A real estate construction company which is selling property off plan, is accused of fraud by Turkish Cypriot daily Star Kibris.
According to the paper, Beirut Life real estate Construction Company, which provides services in the real estate industry in Lebanon and countries in the Middle East such as Saudi Arabia, Iraq and Iran, is also active in the real estate sector in the TRNC. The paper alleges that the Beirut Life Company is deceiving people who live in the Middle East by “exploiting the TRNC”.
The company is advertising on the internet that it will build a 17-storey hotel and a residence project in the TRNC, making false promises, the newspaper writes. The company is collecting deposits for property that has not been built. The same company also promises that those who buy these properties, will get immediate residency in the TRNC and will also be able to obtain a Turkish passport in five years with a property investment starting with $45,000 with installments of 300 dollars per month, including health, affordable education benefits and employment opportunities of working.
LGC News found this item on Beirut Life’s Facebook page under the search for posts section. We typed in Cyprus:
North Cyprus located near Girne on the Turkish side.
You get residency now and a passport in 5 years.
In North Cyprus apartment is 35m2 studio.
60m2 one bedroom add $200 per month.
82m2 two bedroom add $450 per month.
According to the plan provided by the company, the projects will be constructed in the village of Degirmenlik, which is impossible because there are quarries there. Moreover, the paper found out that there is no application for such projects at the city planning bureau. It is also stressed that this fraud will harm the TRNC as did the fraudulent activities of Gary Robb in the village of Arapkoy.
The paper called the TRNC authorities to take action against these alleged illegal activities of the Beirut Life Company, which has already taken deposits from some people for these “imaginary projects”.
In a follow-up to this story, Star Kibris asks who in the TRNC is partnering the company.
Chairman of the Turkish Cypriot Association of Real Estate Agents KTEB), Hasan Sungur, commenting on the activities of the Beirut Life Company, said: “Definitely, There is a partner in the TRNC. No one can prepare and advertise such a project without coming to or knowing the TRNC. First, the partner who is in the TRNC should be discovered. If this person is found, then the problem will be solved. We will make investigations to find this person”. Sungur further said that they will start a research immediately and will investigate the issue in detail.