since 1974, has been experiencing an unprecedented construction and "property sale" boom. The vast majority of the properties affected by this boom are owned by Greek Cypriots who were forcibly expelled from their homes due to the Turkish invasion. These displaced people are to this day prevented by the Turkish Armed Forces from returning and repossessing their homes and properties. A recent development is that the occupied area has become a haven for corrupt and unscrupulous businessmen out to make a quick profit from the illegal "sale" of Greek Cypriot property.
Travelers arriving in the Republic of Cyprus may enter the Republic only through the legal ports of entry: Larnaka and Pafos International Airports, or the ports of Larnaka, Lemesos (Limassol), and Pafos.
All airports in the part of the Republic illegally occupied by the Turkish invasion forces, have been declared by the Government of Cyprus as prohibited ports of entry and exit, and no visitor should enter or leave the Republic through these ports.
The Ministry of Foreign Affairs of the Republic of Cyprus hereby publishes a list of hotels situated in the Turkish occupied part of Cyprus. The majority of these hotels belong to Greek Cypriot displaced persons who were forced to leave their properties following the Turkish invasion of 1974 or have been built illegally on properties belonging to displaced Greek Cypriots, in violation of the latter’s property rights and without their consent.
The Government of the United States of America and the Government of the Republic of Cyprus;
Acting pursuant to the 1970 UNESCO Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, to which both countries are States Party, desires to reduce the incentive for pillage of irreplaceable archaeological objects and materials representing the Pre-classical and Classical periods of Cypriot history.
Read the entire Memorandum Of Understanding