Forbes Rates North Cyprus’s Property Market

Forbes magazine recently lumped the whole of Cyprus together in a report about the state of the property markets in Europe and had the nation lying in second place to Poland in terms of its positive real estate fortunes in 2007...but the image used to illustrate the allure of Cyprus was certainly one of the Northern third of the island!

So it seems that suddenly this beautiful part of the world is receiving stronger than usual attention. According to estate agents on the island this is also the case...they are reporting that Easter was busier than they had expected, and that now thanks to the positive political developments in Cyprus, the number of inspection trips booked for the rest of the year is well up on their 2007 figures. This means that North Cyprus could actually have one of the most dynamic real estate markets in Europe by the end of 2008.

If this sounds a bit too far fetched for you, take a moment to review the comments made by Lance Nelson from Jet2let...he recently stated in an interview for the Telegraph newspaper that if you wanted to know where to profit from property you should just follow the Russians. And as we all know, the Russians are slowly but surely securing a claim on Northern Cyprus. The money behind some of the larger constructors, property developments and infrastructure projects in TRNC is Russian. So it would seem the Russians have great confidence in the property potential in North Cyprus.

Additionally a number of banks are also behind the market after it was recently revealed that finally North Cyprus is to get a mortgage market – one limited by title deeds of course, but a mortgage market nonetheless. Mortgages will be available on pre 74 title deeded property and of course this has already seen a positive movement in prices for this type of real estate.

And finally, as stated the number of inspection trip bookings to North Cyprus is up on 2007 figures, Easter was busy and Forbes rate Northern Cyprus as a positive property market as well, so to say that the Northern third of the island could come out at the end of 2008 as a strong European winner in terms of price growth, market activity and units coming to completion is actually not so far fetched after all.