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North Cyprus Properties: Is It Time to Invest?

Background

The geographical location of Cyprus has made it a favorable location for life and business. The country enjoys 300 days of sunshine throughout the year. Many parts of nature are intact and preserved, especially in the north. Cyprus has two official languages, Greek and Turkish. English is widely spoken on both sides of the island. The island has an expat-friendly culture due to many years of tourism, trade, and being a bridge between West and East. The culture accepts Eastern and Western points of view.

Due to internal conflicts between Turkish Cypriots and Greek Cypriots, the island was divided into two parts in 1974, with most Greek Cypriots moving to the south and most Turkish Cypriots to the north. Both sides of the island established their own government, however only the Greek Cypriot side managed to gain international recognition.

There have been island reunification efforts over the years, the most important of which took place in the year 2004 and came to a final solution to the Cyprus problem called the “Annan Plan”. The Anna Plan was put to a referendum. The Turkish Cypriots voted for the plan and the Greek Cypriots did not; therefore, the plan was not put into action.

The whole island joined the EU in 2004, however, due to a problem between the South and the North; EU rules are not fully applied in the North until a solution is found. The Northern Cyprus government is voluntarily amending the rules and regulations to the EU format.

Since 2004, the Northern Cypriots, when they voted in favor of Anan’s plan for the Cyprus solution, international embargoes on Northern Cyprus are being relaxed. Border restrictions have been lifted for all EU citizens and citizens of many other countries. Tourists and locals are free to travel to any side of the island they wish through the gates. Large international companies such as HSBC Bank, Mercure hotels, Nike… have already started their presence in North Cyprus.

Real estate market in recent years

The real estate market has experienced tremendous growth since 2004. In the period between 2004 and 2006, the price of properties doubled and has been growing steadily until today. Currently, the average property price in North Cyprus is about 1/3 of that of properties in South Spain and half that in South Cyprus.

Many hope that a final solution to the Cyprus issue will be reached as early as 2008-2009, as the leaders of both sides have already agreed to engage in fully integrated peace talks from September 3, 2008. It is worth noting that Nicosia it is the only divided capital in the EU and the EU is particularly focused on the Cyprus issue to speed up the process.

There are some concerns regarding the status of the title deeds when the island is unified, however there are ways to ensure your investment is secure. You need to know what property title you are buying. There are basically four types which are explained in the North Cyprus Property Guide.

If a solution is reached by the end of 2008, a sharp rise in values ​​on all properties is expected.

There are excellent buy-to-let opportunities in North Cyprus. You can buy your property; enjoy your summers in Cyprus and then rent it out the rest of the year. There are a number of good property management service providers that can help ensure your home is safe and rents are paid on time while you are away.

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