Evergreen Statement

Evergreen Developments
18.6.10

Statement in response to recent media reports regarding the compulsory auction of ex-pat properties in Karsiyaka.

You may have read recent media reports concerning the compulsory auction by the bank of ex-pat privately owned properties in Karsiyaka. These loans were
• wrongly taken out on the land by the developer,
• using the privately owned properties as collateral, and
• made without the knowledge of the property owners,
• prior to legislation preventing this which was created in 2008.
These reports have understandably caused alarm amongst both existing property owners and those considering buying a property. The fear is that they may have either bought, or be about to buy, a property which may have outstanding debts upon it.

We wish to reassure all of our existing Evergreen Developments property owners as well as those considering buying a property that no Evergreen property has ever been nor ever will be built on land which is subject to any mortgage or loan.

In addition, we wish to reassure you that, as a result of the TRNC "Estate Agents Law" which came into force in 2008, no new owner could experience such a situation. Following this ruling, all Contracts of Sale in North Cyprus must be registered at the Land Registry and the personal written approval of the contract holder must to be obtained for any further bank loan to be taken out against the land on which it is built.

All of the above information can be verified by your chosen legal representative in N Cyprus prior to the purchase of an Evergreen Property.

This situation only serves to reinforce what we at Evergreen have always said -
There are developments.
And then there are Evergreen Developments.