buy abroad search

buy abroad property search
about buy abroad overseas property arrange viewing trip abroad news overseas property abroadbuy abroad mailing lists

Buy Abroad News

28 Jan 10

Orams Case Is Good News For Greek Cypriots But Bad News For the North

After years of wrangling, The European Court Of Justice has ruled that The Republic Of Cyprus judgment which essentially ordered David and Linda Orams to demolish their house in the North of Cyprus must be recognized by other EU member states, regardless of the fact that the actual property is in the disputed north of the island.

Essentially this means that the original owner of the land Mr Apostolides is able to pursue the Orams through the British legal system to be compensated for loss or damage as a result of their property being built on his land.

The ruling has sent shock waves through the many British buyers who have purchased villas and apartments in the North, some of which is on disputed land. Leaving many uncertain about the future of their holiday home.

John Reilly from Buy Abroad said “Most experts agree that the Orams ruling will probably prove to be the final nail in the coffin for the once lucrative property market, which recorded record sales after the failure of the Annan plan in 2004. As a company Buy Abroad has steered clear of any dealing s in the North of Cyprus for many reasons, but not least because of the degree of uncertainty about property ownership in the North”.

Only last month Sonar Yetkili from the Construction Contractors Union said that the British expat market was ‘over’ and sales had ground to a virtual standstill.

To compound matters further, Turkish Cypriot media has reported that up to 7,000 unfinished homes have been abandoned by builders, with experts saying half of the properties were poorly constructed or illegal.

Copyright © 2024–2011 by Buy Abroad. All rights reserved.

Buy Abroad and the Buy Abroad logo are either registered trademarks or trademarks of JR SAC Ltd in the United Kingdom and/or other countries. All other trademarks are the property of their respective owners.

JR SAC LTD, Office 31, 3rd floor, 22 Gladstonos Street, Nicosia, Cyprus