roperty prices in North Cyprus are between a half and a third those in the South of the island, despite the fact that the North benefits from the same blissful climate, boasts the warmest sea temperatures in the Mediterranean and is covered in unspoiled, ancient countryside.
During 2004, when the Annan plan was still on the table, property prices began to rise and, even though the plan did not succeed, values remained higher. Under the new round of talks between North Cyprus and South Cyprus property prices are booming, and many developers are now undertaking projects in the North, as the country with its currently low property and land prices offers an absolutely fantastic investment opportunity for those who act quickly enough.
There are many reasons to feel optimistic about the current round of negotiations that are taking place between Mehmet Ali Talat, the Turkish Cypriot leader, and his counterpart from the south of the Green Line, Demetris Christofias.
For one, unlike the previous Greek Cypriot president, the conservative and anti reunification Tassos Papadopoulos, Christofias has broadcasted, and ran to office on, a strong personal desire to unify the long divided island. In contrast, Papadopoulos attempted to extend his presidency on a nationalistic appeal, and had promised to continue his rejection of any attempts at reunification.
The fact that the vote was split between Papadopoulos and his centre right opponent Ioannis Kasoulides betrays the shift in attitudes on the Greek Cypriot side – where the Annan plan was rejected via referendum in 2004 – toward a more optimistic view of the issue.
The impetus that Christofias has bought to the revived peace talks became obvious on the president’s first visit to the Brussels, where he was met with affection by EU heads of state. His election was also greeted with favour by the Turkish Cypriot administration, who welcomed the chance, after five years of stalled attempts at reunification under Papadopoulos, to push forward with reunification.
The newly assured attitudes in both North Cyprus and South Cyprus have not been confined to the election period. According to the International Crisis Group’s report Reunification Cyprus: The Best Chance yet a recent poll showed that ‘after two months in power....three quarters of Greek Cypriot [were still] backing Christofias’ pro solution approach.’
And it’s not just the people of the island who are supporting the move toward reunifying North and South Cyprus. According to the same International Crises Group report, Lynn Pasoe, the UN Under Secretary General for Political Affairs, following a visit of Cyprus in March 2008, noted that ‘the manifest commitment of the Greek Cypriot and Turkish Cypriot leaders to seek a solution is extremely encouraging.’
Anyone asking themselves where the best place to buy investment property should really keep a good eye on North Cyprus at the moment. Christofias and Mehmet Ali Talat are now meeting each week, and their friendship, along with their joint leftwing political standing, reinforce their joint commitment to reunification, and the fact that Turkey will be having its EU membership negotiations officially restarted next year means that Ankara can’t be on the sidelines during this round.
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