The currency of the TRNC is actually the New Turkish Lira introduced into circulation in 2005 when 1 New Turkish Lira replaced 1 million (old) Turkish Lira!
should I buy in north cyprus? sales guy predicting 150% profit by 2009!
- Thread starter bramasole
- Start date
If I can't sell it, its going to be bad. I have no interest in travelling to cyprus. This is a purely financial venture.
Any practical advice on how to validate sales claims would be appreciated.
I'm by no means jumping into this one and taking all warnings on board.
Any practical advice on how to validate sales claims would be appreciated.
I'm by no means jumping into this one and taking all warnings on board.
Ask to see the salesperson's assumptions underlying the 150% claim, i.e. the economic, legal, social and political inputs.
Subscribe to the Economist. Read all they have to say on Cyrpus.
Use Google. There are many searches I can think of. e.g.
- Northern Cyprus Property
- Northen Cyprus Property Scam
- Dangers of buying in Northen Cyrpus
- Ripped off in Cyprus
- Land title Northern Cyprus
etc. etc.
Subscribe to the Economist. Read all they have to say on Cyrpus.
Use Google. There are many searches I can think of. e.g.
- Northern Cyprus Property
- Northen Cyprus Property Scam
- Dangers of buying in Northen Cyrpus
- Ripped off in Cyprus
- Land title Northern Cyprus
etc. etc.
jbutler, I think you have got plenty of advice already here and your good sense should tell you to walk away from this. clinging on to the hope that the sales pitch can be validated is fooling yourself inot thinking that this is a good deal. Take the experienced people's advice given here and look at some other way of making a profit...
...and read the other property threads to get an idea of how tough it is to make a profit overseas.
...and read the other property threads to get an idea of how tough it is to make a profit overseas.
heres a funny thing.
I searched this site a few days ago for any reference to this selling company. A couple of threads appeared but stuff had been deleted.
I sent mails to the people that had been enquiring about this company to see if they had progressed with the purchase.
One guy just replied, he went ahead and bought the apartment. Due for completion in 2009, everything going well so far.
I know what you're thinking, this proves nothing. I agree. the real outcome will be visible in 2009. Just thought I would add it in for info...
I searched this site a few days ago for any reference to this selling company. A couple of threads appeared but stuff had been deleted.
I sent mails to the people that had been enquiring about this company to see if they had progressed with the purchase.
One guy just replied, he went ahead and bought the apartment. Due for completion in 2009, everything going well so far.
I know what you're thinking, this proves nothing. I agree. the real outcome will be visible in 2009. Just thought I would add it in for info...
G
gonk
Guest
No, the real outcome will be visible whenever this person tries to resell the property.
G
Guest112
Guest
Be very careful about the title deed for the property you intend to buy in Northern Cyprus.
Northern Cyprus is as you probably know under illegal occupation by the Turks. The regime there is only recognised by Turkey. Be clear that this part of the island is quite unstable politically.
Basically there are a number of different types of deed.
1) The original title deeds issued before 1974 to both the Turkish and Greek Community. These deeds are good and valid under International law.
2) Deeds issued by The regime after the invasion in 1974. Here we basically refer to land owned by the Greeks which was re issued to turkish "settlers" after the 1974 invasion by The Northern Cyprus government.These deeds are only recognised by the Northern Cyprus Government. These deeds are otherwise worthless. More often than not Greek Cypriots living in the South (since the invasion) hold valid title to the same land.
This is just to give you some idea that huge problems exist relating to Northern Cyprus property. The problems are very deep and very complex and unless you really intend to study the situation in depth, I would advise you to give it a wide berth.
Northern Cyprus is as you probably know under illegal occupation by the Turks. The regime there is only recognised by Turkey. Be clear that this part of the island is quite unstable politically.
Basically there are a number of different types of deed.
1) The original title deeds issued before 1974 to both the Turkish and Greek Community. These deeds are good and valid under International law.
2) Deeds issued by The regime after the invasion in 1974. Here we basically refer to land owned by the Greeks which was re issued to turkish "settlers" after the 1974 invasion by The Northern Cyprus government.These deeds are only recognised by the Northern Cyprus Government. These deeds are otherwise worthless. More often than not Greek Cypriots living in the South (since the invasion) hold valid title to the same land.
This is just to give you some idea that huge problems exist relating to Northern Cyprus property. The problems are very deep and very complex and unless you really intend to study the situation in depth, I would advise you to give it a wide berth.
G
Guest119
Guest
Did he predict the lottery numbers as well ?. (More chance of those being accurate !).
Come on, salesmen's predictions !?!. There is a certain outfit not allowed to be discussed on here anymore, who will 'predict' whatever it is they think is necessary to clinch the sale.
Come on, salesmen's predictions !?!. There is a certain outfit not allowed to be discussed on here anymore, who will 'predict' whatever it is they think is necessary to clinch the sale.
G
Guest127
Guest
Exactly what I was thinking too.
How many times have we heard this?!
You'll see from a few posts on here there are major issues in relation to land title in Northern Cyprus. If you are tempted to invest in this becasue of the potectial profits offered by the agent then walk away. Quite frankly there are better places to invest which would be a safer bet. NOrther Cyprus is also a place where you will not be able to mortgage the property meaning that you will have to make stage payments throughout the build of the property. I am not against this type of investment but an investment that allows you to place an initial deposit on the unit and the ability to defer as much of the payment until completion is a more effective way of investing offplan. Google Northern CYprus land title issues i am sure you'll find out a little more.
M
maximillian
Guest
Hi There
Before you even consider spending money in Cyprus - north or south. Check out the following website. This will probably tell you all you need to know, and you will probably invest elsewhere after reading it.
Before you even consider spending money in Cyprus - north or south. Check out the following website. This will probably tell you all you need to know, and you will probably invest elsewhere after reading it.