Property in North Cyprus is now generally accepted as one of the most importantly emerging property markets in the world, and its rise has come from a number of interwoven factors, including the appointments of Dimitris Christofias and Mehmet Ali Talat to the respective presidencies of the island, and the opening of trade to North Cyprus.

This guide will deal with each of those factors in turn, providing useful beginners tips on buying property in North Cyprus, and what makes overseas investment in the island such a special opportunity.

Investment for Dummies - The Rise of Talat and Christofias

Before the ascension of Mehmet Ali Talat as president to North Cyprus and AKEL party leader Dimitris Christofias to the Republic of Cyprus in the south, the Cyprus’ two states were instructed and legislated by predominantly right-wing politicians, averted to reunification of the island. Tassos Papadopoulos, former president of the Republic of Cyprus - famous proprietor of the phrase “I inherited a state; I will not deliver a community’ - and Rauf Denktash, long-in-office and first recipient of the seat of presidency of the TRNC in North Cyprus, both stood right of centre and favoured isolationism. Traditionalists, they were also extensively in favour of partition, and firmly rejected reunification proposals. They also abhorred each other’s company.

Dimitris Christofias beat Tassos Papadopoulos to presidency in February of this year, and lived in Kyrenia when the split first happened in 1974. So his awareness of the importance of Cyprus reunification and the decremental effect of partition is for him an experience that he has suffered first hand. and saw the effects first hand. Because of that, he made reunification proposals the centre of his election campaign.

Mehmet Ali Talat did very much the same, when in 2005 he moved from prime minister to president, after Denktash’s retirement.

Both leaders, then, are firmly socialist and see reunification as a benefit for all aspects of the island, including economics, industry, and the property market, including overseas investment. Indeed the two of them have spent notable portions of their presidential office’s on reunification issues, and are now meeting regularly to discuss potential tensions on both sides.

Buying Property Abroad - The Opening of Trade

The Annan Plan Referendum of 2004, headed by the former U.N Secretary General of the same name, looked to reunite the island with public voting. Despite the efforts of Rauf Denktash, the Turkish-Cypriots voted in favour of Cyprus Reunification on that occasion, and Cyprus reunification looked genuinely possible.

The Greek Cypriot’s, however, rejected the proposal, and the island remained partitioned, as it does now.

But the referendum, backed as it was by U.N delegates, decided that the importance of the favourable vote by citizens of North Cyprus should not go unrewarded, and opened up its trade sanctions on the island. This was a substantial step, with North Cyprus having experienced trade solely from Turkey since the partition and the declaration of the TRNC as a state in 1983.

As a result, tourism on the island flourished; the international symbolism of the move by the E.U represented a seal of legitimacy, and overseas investment and overseas interest accelerated.

With it, property in North Cyprus saw accelerated growth in the North Cyprus property boom. That boom is now continuing, without constraints, as North Cyprus enjoys the freedom to grow and develop under international recognition.