Investment in properties abroad offers investors opportunities that domestic property simply cannot, and North Cyprus, where property is purchased in Sterling, not the hefty Euro, and where property prices are between a half and a third less than those in the rest of the island, is an emerging market for property investors that is quickly rising in profile.
The revived diplomatic attempts to bring an end to the division of the island have already influenced property prices, and the optimism, both international and domestic, that has surrounded the political leaders attempts is in stark contrast to the entrenched pessimism that cloaked both sides of the Green Line – the border that runs between North Cyprus and the rest of the island – during the stalled Annan plan. Reunification talks between North Cyprus’ Mehmet Ali Talat and the Greek Cypriot Demetris Christofias have been underway since September the third of this year. North Cyprus has been separate from the Republic since declaring its independence in the 1983, following the Turkish invasion and partition of the Northern most part of the island in 1974; a direct military response to a coup d’état backed by Greece that aimed to bring the island into union with the mainland.
North Cyprus is only recognised as a sovereign state by Turkey, and as such has not experienced the same level of growth – due to economic (namely trade and tourism) restrictions – and for this reason property in North Cyprus is far cheaper than that in the rest of the island and several times cheaper than in other Mediterranean countries. As a place to buy investment property, or holiday property for personal enjoyment, North Cyprus has many potential advantages. Firstly, the currently low prices are certain to shoot up with reunification, making forecast appreciation levels extremely favourable to property investors. In addition, North Cyprus is a unique destination for holiday makers, as Northern Cyprus has remained undisturbed by the level of development that has found its way to the rest of the island, especially in popular tourist hotspots like Ayia Napa.
Alexander Downer, the UN’s Advisor to Cyprus and the man overseeing the current brokering of a feasible plan for reunification has indicated that the talks are moving along (the leaders themselves are abiding to a self imposed media silence on the progress of each meeting), and recently met with the five permanent members of the UN Security Council to update them on the efforts.
For investors these talks should be seen as the best chance yet to bring reunification to the island, and this is the single most important factor that will unlock the value of properties in North Cyprus that are currently far below what their value will be in a reunified state. The two leaders, who share a left wing political standing, have both publically declared their individual wills to reunify the island, and the general prevailing mood is that this current round of talks offers the best chance yet for the small Mediterranean island – and therefore an amazing opportunity to invest in property abroad.
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If you want to read more about making property investments abroad, whether buying investment properties as a beginner or an experienced investor, visit http://www.whiterocksbafra.com, where property news and investment opportunities are updated regularly.
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