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Boston firm "invests" in Turkish-occupied Cyprus

Featured Boston firm "invests" in Turkish-occupied Cyprus

While the northern part of Cyprus remains under the boot of Turkish occupation, the Boston real estate development company DND Homes annouced it has established a corporate entity on the Turkish-Cypriot occupied northern third of the island – just ahead of the 50th anniversary of Turkish invasions – and build 30,000 homes there.

While the northern part of Cyprus remains under the boot of Turkish occupation, the Boston real estate development company DND Homes annouced it has established a corporate entity on the Turkish-Cypriot occupied northern third of the island – just ahead of the 50th anniversary of Turkish invasions – and build 30,000 homes there.

The announcement came from DND Homes, which has 120 projects across Massachusetts and said its operation on Cyprus would be headed by the company’s founder Ozan Dokmecioglu, the scion of a Turkish-Cypriot from Ammohostos, a former CEO and CFO for Keurig Dr. Pepper, who was fired after jut three months due to unspecified violations related to his personal conduct, the company had announced in November 2022.

The homes will be built in five areas on the northern shore of Cyprus, referred to by Turkish names, on what may be areas belonging to Greek-Cypriot refugees or their offspring, according to rule of law. The company notes it will provide “homes of unmatched quality and comfort,” and “blend luxury living with contemporary design and sustainability.”

Dokmecioglu also noted that, his firm is investing heavily in the tourism sector, developing luxury five-star hotels a beach club. There is the matter of fnancing as his company's assets do not corresond to the actual cost of developing such properties.

He added that, “These initiatives reflect the region’s burgeoning reputation as a hotspot for real estate investors and expats while bolstering the local tourism industry,” the occupied side largely depending on Turkey for its stagnant economy, while the Republic of Cyprus foots the bill for some civil services.

He referred to the occupied territories as Northern Cyprus, the name that Turkey and Turkish-Cypriots use for the isolated side that no other country in the world apart from Turkey recognizes as a legitimate government.

“Our company is envisioning that these developments will extend beyond luxury residences to create a vibrant, upscale community lifestyle. To be honest, featuring breathtaking landscapes, private pools, and a lively social scene,” he said.

DND Homes, with assets exceeding $300 million, operates branches in Boston, the USA, and the occupied Cypriot territory.

The United Nations passed a resolution that homes there owned by Greek-Cypriots who were forced to flee during the invasion still belong to them and their families.