Published on 05 December 2005 at 01:54 pm
Filed in Expat Life In Nicosia Cyprus
Buying property in any emerging market in the world is going to be a risky business and those who do not take care, do their due diligence and plan for the worst will always run the risk of falling victim to unscrupulous types who see Westerners as having too much money and therefore being a fair target for ripping off.
From what I’ve read this is the case in Romania for example as well as the likes of Cape Verde, Croatia, Bulgaria, Ghana and now Northern Cyprus.
Many people will already have heard about the Gary Robb Amaranta Valley scandal here in North Cyprus with the aforementioned Mr. Robb allegedly having ‘removed’ funds and ‘removed’ himself from the long arm of the law. Well, it seems that whereas in the past every single Cypriot tried to convince us that they were a builder, every single Cypriot is now trying to convince us that they are not like Mr. Robb and are all squeaky clean.
Yeah right - well, if that’s the case how come the newly established home buyers’ action group has so many members?! The members are people who have problems as big as having paid in full for a property only to find that their builders leg it before completion to as small and insignificant (ha!) as not being able to reside in their property when it rains because the water penetrates the roof, the electrics and renders their home unsafe and unusable.
Man oh man it seems North Cyprus is a hot-bed of shoddy builders!
So much so that a friend of ours, Scott - he actually used to work for Gary Robb ooooerrrr - anyway, yes, Scott who used to be a roofer has set up his own business here to fix Bodgeit and Scarper’s handy work and he is SO busy that he barely has time to sleep any more!
Don’t get me wrong though - North Cyprus is still a beautiful place to live, it is still an incredibly affordable destination in which to buy a holiday or retirement home, it is still a country that is a fantastic long term bet for investors and the majority of Cypriot people are the most honest people you will meet on this earth - but oh my God is it a country in which you need to employ a good solicitor and be prepared for battles with unprofessional so called builders - who are in fact nothing more than silly little men (as my dear mother would say!!!) with jumped up egos who think that because they know one end of a screw driver from the other they can actually build you a house.
A very good friend of mine has recently ALMOST come a cropper with another unscrupulous tactic that goes on in every emerging property market in the world. Builders who re-mortgage the land from under the property you’ve just signed for. Luckily for her she’d employed the services of an excellent solicitor who warned her in good time and is now assisting her to make the right buying decisions.
I’m actually sick of writing things like - buyer beware - do your due diligence - don’t enter into a decision in XYZ country that you wouldn’t entertain back home.
People - please listen to me! I know what I’m talking about.
There are villains even in beautiful hot sunny countries. I don’t want you to fall foul of their tactics therefore be careful!
Come to Northern Cyprus by all means - I’d love to see you! But come with your eyes open and suspicions raised. Ask questions, don’t accept empty platitudes, get everything in writing and make sure your lawyer is the real thing so that he or she will protect your interests and ensure your transition into your new life in the sun is happy, stress and hassle free and ultimately successful.
Good luck.
