Unprecedented Opportunities to Invest in Cyprus Properties By Sandra Kilic At Isnare.com Ezine Articles

Background:

Cyprus is the third largest island in the Mediterranean see. The geographical position of Cyprus has made it an island with strategical importance. It has been the cross road between the east and the west and for Christians, Muslims and Jews. It has also accommodated different ethnic backgrounds namely: Turkish, Greek, Arabs, Persians and more. Traders and travelers from Europe, Middle East, Far East and Africa have come to Cyprus for as long as recorded history.

The British leave Cyprus:

Cyprus used to under the rule of the British Colony for many years until 1964, when the British government left the island. A predominantly Greek government was chosen to run the country. However the disputes between the Turkish Cypriot and the Greek Cypriot let to bloodshed and war until 1974. In 1974 Turkey, as a security guarantor of Cyprus, intervened and ended the war and caused the Turkish Cypriot to immigrate to the North and Greek Cypriot to the South.

Until 1983 several negotiations took place however did not bare any fruits. The Turkish administrated north part declared it's independence in 1983. It's independence was only recognized by Turkey. Since then Turkish Lira has been used as the official currency of the Turkish Republic of Northern Cyprus.

Currencies in Northern Cyprus:

In north Cyprus, despite the fact that Turkish Lira is the official currency, goods are traded in different currencies, depending on the type of the commodity. For example prices of cars are usually stated in Euros, Computers, Electronics and other technological devices are usually sold in US Dollar. Properties in North Cyprus are almost always sold in Great British Pound.

Current devaluation of British pound and the opportunities:

Devaluation of Great British pound against US Dollar, Euro and other currencies has provided fantastic investment opportunities in Northern Cyprus for individuals and companies in Europe, the US, Australia, and any company which uses Euro or the US Dollar.

Prices of Lands, Villas, Houses, Bungalows and Apartments in North Cyprus are in Great British Pounds since a very long time ago. Due to reduction of value of GBP to other major currencies, investment opportunities in Northern Cyprus have become even more attractive.

The island of Cyprus has joined the European Union in 2004 and since 2006 uses Euro as its currency. However due to settlement issues between the south government and the Turkish Cypriot North government, EU laws do not apply to the North part of the island. Therefore the official currency for North Cyprus is not Euro but it is Turkish Lira.

Hope for "change" in Cyprus as well:

There have been serious negotiations going on since the election of Christophias as president in the South Cyprus, who claims to seek permanent solution to the Cyprus problem. Many expect that a conclusive solution is reachable within 2009. If that happens prices of all kind of properties in North Cyprus are expected to appreciate massively, as at the moment the prices are half of similar properties in the South Cyprus, plus properties in the North are sold and bought in GBP which has lost its value against other currencies in last few months.

Therefore opportunities to invest in North Cyprus may not be as available as they are today in one year time. If you do have cash and it is in Euro, US Dollar the time to invest in Cyprus has arrived. Currently there are great bargains in the North Cyprus property market as well.

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