Mideast Buyers Grab Occupied Cyprus Properties

Despite negative expectations for  business in the Turkish-occupied part of Cyprus, mostly due to legal impediments arising from the lack of title deeds, investors from the Middle East are taking a chance and snapping up properties hoping there won’t be any European court decision returning to their rightful Greek Cypriot owners.
Among the prospective investors-buyers are many interested parties, mostly rich retired people, flooding real estate offices and looking for second or holiday homes, many from countries such as Oman, Dubai and Qatar.
Apart from the customers of Arabian origin, who are searching for a place to pass a cooler summer, there are also many Europeans who are also searching for some place that combines the Mediterranean climate with good services and reasonable prices, for their summer holidays or for their retirement.
While the interest in purchasing properties is rising from the Middle East, real estate sales in some parts of the occupied territories where Turks are living on stolen land and in stolen homes, have soared 350 percent this year.
Executives from the real estate field in the pseudo-state reject claims the area isn’t safe enough for foreign investments, mostly due to the disputes concerning the ownership of the occupied territories, an issue that arose after the illegal and condemned by the U.N Turkish invasion and occupation of northern Cyprus in 1974.
Moreover, there are many cases of appeals to the European courts for the claim of ownership rights in the occupied territories. In an article in the Gulf News, it was noted that economic analysts have repeatedly warned big depositors from Middle East, who are trying to move funds from the Republic of Cyprus due to the banking crisis, not to invest their money in the occupied north of Cuprus and especially in the real estate market of the pseudo-state.
The area has never received any recognition from international organizations or states, except from Turkey.

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