North Cyprus Property Market Sticks to the Golden Tip on Buying Investment Property
North Cyprus Property Market Sticks to the Golden Tip on Buying Investment Property
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Home Page > Finance > Real Estate > North Cyprus Property Market Sticks to the Golden Tip on Buying Investment Property
North Cyprus Property Market Sticks to the Golden Tip on Buying Investment Property
Posted: Sep 30, 2008 |Comments: 0
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Tips on buying investment properties nearly always evoke the old adage that applies to all investments: buy cheap, sell dear, and then laugh all the way to the bank. For people looking to make an investment in rental property – or simply purchase a second home that will appreciate in value nicely – then the property market in North Cyprus should undoubtedly be the centre of attention right now.
The bucolic Mediterranean island of Cyprus has been divided for the last thirty years, during which time development – and property prices- have advanced far faster in the Greek Cypriot side of the island.
In fact property prices in North Cyprus are around a third and one half of those in the South of the island. Not only that, but property is bought and sold in Sterling in the North, so the key tip on buying investment properties – buy cheap – is doubly satisfied by the North Cyprus property market, as UK investors are, for obvious reasons, not currently advised to put their pounds into the Euro.
But what chance of being able to make a profit on property in North Cyprus?
The simple answer is that property in North Cyprus represents a better chance for profitable investment than anywhere else in Europe, and property prices, which are low due to constraints that look set to be removed in the very immediate future, are already rising at an unprecedented rate. On top of that, investment in new property developments – many of which offer fantastic off-plan investment opportunities- are already beginning to take off in North Cyprus.
Timing is something that is integral to our initial tip on buying investment property, after all an investor has to be certain that prices are going to rise.
In North Cyprus this proof takes the form of the current mood toward reunification, a reunification which faltered during the presidency of now-departed Greek Cypriot Tassos Papadopoulos but that has been well and truly revived since the election success of the left-wing, pro-reunification Greek Cypriot presided Demetris Christofias .
Both Christofias and Mehmet Ali Talat, the Turkish Cypriot leader, have used strongly pro-reunification words in the recent past, but unlike other leaders (and unlike many, perhaps most, other politicians) they have both honoured their words with actions.
The pair now meet each week in order to discuss what form reunification will take, and the talks are reportedly- Talat and Christofias have themselves imposed a media blackout during this stage of the negotiations- progressing well, according to the UN.
The United Nations Secretary General’s Special Advisor on Cyprus, the Australian Alexander Downer, has made good on the recommendation that the UN act to mediate multi-lateral reunification talks. Last week Downer, who appears to have engaged well with both Greek Cypriot and Turkish Cypriot sides, visited delegates in Cyprus, Turkey and Greece.
Speaking after a meeting with Prime Minister Konstantin Karamanlis of Greece, Downer told reporters that “We are at the beginning of the negotiations. Certainly there are differences between the views of each side. Anyway, that is the reason for the negotiations. If these differences occur at the end of the negotiations and not at the beginning, then it means there is a problem. We hope to reach the solution by arranging a settlement on the disagreements between the sides in the negotiation process.”
This negotiation phase is the period during which those who make the best returns on their investment will act. Many Russian investors, and land developers, are already seizing the opportunity to take the old tip to heart; it doesn’t matter whether it’s wine or property, as long as you see for more than you buy, you are doing well, and right now you can’t do any better for property investment than in North Cyprus.
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Martin Gavin –
About the Author:
If you want to stay up to date on Property in North Cyprus including investment news and the latest reports from the reunification talks then visit www.whiterocksbafra.com
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