Property Investors Threatened By Cyprus Ruling
Property investors who have invested in a second holiday home in Cyprus could soon face losing their properties if their land is discovered to belong to Greek Cypriot Refugees.
It is estimated that over 1,400 property investors across the UK could be at risk of experiencing such land losses, following the Court of Appeals recent judgement that forced Linda and David Oram from Sussex to give up their second home after the courts ruled in favour of Greek Cypriot refugee Apostolides who fled his land in 1974.
Yet the couple have gone down fighting…
Over the last 5 years this case has succeeded in appearing in the Nicosia Courts, the European Court of Justice and finally the Court of Appeal in London. However despite their endeavours to prove the land was legally theirs, the Courts have finally concluded that the Oram’s must demolish their second home and return the land to Apostolides.
Discussing this unusual case further, officials revealed that Apostolides fled his home in 1974 after Turkish troops invaded Cyprus. During his absence his land was sold to the Oram’s who proceeded to build a property there. However in 2004, Apostolides put in a claim to the Cyprus Courts who ruled that the land was still rightfully his.
5 years on and the Court of Appeals have now ordered the couple to comply with the original judgement made in Nicosia back in 2004 and demolish their home. In addition, the couple have been ordered to pay Apostolides damages and monthly rent until the land is returned to him.
Although the Oram’s case appears to be one of a kind, further research has revealed that over 1,400 UK property investors could be living on land that belongs to Greek Cypriot refugees…
More worryingly, a further 5,000 could be living on land – in the self-declared Turkish Cypriot State – whose title deeds are held by displaced Greek Cypriots.
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Tags: invest in property, overseas property, property investment, property investor, second holiday home, sell property
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