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Title: The Orams Case & North Cyprus Property - (2008-06-10)
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Expatriate buyers of property in North Cyprus were seen by some as crazy risk takers and by others as brave emerging market investors - but following the hugely exciting win for Linda and David Orams at the British High Court over the former Greek Cypriot owner of their property in North Cyprus who was trying to get his former home back, expatriate investors in North Cyprus are being dubbed the luckiest and most property savvy buyers de jour!

The victory sets one of the most exciting and important property law precedents, it proves that all land and property in North Cyprus is legitimately available for sale, it makes investment into North Cyprus property safe, and above all else it paves the way for a dramatic increase in interest in properties for sale that many market analysts and property experts say will make North Cyprus unique in the Mediterranean.

Following an amazing year for the property industry in the Turkish Republic of Northern Cyprus in 2004 after Cyprus�s entry into the EU, the high profile case against Mr. and Mrs. Orams resulted in a slower than expected property price increases in a market where prices were so low that property should have been an amazing investment. 

Those investors who could see the validity of the Orams� case and who could see the completely inimitable investment opportunity in North Cyprus continued to buy at low, low prices - but others chose to take a wait and see approach and now that the case has gone through appeal after appeal in both Nicosia and London and the Orams have been allowed to keep their property and have been awarded damages it is expected that there will be a dramatic resurgence of the property investment in North Cyprus.  

Having spoken to colleagues and a range of developers, contractors and independent North Cyprus property experts to gauge their reaction to the High Court ruling � many reported a complete avalanche of enquiries from potential buyers with the ruling seemingly having caught our sleepy laidback island almost unawares.

To explain the case against the Orams briefly � they bought a home in North Cyprus which was formerly owned by the family of displaced Greek Cypriot Meletios Apostolides.  They bought from the �new� Turkish Cypriot owner who had been given the property in return for the land and home that they were forced to flee in South Cyprus following the 1974 intervention; despite the fact that the Apostolides family were also given property in South Cyprus in return for their former North Cyprus home they decided they wanted to claim back their home in North Cyprus as well.

Initially Apostolides took the Orams to court in South Nicosia and won but the ruling was not enforceable in North Cyprus so then Apostolides took the Orams to court in England and made his claim against their Sussex home.  Eventually Cherie Blair (professional name Cherie Booth) championed the case and has won not only the battle that sees the Orams� North Cyprus and UK homes safe and the maximum percentage of court costs payable become the responsibility of Apostolides, it sees Mr. Apostolides liable to pay damages and compensation to Mr and Mrs Orams for the pain, stress and emotional upheaval he has caused them and Mrs. Blairs fees of circa three hundred thousand pounds.

This news is the best possible news for North Cyprus and all those who own property in the North.  For everyone else it�s a call to action � if you are seriously interested in buying affordable property in the Med, if you want the best property investment opportunity or if you just want to buy safely in North Cyprus today is the day to begin your search for that ideal home.

 



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