Economic and political fallout in occupied territories from Cyprus’s actions against prope
Source: in-cyprus.com
The recent measures by the Republic of Cyprus targeting usurpers of Greek Cypriot properties have triggered a domino effect across the economic and political landscape of the occupied territories. The Cyprus government’s actions have led to a significant exodus of foreign investors from the area, severely impacting the Turkish-Cypriot economy, which had heavily relied on the illegal exploitation of these properties. The resulting decline in property values has fueled discontent among Turkish Cypriots, particularly against Ersin Tatar, due to his handling of the Cyprus issue.
The Cypriot government had long been developing a targeted plan aimed at foreign investors exploiting Greek Cypriot properties in the occupied territories, with many such investors traveling through Larnaca Airport. Despite pressures to disclose its actions, the government remained tight-lipped, avoiding comment even when doubts arose about the effectiveness of its measures against illegal exploitation.
These actions have led to significant results, including the arrest and indictment of foreign businesspeople involved in the occupied territories. Many investors are now either returning their properties to land developers or selling them at lower prices before leaving the area.
As a result:
- Property prices in the occupied territories are falling, diminishing their assessed value.
- Foreign investors are rushing to sell their acquired properties to minimize losses, effectively attempting to salvage what they can.
- The property sector in the occupied territories is turning against the occupying administration and its “government,” blaming them for the mishandling of the situation.
- The recent departure of the Israeli company Trust Group, led by British investor David Lewis, which had developed the Karpaz Gate Marina, highlights the trend. The company’s exit was triggered by the arrest of Israeli investor Simon Aykut and the negative climate towards Israelis in the occupied areas. Lisa Singer, the marina’s manager, eventually agreed to the company’s exit due to the risk of her own arrest during frequent travels to Cyprus.
In response, the occupying regime has enacted a “legislative” adjustment through the passing of an amended law regarding the sale and rental of properties to foreigners. This measure was influenced by the crackdown on those involved in usurping Greek Cypriot properties.
Under the new “law,” there is a 70-day window for completing property sales to foreigners that were not finalized or where buyers have not yet received a “title deed.” Otherwise, these transactions are considered null and void.
Lawyer Murat Metin Hakki, known for his work on Greek-Cypriot properties in the occupied areas, has appealed to the so-called “Supreme Court” of the occupying regime to further amend the “law on property acquisition and long-term rental by foreigners.”
Another lawyer, Burçin Sertbay, criticized the amended “law” for causing chaos at the “land registry” offices, leading to a deadlock in the property sector and panic in the construction industry. He questioned the handling of property transfers done previously and expressed concerns that the new law might drive away foreign investors. Sertbay also criticized the legislative process and warned that the “law” could lead to a collapse in the sector.
A revealing report published by the Turkish newspaper Turkiye on August 7, 2024, has shed light on the situation of Israeli investors in the occupied northern part of Cyprus. The article highlights that Israeli individuals who acquired thousands of acres of land in the region through “fraudulent documents” and “shell companies” are now in a state of panic due to recent amendments in the “legislation” governing property acquisition and rental by foreign nationals.
The original article: belongs to in-cyprus.com .
