Pressure on values after reunification
Posted: 13 Oct 2016 18:36
I am considering buying a renovation property in Cyprus but hesitate because of the uncertainty over reunification. It is good from so many perspectives that talks are underway and one hopes will lead to a removal of the border between Cyprus and the illegally occupied north of the island. There is, I understand no agreed proposal over how to deal with the massive property problem but this must be part of any successful agreement. Given that there are a significant number of properties in the illegally occupied area and a significant proportion have dubious title will that mean that there will be a fire sale once these properties may be legally transferred?
As a small side issue I am curious as to how HSBC can operate in the illegally occupied area and how this is likely to affect the status of the bank after reunification?
As a small side issue I am curious as to how HSBC can operate in the illegally occupied area and how this is likely to affect the status of the bank after reunification?