Talks of reunification boost Cypriot property market
Talks of reunification boost Cypriot property market
Interest in property in Cyprus is growing now reunification is on the cards, according to one developer. Medview Homes says that the property market is currently showing signs of an upturn.
Medview Homes, one of the largest property developers in North
Cyprus, claims that since Dimitris Christofias was elected as president of Greek Cyprus and talks of reunification between Greek and Turkish Cyprus gather pace, investors have been waking up the potential of North Cyprus.
The developer's managing director, Ali Ozmen Safa, explained the trends observed by his firm: "Since it became clear that the leaders of both communities on the island are sincere in their desire to find a basis for ending the divisions...we have been finding that interest in our properties in north Cyprus has increased...Successful talks can only mean large increases in the price of properties in the north and discerning investors are seeing that this is the time to get into the market with large, short term gains a real possibility."
Safa went on to say that there was a current disparity in house prices between north and south Cyprus, with properties selling for two to three times more in the south than in the north. Nevertheless, prices are likely to begin to balance out should reunification occur.
Christofias and his Turkish Cypriot counterpart President Mehmet Ali Talat have already met on two occassions and are expected to be continuing discussions on reunification towards the end of June.
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6 June 2008
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