North Cyprus is the setting for the best property investment opportunities in Europe at the moment. With property prices there still less than half of those in the Cypriot side of the Island, and far cheaper than those in other popular tourist destinations on the Mediterranean, the amount of money needed to go into a property investment in North Cyprus is far lower than in other European countries. This appeal is augmented by the fact that Sterling is the currency used for property deals in North Cyprus. For a UK investor the advantage of this is obvious; it avoids the currently dire exchange rate between the pound and the euro, meaning that the investor’s money goes further.
But, with a serious diplomatic effort now being exerted to heal the rift that has stretched across the island for the last thirty years, property prices are already rising, and the market is lodging many sharp individual investors and quick witted property developers who are moving into North Cyprus in anticipation of the reunification that looks set to materialise.
There are numerous aspects of the current diplomatic mood that lead to international commentators, NGO’s and diplomats – and, of course, investors to view this current round of negotiations as the best chance that the island has ever had to reunify. Not least of these reasons is the change in political leadership which came about this February with the ousting of five year incumbent nationalist leader Tassos Papadopoulos, in favour of the pro reformation, left winger Demetris Christofias.
Both he and the Turkish Cypriot leader, Mehmet Ali Talat are ideologically similarly positioned on the left and both have made it clear that they want to work toward a reunified Cyprus. Since February the pair have met numerous times, and weekly talks between the two are now taking place.
The couple have placed a self imposed media blackout on how the talks are going, but according to the Cyprus Observer’s website Michele Montras, a spokeswoman for the UN Secretary General, said on Monday that the Secretary General “spoke on the phone separately with Greek Cypriot leader Demetris Christofias and Turkish Cypriot leader Mehmet Ali Talat to congratulate them personally on the formal launch last week of fully fledged negotiations aimed at achieving a comprehensive settlement to the Cyprus problem.”
”The Secretary General also spoke today with his special advisor on Cyprus Alexander Downer who is currently in Athens.
The reaction of Turkey to the current round of negotiations is crucial to its chances of success. Ankara has, in the past, been accused of standing on the sidelines during negotiation attempts. However, during this round of negotiations they will be compelled to act in fecund and active manner, because EU membership talks are due to officially resume next year, and the Cyprus issue, if left unresolved, would prove an insurmountable block to those talks.
The push toward reunification does not just benefit the island and its citizens, but also those wily investors who recognize that the North Cyprus property market is perfectly ripe for investment.
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