A Short History of the North Cyprus Property Boom By Martin Gavin At Isnare.com Ezine Articles

Once upon a time - long before Britain gave independence to the island and the Turkish invaded and occupied the North of the island as a counter to an attempted Greek coup - Cyprus was a unified nation, though it had passed through the hands of various owners; it has been ruled by Richard the Lionheart, the Knights Templar, and for a long period, the Ottoman Empire.

In those days the island flourished, with the warm Mediterranean seas and fertiel soil more than adequately serving its inhabitants.

Partition

But, When Turkey invaded the island in 1974, there was a partition of the island. Since then, North Cyprus has received little diplomatic and economic aid, and trade with North Cyprus comes almost solely from Turkey.

That situation was exacerbated when Turkey declared the independence of north Cyprus, naming it the Turkish Republic of North Cyprus (TRNC). That drew North Cyprus further away from international and European communities as Turkey sought to bring an end to the dispute by isolating North Cyprus further from its southern neighbour.

2004 - The Annan Plan Referendum Spelled Hope for Property in North Cyprus

But North Cyprus saw a reversal of fortunes with the Annan Plan, and when it came to the Annan Plan Referendum of 2004, Turkish Cypriots voted 'yes' to reunification, scrambling to see a return to the European arena. Greek Cypriots voted against the bill, but the efforts of North Cyprus were not forgotten; the E.U prepared substantial aid packages for the island, and opened up some trading with the area.

And it was really the Annan Plan Referendum that can be seen as the beginning of what has now been named the North Cyprus property boom. with some trade coming into the island, North Cyprus saw increased economic growth.

And along with the more favourable light the referendum gave North Cyprus, tourism also increased. With it, naturally, came larger foreign investment in property in North Cyprus.

Even during the failed reunification talks, then, property prices rose. And the continued interest in tourism for North Cyprus, plus the growing interest in overseas investment means that prices are appreciating; in 2002, one donum of land fetched a price of around £2000; by the end of 2004 it was closer to £30,000.

Now it is somewhere in the region of £40,000 to £50,000.
The North Cyprus Property Boom in 2008

Now, property in North Cyprus is still appreciating, and shrewd investors are keeping an eye on developments; optimists argue that the appointment of pro-reunification leader Dimitris Christofias to the presidency of North Cyprus should bring about a swift reconciliation between the Republic of Cyprus and North Cyprus, where TRNC leader Mehmet Ali Talat has been trying in vain for reunification since he was made president in 2004.

With the two heads of state now meeting weekly, the reunification issue could soon be settled, and the negatives still drawing aspects of North Cyprus could be removed.

If they are, then the North Cyprus property boom could appreciate considerably; appreciating since the first serious reunification efforts in 2004, the time could be now for overseas investors to invest in properties in North Cyprus, where the best emerging property market in the world is there for the taking.

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