Property in North Cyprus Tipped Once Again to Rise With Reunification
In recent months a number of political commentators and property experts have been signalling the boom in property in North Cyprus as one of the most fruitful and hotly anticipated in the world, and the biggest and most exciting for many years.
It has been picked out for special note because of the relative yield of the properties, which are currently just a third of the prices of what can be found in the south; the percentage they could rise is seen as unprecedented in the European arena.
What has caused this upturn in fortunes for North Cyprus?
Most put it down to the presence of Dimitris Christofias, elected president of the Republic of Cyprus at the start of this year. His promotion to head of state has led for the first time to a reonciliation effort between the TRNC of North Cyprus and the Republic of Cyprus - the two respective states on the partitioned island - because he joins his counterpart Mehmet Ali Talat as the second in a pairing that become the first in Cypriot history to favour reunification.
Before then, long standing presidents Rauf Denktash and Tassos Papadopoulos had unwaveringly refuted the claims and desires of pro-reunification lobbys and groups, leaving the North of the island stagnant; placed under sanction by the E.U as a punishment for the Turkish invasion in 1974, North Cyprus became the victim of a tense diplomatic war between the European Union and Turkey, and it suffered economically.
But new presidents Talat and Christofias - Talat was elected in 2004 - have pleased the E.U with their continued commitment to reunification, and Talat was one of the key figures behind the anti-Denktash campaigns at the 2004 Annan Plan Referendum, and he was prime minister at the time, making him one of the most significant politicians to have influenced the ‘yes’ vote at the time.
That in itself lifted a number of the sanctions and aid was pledged to the island. It created a snowball effect for the tourist and property industries in North Cyprus, beginning what is now known as the North Cyprus Property Boom.
But with only half of the anti-reunification pairing gone, Papadopoulous was still able to exert his influence, and the Republic of Cyprus blocked aid to the island. North Cyprus was finally starting to flourish, after its shackles has been loosened, but there was work to be done.
The next stage came with the election of Christofias, and the North Cyprus Property Boom has been in full swing, launched on the back of the continued reunification talks between the two leaders.
When reunification comes, that will be the final act for the removal of its chains, and the vast boom for property in North Cyprus will blossom as it has been predicted to.
And with prices predicted to rise by as much as 200% in just two years - considering that prices are already at £30,000 a donum or £90,000 an acre - property in Cyprus is at a strong point indeed.
The stage, then, is set.
Martin Gavin is the resident expert on Cyprus properties and the North Cyprus property boom at http://www.whiterocksbafra.com
Related Posts:
Buying Investment Property in North Cyprus
North Cyprus Property About to Rise in Value Alongside Reunification
Reunification, Property in North Cyprus, And the Treaty of Guarantee
