International Broker Paves Way for North Cyprus Mortgages

There has been a wealth of good news to hit the headlines in Cyprus this month. Firstly the Republic of Cyprus voted in a new president who has committed to work with his counterpart in North Cyprus, Mehmet Ali Talat towards a solution to the ongoing division of the island, and now an Ireland based international mortgage brokerage is going to be offering mortgages for property holding pre 1974 title deeds in North Cyprus.

The brokerage has made it clear that it ultimately wants to be able to offer mortgages on all properties in North Cyprus, but that it is starting with pre ‘74 as it watches the political developments closely. If you’re thinking about making a move on the real estate market before prices rise once the news about the impending solution to the Cyprus Problem and the fact you can get mortgages spreads internationally, may now well be the time to buy!

Global Mortgages Direct is the name of the brokerage which is going to be offering mortgage facilities to British and Irish purchasers of property in North Cyprus with pre 1974 title deeds. As stated they are based in Ireland and previously covered international markets such as Turkey, Greece, France, Spain and Portugal. The fact that they are now making such an historic move on the Northern Cyprus real estate market is therefore significant for two reasons. They will be the first international company to truly offer mortgages to British and Irish buyers in Northern Cyprus and they are placing North Cyprus on a par with very well established property markets around the world. Naturally this bodes exceptionally well for anyone who has already bought in TRNC and anyone who buys in ahead of a solution to the Cyprus Problem.

Before the new President of Cyprus was voted in to power, he stated that he wanted to fix the issues that have divided the island for 34 years and that part of the plan was to unite the economies of Cyprus. I doubt this means he wants to see the Republic of Cyprus’ economy decline to the levels of the economy in North Cyprus! It seems more likely that a resolution to the problem, a recognition of the Turkish Republic of North Cyprus, allowing free trade through Northern ports and also allowing direct flights to travel to and from North Cyprus will see the economy in the north rise. Additionally, a solution to the Cyprus problem will truly launch the property and tourism markets in the north…

Once the Cyprus Problem is resolved, Global Mortgages Direct and the banks that they work with are highly likely to be able to offer complete mortgage facilities for all property in North Cyprus. The company is positioning itself in the market now in the hope that it will have dominance when the situation changes allowing them to offer mortgages on all property in the north. Remember, you heard it here first!