The Independent Backs Investment Property in North Cyprus

The British Independent newspaper has published a lengthy report on the property market in Northern Cyprus entitled ‘How the Other Half Lives.’ This report is a refreshingly open, honest, well researched and unbiased account of how the real estate landscape in the North makes for a worthwhile investment, and that the rustic charms of North Cyprus make the island a really decent alternative to other, more built up areas across the Mediterranean.

So, because the Independent backs investment property in North Cyprus, what might this mean for the future of the market? Well, because the report intelligently explores the land rights issues and lays out the ongoing improvements and developments that are occurring in the North, hopefully the report will allay many people’s concerns and draw greater levels of interest to the market.

The angle for the report is to examine whether an investment made into property in Northern Cyprus is safe and wise. Exploring the first issue, the reporter Graham Norwood speaks to various commentators on the island’s position but does not bother to present either Turkish or Greek opinion, preferring instead to stick to cold hard facts. What a relief! Norwood reports that: “the Turkish authorities have attempted to set up a reconciliation process offering limited compensation to former Greek residents in a bid to end the uncertainty over land ownership. In addition, many new-build homes now have “clear title” – that is, they have been built after the 1974 invasion and are on undisputed land.

Certainly, there are more Britons finding their way around the problem, often by avoiding the older homes on disputed land and always by seeking good quality independent legal advice from a practice with experience of the Cypriot property market.”

We would absolutely concur with the last point made by Norwood, and all buyers and would-be buyers in Northern Cyprus should appoint qualified and experienced legal counsel when in TRNC, not only to help them with title deed questions, but also to help them through the entire buying process.

To answer the second part of the question posed by the reporter – i.e., is an investment into property in North Cyprus wise – again the answers returned are exceptionally positive. The reporter highlights the fact that prices have risen by up to 25% in the past two years but that still, properties available for sale are selling at a fraction of the price of similar homes in Southern Cyprus. Graham Norwood points out that this situation will not remain so forever as reunification talks are in progress, Turkey is moving slowly but surely towards EU accession and so greater investor awareness is focused on the fast growing market that is Northern Cyprus!

The reporter mentions the fact that Joe Calzaghe has made an investment into property in the North, citing the weather, the “slower, gentler pace of life as well as the promise of economic growth” as the reasons behind his decision to buy in. Finishing with a simple but well researched overview of the buying process in the North, the report in the Independent is an exceptionally well written, well researched, unbiased and, yes, independent overview of the positive benefits of investing in property in North Cyprus. Well done Graham Norwood and thank you for taking the time and bothering to present such a fair picture of an island that is often damned through ill informed opinion.

Click here for original Independent article.