(1888PressRelease)
September 12, 2006 - The Government of Cyprus estimates that there may be 100,000 foreigners living in North Cyprus. Many of these are from Great Britain. The Orams couple has a typical story with an unusual twist.
The Orams spent their life savings building a villa and swimming pool. They bought their property according to the law of the Turkish Republic of Northern Cyprus. Northern Cyprus was created in 1974 when Turkish troops landed in response to a Greek backed coup attempt.
They heard that someone in Cyprus was planning to sue but they never dreamed that they would be the target. After investing 160,000 British pounds in their dream house they were brought to court by Meletios Apostolides. The British court ruled that a judgment obtained against a British couple which built a villa in North Cyprus could not be enforced in the British courts. Apostiledes was ordered to pay most of the court costs to Linda and David Orams.
In the past few years Northern Cyprus has reaped the rewards of improved relations with the outside world; building projects have sprouted all over with a championship level golf course now nearing completion and a 500+ berth Marina complex commencing building work this year. Properties are especially popular with people from the UK for investment, retirement or holidays. One developer is building a new village.
In addition to traditional villas, one developer has introduced a new concept to Northern Cyprus. Luxury apartments with swimming pools, mini market, exercise room, maintained gardens and club with restaurant and bar.
Many developers offer subsidised inspection trips. One example is at http://cyprus-seaterra.com/SeaTerraBay/Inspec_Trips.html
Now with this court verdict North Cyprus property prices are expected to start to increase rapidly.
About SeaTerra Group
SeaTerra, the leading developer of luxury gated apartment complexes in Northern Cyprus, is lead by foreign executives with many years of international construction and development experience. It is also backed by international organisations and investors.
The owners and directors bring to North Cyprus the knowledge and experience gained from their development success in Costa del Sol, Spain. Our current projects in Northern Cyprus have been designed by an international experienced team and are being built to the very highest of standards.
###
