North Cyprus Property Market Positive News

As is usual this time of the year, interest in the Northern Cyprus property market has intensified after a laid back summer and the number of arrivals to the island specifically in search of a real estate investment opportunity, a retirement property or even a second home is up.

While these people go in search of their ideal home, the North Cyprus property market receives some positive news from the construction industry and the government…

The construction industry has finally banded together to get proposals in place to present to the government outlining exactly how the authorities can assist this critical industry reach its full potential and further boost the economy of Northern Cyprus.

Specifically to this end, a letter was sent from leading firms in the construction industry in North Cyprus this week to all members of the Construction Contractors’ Union.

In the letter, proposals were detailed that the Union leaders would like to put to the government. Among the proposals is a bid to allow foreign nationals who buy property in North Cyprus the right to bring all their household goods as well as a car in to Northern Cyprus tax free…

Naturally this would be an incredibly attractive offer to make to international citizens as the one thing that really makes people think twice about settling down abroad is affordability. In Northern Cyprus the almost prohibitive cost of buying and running a car can put some people off moving to live in North Cyprus.

Other suggestions include hurrying up and sorting out the delivery of permissions and title deed processes which simply take too long and create a false feeling of mistrust among buyers. And finally, the construction industry would like banks in Northern Cyprus to be able to offer mortgages to all buyers using title deeds of properties as security and guarantee. To enable this to happen the industry and Union realize the government would have to offer banks insurance and they ask the government to seriously consider this.

Each of these well thought out, positive and intelligent proposals would have an incredibly dramatic and constructive effect on the real estate industry as a whole in North Cyprus…we hope the government considers them closely.

And finally, in other good news out this week for the property market in North Cyprus and the general business community – from the 1st of January 2008 anyone wanting to go into business, renew business licenses or get a work permit will, where applicable, have to prove competency, skill, qualification and ability before they will be allowed to trade or operate. This is a welcome move as it will help to raise standards across all industries in Northern Cyprus.

It seems things are really looking up!