Israeli Developer Reacts to Publications in Cypriot Media

The Israeli developer Afik Group has reacted to recent publications in Cypriot media regarding the legitimacy of real estate deals conducted in Northern Cyprus. The company's comment on the legality of transactions in the TRNC and the applicability of international law to its business was sent to the Cyprus Faq editorial office.

To assess the legal situation on the island, the company consulted with the internationally renowned expert in international law at the University of Cambridge, Professor Eyal Benvenisti.

The expert specializes, among other things, in the legality of occupation regimes under international law and the legal consequences of depriving owners of real estate who are forced to leave, especially in the context of the relationship between Cyprus and the Turkish Republic of Northern Cyprus.

• According to the opinion of Professor Eyal Benvenisti, based on the decisions of the European Court of Human Rights and international precedents, Afik Group acquired a legitimate property right, and thus, the company's transactions and all subsequent contracts related to its property are protected by international law and the European Convention on Human Rights, - the developer's letter states.

The company explained that, according to the expert's conclusion, transactions related to the acquisition of apartments in Afik Group projects in Northern Cyprus in accordance with TRNC law are valid and binding. This applies to both the Caesar resort and any other project owned by the company in Northern Cyprus.

It was previously reported that Greek Cypriots who own real estate in Iskele filed a complaint with the police on the basis that their real estate was "illegally appraised" by foreign citizens. It is claimed, in particular, that Israeli companies "bought and developed tens of thousands of acres of land in the TRNC." Together with the government of Cyprus, Greek Cypriots are preparing for legal proceedings, some of which have already begun.

The chairman of the board of directors of one of the largest Israeli-origin construction companies revealed who among foreigners most often buys real estate in Northern Cyprus. Contrary to rumors, citizens of Israel are said to be at the bottom of the list.