News & Views
Spain is making a comebackWe have had a long love affair with Spain, although some of us have been more faithful than others. Some visitors return year after year, some buy holiday homes and some take the ultimate commitment and make a permanent move. Spain has long been a hotspot for international property investment and the Spanish Ministry of Tourism predicts that more than one million foreigners will set up home on the Spanish coast in the next five years.
There are many low cost airlines that fly direct to Spain which make accessibility from all over Europe cheap and easy. Spain has traditionally been one of the safest markets in which to invest as you could be sure of a strong rental income. The Mediterranean coast of Spain offers a warm climate year round, allowing for an abundance of outdoor pursuits including swimming and golfing. An excellent infrastructure is already established, including European standards in medical and social security services. Spain still offers value for money and remains popular for those looking to enjoy their golden years in the sun. Since the credit crunch hit, Spain has been one of the worst affected markets as developers got so carried away with the property boom that they are now left with a glut of apartments that are proving difficult to sell and therefore, real bargains can be found in both key ready and resale properties.
The buying process in Spain is straightforward; there is plenty of expert advice on the subject but remember, the first rule is to use an independent lawyer.
Cyprus edges towards peaceful settlement between Greeks and TurksCyprus edged towards an end to its bitter divisions on Friday when leaders on both sides of the "green line" agreed to open formal talks on reuniting their island. President Demetris Christofias, who leads the Greek community and rules the island's southern portion, met President Mehmet Ali Talat of the self-styled "Turkish Republic of Northern Cyprus" for two hours. They agreed that talks on resolving the conflict, which caused Cyprus's partition 34 years ago, will begin in September. "The aim of the full-fledged negotiations is to find a mutually acceptable solution to the Cyprus problem which will safeguard the interests of Greek Cypriots and Turkish Cypriots," said Taye-Brook Zerihoun, the head of the United Nations mission in Cyprus.
The last attempt to resolve the conflict collapsed in 2004 when Greek Cypriots rejected a plan to reunite the island as a loose federation. Tassos Papadopoulos, a hardline nationalist, was then their president. But he lost an election in February, removing what observers saw as a key obstacle to a settlement. His successor, Mr Christofias, is a prominent left-winger who is more willing to countenance a unity agreement with Turkish Cypriots. On the other side of the green line, Mr Talat is a fellow left-winger who leads a government committed to finding a solution.
For the first time, both sides of the island have moderate leaders and this has transformed the atmosphere. Mr Talat has ventured across the "green line" into the Greek half of the capital, Nicosia, on informal walkabouts. Yet the two sides have fundamental differences, in particular over the property rights of Greek Cypriots who were forced to leave the North by the Turkish intervention of 1974. "There is a lot we agree on, a lot we disagree on, it's all a matter of a constructive stance," said Mr Christofias.
By David Blair, Diplomatic Editor of The Daily Telegraph
Northern Cyprus - the last affordable property market in the Mediterranean region
It pretty much goes without saying that the lure of the Mediterranean region with holidaymakers the whole world over has meant that every other coastline that brushes the Mediterranean Sea has been overbought, oversold, overdeveloped or overpriced and that the Northern Cyprus coastline is the last untouched, unspoiled, underdeveloped and affordable place where you can buy your overseas home.
This is leading to unprecedented levels of interest from international developers, property investors and individual buyers alike. Just think if you could have bought aproperty in Spain thirty years ago before it became such a popular and accessible location, what a goldmine you’d be sitting on today…well, Northern Cyprus is Spain thirty years ago. It’s a unique market offering inimitable potential which is why it is so popular with property investors today.