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Hotel boss buys Greek land in TRNC

22 November 2012

Part of the Acapulco site has been bought back from its Greek owner, in the first direct sale ever.

Acapulco is a 5 star hotel resort just East of Kyrenia. Yesterday 35 donums of the 100 donums that it covers was formally bought from its old Greek owners by Acapulco boss, Unal Caginer. Caginer obtained a bank loan from Is Bank for the £3.4 million purchase.

Caginer says the price includes compensation for non-use by the Greek Cypriot owner for 38 years. This transaction has been approved by the Council of Ministers and the Immovable Property Commission.

Mr Caginer stated that he was proud of this transaction, as he was of all the investments he had made, and was glad that all parties and the Government had formally approved this purchase. He went on to say that the money borrowed from Is Bank had a term of 11 years at an interest rate of 5.5%. He was looking forward to buying other parcels of Greek land in the future.

It should be noted that this land is not “points” land but land that was awarded by the TRNC Government from its land-bank. Points land refers to North Cyprus land or property that was given to a Turkish Cypriot by the TRNC Government on a points based system, as compensation for land they were forced to leave behind in the South. The Ministry of Interior however, has stated that similar private transactions for points land would not be permitted.

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