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Property Investment in Northern Cyprus
Northern Cyprus is blessed with many of the most stunning beaches and much of the best natural scenery found on the entire sun-drenched island of Cyprus. What’s more, because Northern Cyprus was largely cut off from the rest of the world between 1974 and 2004, when the Republic of Cyprus joined the European Union, the northern third of Cyprus has remained largely unspoiled and untouched in many respects.
What this means for property investors, holiday and permanent home buyers is that the landscape is perfectly ripe and ready for closer inspection - which is why there is a construction boom ongoing in North Cyprus, why there is a rapidly expanding population of both professional classes and retirees from international backgrounds, and why Northern Cyprus is one of the most interesting and attractive emerging real estate markets in Europe at the moment.
Positive Cyprus Peace Talks Continue
Divided Nation
The divide between the north and south of Cyprus – the Turkish and the
Greek sides - has been ongoing for 34 years, with discussions and
proposals doing very little to change anything. But, with more
reunification talks scheduled for November, there’s an air of optimism
once again.
Brief History
The division in Cyprus began in 1974, when Turkish troops occupied its
northern third, following a Greek Cypriot coup inspired by the Greek military
junta. This led to the displacement of
thousands of Cypriots and the establishment of a separate Turkish
Cypriot entity in the north. Later, the internationally recognized state of the Republic
of Cyprus claimed sovereignty over 97 per cent of the island and all
surrounding waters, with the UK controlling the remaining three per
cent. Then, in 1983 the Turkish-held North declared itself the Turkish
Republic of Northern Cyprus.
Fresh Talks
Greek Cypriot leader Demetris Christofias and Turkish Cypriot leader
Mehmet Ali Talat met again recently to continue their discussions in
the UN-controlled buffer zone near Nicosia’s disused airport, which
divides the island. A senior UN official described the meeting as “productive” and
“fruitful,” adding that the two leaders agreed to resume negotiations
on power-sharing in early October.
The launch of negotiations marked the first major push for peace since discussions had stalled in 2004 when Greek Cypriots rejected a Turkish Cypriot backed UN peace plan. The aim of the fully-fledged negotiations is to find a mutually acceptable solution to the Cyprus problem and it’s believed that two recent factors have led to a greater motivation for an agreeable conclusion.
Firstly, Cyprus has been accepted into the EU and changed its currency in January 2008 to cement its inclusion. However, Turkey is still negotiating its route into EU membership and is aware that a number of member states have expressed their desire for a resolution to the Cyprus conflict before they will support Turkey’s application. This has prompted a more open stance to discussion from the Turkish Republic of Northern Cyprus.
New Beginning
The second factor that is bringing the two sides a step closer is the
change of government in the southern part of the island. Earlier this
year a general election took place in which AKEL leader Dimitris
Christofias replaced the Democratic Party leader, Tassos Papadopoulos. This ‘changing of the guard’ meant that Cyprus became only the
second country in the world to have a democratically-elected communist
government. Christofias is also pro-reunification and has expressed the
need for a resolution sooner rather than later.
Positive Signs
There have been some positive steps made already this year. In April, in the capital city of Nicosia, there was the opening of the symbolic crossing at Ledra Street - closed since violence flared between the Greek and Turkish Cypriot communities in 1964 – which was seen as a major confidence-building measure ahead of the talks. In May 2008, Mr. Talat spoke of his hopes for Cyprus re-unification, enthusing that there had never been so much chance for solution. However, he added that the he expected the toughest issues during the unification talks to be land and property. “It is a very complex problem”, he said. “30 to 40 years have passed, the properties changed owners many times and both Greek Cypriots and Turkish Cypriots are very sensitive about this issue. Therefore it is a tough issue”.
Reunification may boost the Turkish Cypriot economy, which could bring huge investment to the northern part of the island and facilitate infrastructure improvements that would bring the North up to the standards of the South. The tourism industry would also take off and the property market would inevitably benefit. With a new government in the south of the island and the north looking to encourage the acceptance of Turkey into the EU, there seems to be a momentum and desire by both sides to reach an agreement, which bodes well for the future of Cyprus.
News submitted by Jon Moore, The Move Channel
