Second Homeowners Threatened By Cyprus Ruling
Although I don’t get involved in overseas property investment per se, I do still have a keen interest in what is happening on their property market.
Take this news story I read about this morning…
Over 6,400 property investors who own second homes in Cyprus may now be at risk of losing their land following the case of Linda and David Oram who have been ordered to give back their land to a Greek Cypriot refugee – all without any hope of compensation!
According to the article, this 5 year long case was initially sparked back in 2004 after Greek Cypriot refugee Apostolides went to the Nicosia Courts and put in a claim against the Oram’s land stating it was his and that he had fled it after Turkish troops invaded in 1974.
Now having been through the Nicosia Court, the European Court of Justice and just recently the Court of Appeals in London, all 3 Courts have ruled in favour of Apostolides stating that the land is rightfully his. As a result they have ordered the couple to demolish their second home; return the land; pay Apostolides damages and worst of all, pay him a monthly rent until the land is properly returned.
It is ridiculous to think about the number of cases which are now going to spring up as a result of this case. Especially as in all cases it is neither the property investors nor the Greek Cypriots fault, but those who took the land and sold it without checking its history in the first place.
According to UK and Greek Cypriot officials, more than 1,400 Britons are living on land which is believed to belong to Greek Cypriot refugees, whilst a further 5,000 are living on self-declared Turkish Cypriot land whose title deeds are held by displaced Greek Cypriots.
Add them together and that is a lot of property investors who could potentially lose thousands if not hundreds of thousands of pounds should they be taken to Court.
This case really goes to show, the importance of researching your property and consequently its land first before investing. No matter where it is located – UK or overseas – title deeds and land disputes can really mess up your investments if you are not aware of them when you invest. The outcome may not be as extreme as the Oram’s – who had to demolish their home – but you could still lose thousands of pounds unnecessarily.
Wendy xx
Cases such as these really get you thinking about where else in the world homeowners have been sold second homes on land which belongs to someone else. God knows how many homeowners have truly been affected…
hi.. that is an excellent post.. can you please let me know the blooming business locations in UK. i need to know an ideal business location in UK.
Hi Richard,
Thank you for your kind comment. In answer to your question, this will partially depend on your business type and your target audience/consumers. The most obvious location is London, but if you could please tell me more about your business I will be able to give you a more accurate guide.
Speak soon
Wendy xx