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New Property Law Does Not Cover TRNC Companies

New Property Law Does Not Cover TRNC Companies

July 03
10:22 2018

Details of an amendment to the 1962 Compulsary Acquisition Act published on June 21 in the official gazette, have drawn a reaction from Turkish Cypriot building company owner Cafer Gurcafer. He said there was now hope for the economy to earn money from half-finished buildings that have remained uncompleted for years.

The proposal is intended to protect homebuyers who find themselves victimised by legal loopholes. The public has 20 days to comment from the date of publication.

Cafer Gurcafer, President of the Turkish Cypriot Construction Contractors Association argues that the “amendment to the legislation will only allow the state to expropriate constructions left unfinished by foreign construction companies as Bulut Construction, Herpa, Garry Robb, and Olivia”. He added that the legislation will not cover local companies. He further explained that “contracts with court orders or mortgaged half constructions and memorandums will not be covered by this legislation; the state will not be able to seize or expropriate them”. However, at least 4,000 constructions and no less will be included.

Gurcafer went to say that: “This law alone is not enough. After this, measures should be taken in order to avoid such situations. Some guarantees should be asked before granting foreign investors permission to invest. Related laws should be moulded towards this direction”.

Havadis