FINWIRE®

Reunification talks boost North Cyprus property market

April 4th, 2008

The historic reunification meeting between the leaders of the Greek and Turkish communities which took place on the 21st of March has already made an impact on the North Cyprus property market.

Both presidents expressed optimism for the future and a willingness to work towards a comprehensive solution.

And their obvious sincerity has excited much speculation on the part of property investors keen to take advantage of the low prices which exist in the north of the island.

In a bold political step, historic Ledra Street, long the barricaded dividing line in the centre of Nicosia and symbolic of the division between the communities, will re-open as a crossing point.

This move towards easing the passage of visitors between the divided states is seen as hugely significant by the islanders and international commentators alike.

Richard Appleberg, CEO of Cyprop, commented “This is great news for property owners, buyers and investors.

Typically prices for property in North Cyprus have been around one third of those in the south of the island, but I will be amazed if they stay that way for long.”

Cyprop report that the already high level of interest in their North Cyprus property sales began to accelerate as soon as President Demetris Christofias was elected in February.

And after the success of the reunification meeting, they have simply been inundated with requests for information and inspection trips.

Richard Burton, Cyprop Director said “We are responding to the demand by laying on extra inspection flights and our sales staff are working flat out to keep pace.

People are starting to realise that there may not be much time left to invest at these artificially low prices.”

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