North Cyprus

On real estate websites one can often find advertisements for sale of objects in North Cyprus. The relatively low cost per square meter in this particular region is explained by the fact that since 1974 North Cyprus has been occupied by Turkey and the political regime currently active there is not recognized by the UN or by any countries of the world with the exception of Turkey. Purchase of real estate in North Cyprus is considered illegal from the point of view of the Republic of Cyprus' legislation and international law. The purchase of real estate on the Northern part of the island, which is occupied by the Turkish army, can be compared to a game of Russian roulette, where the investor may lose the invested funds along with the "bought" real estate. Large portion of the occupied lands is the property of Greek-Cypriots and any building illegally erected on such land is automatically considered the property of the land owner.