Property in Northern Cyprus Important Update

The Republic of (south) Cyprus is currently in the midst of election fever with voting obligatory and the candidate considered most likely to walk away with victory having been knocked out of the running in a shock defeat at the polls yesterday.  For all those with property in Northern Cyprus we bring you this important update.

President Papadopoulos, the current president of Cyprus, has been knocked out of the presidential running whilst his two strongest opponents, both in favour of restarting talks about a solution to the division of Cyprus, will go on to the final stage of the battle on the 24th of February.  This all has a significant effect on those with property assets in North Cyprus and the Republic of Cyprus.

President Papadopoulos has been the Head of Government and Chief of State in the Republic of Cyprus for many years and he is seen internationally as the number one obstacle preventing the restart of talks between the two sides of the divided island – and therefore a significant obstacle in the talks about Turkey joining the EU.  Both of Papadopoulos’ opponents are in favour of ending the division of the island and if you add up the percentage of citizens who voted against President Papadopoulos, you can see that 65% of Greek Cypriots now want to see an end to the current situation of ‘them and us’ in Cyprus.

For those with property in Northern Cyprus this is hugely exciting news. 

It means that Turkish Cypriots are one step closer to having the isolation levelled against them ended, and it may well mean that direct flights, an open and affluent tourism market and therefore a buoyant property scene are also a step closer.

In 2004 when Cyprus was on the verge of joining the EU there was a joint referendum to decide whether Cyprus should join together – the Turkish Cypriots voted ‘yes’ and, after being advised to do so by President Papadopoulos, the Greek Cypriots voted ‘no’…now whilst both candidates for president have said that they want to restart talks, it is believed that they both want Cyprus to become two separate states and for the division to simply be one of rule rather than one of border posts and armies.

If a referendum were to again occur, it’s highly likely that this is what the people from both sides of the island would now vote for as well. 

Cyprus joined the EU in 2004, but the EU acquis - which is the body of common rights and obligations - only applies to the Republic of Cyprus.  If a decision can be reached allowing both sides of the island to self-govern and be equally recognised as members of the European Union this will have an immediate and dramatic effect on property prices.

Those who have bought property in North Cyprus at vastly lower rates compared to those in south Cyprus will potentially see prices rise overnight – so if you’re looking for a slightly edgy and controversial but potentially high returning property investment opportunity – buy property in North Cyprus in 2008!

Special Reports: Property News for North Cyprus

Northern Cyprus a Property Investor’s Guide
A guide to investment into internationally recognised property in the real estate market in Northern Cyprus

Northern Cyprus Property Buying Guide
Investors interested in property in Northern Cyprus should make themselves aware of the entire property buying process before committing themselves

Northern Cyprus Property Investment Potential
Of all the Mediterranean destinations Northern Cyprus has the most potential for substantial gains and income for property investors