According to a report entitled, ‘The day after: Commercial opportunities following a solution to the Cyprus problem’, the joining of the island should bring about 1.8 billion Euros every year in new business, and each household could benefit on average 5500 Euros a year, for the first seven years after the conflict.
Cyprus properties have already increased in value as many areas are being developed and the success of resorts and towns such as Famagusta, with its sudden increase in prosperity and popularity, is set to spread to other largely unexploited areas of the eastern coast and North Cyprus. With five star resorts springing up across the island, the area is great for those looking to make money investing in luxury real estate.
Additions to airlines, coupled with its positive economic future and strong property market, is making buying Cyprus holiday property very appealing. According to official government figures, the holiday industry generated £1.4 billion for the Cypriot economy in 2007 and now it has been given another boost from the launch of a new service by British Airways. The UK-based carrier has just started operating a direct service between London’s Gatwick Airport and Paphos. Alongside this, the budget airline Monarch has announced that next year, it will begin running a new route between the Larnaca and Birmingham Airports twice weekly.
Anyone interested in buying Cyprus holiday property will be pleased by the peace talks between the leaders of North Cyprus and the Republic of Cyprus, as these can only affect Cyprus properties in positive ways. Previous talks have failed, however the current ones are being addressed with a ‘now or never’ type urgency. Dimitris Christofias, the Greek Cypriot president, is realistic about the reunification talks, accepting that the Greek Cypriots will have to make concessions over territory and property and accept that settlers from mainland Turkey have permanent residence in North Cyprus if they wish to achieve an agreement. As they have been members of the EU for four years, and last January entered Eurozone, the Greek Cypriot party no longer has high concerns about security.
The North Cyprus president Mehmet Ali Talat has shown “active and constructive efforts” to re-start direct peace talks. A positive outcome is a likely possibility, and this would benefit the island greatly, giving Turkish Cypriots access to the full benefits of the EU and increasing the economy – especially the already growing value of Cyprus properties, greatly increasing the investing real estate opportunities.
Reunification means great things for Cyprus properties, particularly in the North. It will end the stigma over land ownership and investors having to worry over title deeds, thus buying Cyprus holiday property becomes a lot simpler. Ultimately property prices in the north will rise dramatically once the reunification is implemented as when the two parts are joined the northern property value will rise to level with that of the south – which is at the moment much higher. It seems that with peace and economic growth on the horizon, now is the ultimate time to invest in Cyprus properties.