These are historic days for North Cyprus, with reunification talks revived after several years of stalled diplomacy and entrenched pessimism on both sides of the line which runs across and splits the Mediterranean island – the Green Line. In terms of the property market in North Cyprus, the progress of the reunification talks are of massive importance, and anybody thinking about making an investment in rental property abroad should be keeping a close eye on them.
Property prices in North Cyprus have, historically, been far lower than those in the south by between a third and a half. The division of the island is the main reason for this, as property values have been affected by the restrictions on, specifically, trade and travel. With reunification property prices are expected to shoot up, and there is more optimism both nationally and internationally over this round of negotiations than any other in the past.
The International Crises Group, a heavyweight Non Governmental Organisation who advise on areas that have been, or currently are, marred by violence, listed Cyprus as a Crises Resolution Opportunity in their September CrisisWatch report. The Group have outlined the shift in political wills on both side of the Green Line which followed the February election of Demetris Christofias, and their report Reunifying Cyprus: The Best Chance Yet, from the 23rd of June 2008 (available on their website) is informative background reading for anyone thinking about buying investment property in North Cyprus.
This week, Ban Ki Moon, the Secretary General of the UN, reiterated the prevailing diplomatic mood regarding the current round of negotiations. Ban Ki Moon, whilst providing an overview of the world’s trouble spots, issues, and also successes, paused to make mention of the North Cyprus, stating that, under the current stewardship of the pro reunification moderates Mehmet Ali Talat and Demetris Christofias, ‘there is a real chance to reunify Cyprus.’
The UN is crucial in brokering peace on the island, as the EU – which Cyprus is now a member of – cannot be seen to act in impartially. Alexander Downer, the Australian, is the UN’s special envoy to Cyprus and after the second meeting he suggested that the reunification talks were progressing along at a good rate (the leaders themselves have implemented a self imposed media silence during this period), and the UN described the September 3rd meeting between the two sides as ‘historic.’
On Wednesday Taye Brook Zerihoun, the UN’s Chief of Mission, quoted in the Taipei Times, said that “The complex and challenging process of finding a negotiated settlement of the Cyprus problem has started in earnest.”
“The road ahead will be pot holed and sometimes perilous, but it does not look blocked.”
“Pursuit of the greater good of the people of Cyprus is key to overcoming past rancour and division, and in ushering in a new era of cooperation, prosperity and peace based on respect for diversity and shared principles,” he went on to add.
For property prices this optimism is a factor that is already leading to an ascension in values, and the UK press have been running stories about the tourism and property investment opportunities offered by North Cyprus – see, for one example, the Sun newspaper’s ‘Cyprush’ article which ran on the front page of their Travel supplement on Saturday September 13th 2008.
Author Resource:-
If you want to read more about any aspect of the North Cyprus Property market, and especially how reunification will effect the values of property there, visit http://www.whiterocksbafra.com
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