The property market in North Cyprus is flourishing alongside the reunification talks that are currently underway between North Cyprus’ Mehmet Ali Talat and the Greek Cypriot Demetris Christofias. North Cyprus property has been steadily increasing since the Annan plan of 2004. Even though the UN brokered plan failed, the impetuous that the diplomatic attempt at reunification injected into property prices remained, and values have continued to rise.
Now, property prices in North Cyprus are still around a third and a half of those in the South, but Cyprus property agents, developers and investors are focusing their attention onto the property market in the North, where the immediate future looks set to boost property prices into an exponential rise.
The simple reason for this is that property in North Cyprus has been moderated by the political and diplomatic restraints that have been placed on North Cyprus since the mid 1980. As a reward for supporting the UN backed Annan Plan in 2004 – which was decided by separate referendum votes – the UN pledged to ease import and export restrictions on the North. That pledge was never fully honoured – although the Green Line Mechanism, which allows for the North to export good into the South was put into place – but this UN commendation, which was repeated this February after the election of Demetris Christofias in the South, had a positive impact on property prices.
The opening of the border has also positively influenced the property market in North Cyprus; prior to this tourists were forced to fly to Turkey, touchdown and then take a connecting flight into North Cyprus. Now however, with tourists able to fly into the South and simply cross the border into the North, where the same idyllic temperatures, friendly atmosphere and beautiful beaches that have made the south a tourist hot spot are to be found, but where costs are far lower.
Demetris Christofias, the left wing leader of the Republic of Cyprus, and his North Cypriot fellow Mehmet Ali Talat are now meeting every week, with the express aim of finalising a workable blueprint for reunification ‘by the end of the year’ according to Talat. This week the leaders met for the third time, to continue moving forward on the topic of power sharing in a reunified Cyprus. Both sides are already at agreement on the outline of a reunified state, but are still overcoming differences regarding how power sharing in a reunified state will work. The Turkish Cypriots seek a federation, whereas Christofias wants a powerful central government.
At the moment there is no official deadline for this round of talks to finish, but both leaders know that the optimism and support that both men have behind them from their people and the international diplomatic community will not outlast a lengthy period of diplomacy between North and South – for the simple reason that, after thirty years of partition, the people of North and South Cyprus are weary of falling into stalled negotiations.
No matter what exact form reunification arrives in, the knock on effect for the North Cyprus property market is certain to be a sudden, sharp rise in values. For early bird investors, North Cyprus is simply the best place to buy investment property in Europe right now, with prices starting at between a third and a half of those in the Republic of Cyprus and properties already experiencing the first stages of the growth which will follow reunification.
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Want to read more about property in North Cyprus and how it is related to the reunification talks now taking place? Visit http://www.whiterocksbafra.com
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