Property investment in North Cyprus has been mounting during the last couple of years, with individual property investors and construction companies bringing a new wave of development to the north of this ancient island. Property in Cyprus has not been correspondingly priced since the division of 1974, which saw the North side of the island, some years later, partitioned. This act created a state which was never internationally recognized by any country other than Turkey.
This fact has limited the economic development of the north compared to that of the Republic of Cyprus where property investment has been prevalent for many years and has now stagnated. Property in Cyprus itself is generally worth around double of that in the North, where prices are far lower. However, unlike properties in Cyprus the property market in North Cyprus is emerging and still appreciating in value. Those investors who moved into property in the north in 2006, for example, saw 20 returns on their initial investment within the first 18 months of their investment, as the international isolation of the north slowly began to wear away, thanks to the opening of the borders and the renewed attention that the 2004 Annan plan brought to the region.
Following the failure of the Annan plan the atmosphere of pessimism and depression that had long characterised attitudes toward the Cyprus problem returned, yet the property prices remained bolstered, and since then they have only continued to stay healthy.
Since the election this year of Demetris Christofias as president of the Republic of Cyprus the potential benefits of property investment in North Cyprus have once again come to the fore of the attention of eagle eyed property investors. Christofias ran to the presidency on a staunchly pro reunification stance and his deeds since gaining power including a close relationship to his also pro reunification Turkish Cypriot counterpart Mehmet Ali Talat have been faithful to his words.
This week Caroline Flint, the Minister for Europe, visited both Talat and Christofias. Following her meeting with Christofias Flint reiterated the support and optimism that the international community which was, not long ago, completely disillusioned by talk of reunifying the island now spares for the small Mediterranean island. Describing the purpose of her trip Flint said that she wished to ensure everyone is aware of our commitment to the historic process and hopefully to make it a success.
After meeting with Mehmet Ali Talat the British minister commended the commitment of both leaders in their wish to keep the energy of the talks alive an energy which saw both leaders eagerly embrace the challenges of the complex diplomatic and political situation of the island.
For property investors the continuing roll toward a solution means that that north Cyprus should be grabbing the attention as a place where buying investment property is a seriously smart move. Property in North Cyprus is still around a half of that in the Republic of Cyprus and, as property is bought in pounds Sterling, is a attractive initial investment for UK investors looking to buy property abroad.
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