Property for sale in Cyprus

Property For Sale in Cyprus – Investment in Northern Cyprus: Foolish or Inspired?

With the economic crisis biting deep, investors are beginning to explore other European destinations for investing in property. Turkey and much of Eastern Europe have reasonably priced property, but the integration into the European Union is not yet complete. Albania is attracting a lot of interest, but has to update and complete its land registry.

One area that is attracting a lot of interest is Cyprus. The Greek half of the island is overcrowded and the market is horribly over inflated. The Turkish occupied half, however, is beautiful, unspoilt and possesses some genuine bargains. The partition between the north and south is being dismantled, and relationships and discussions between the two sides are well underway.

The Potential Risks.

Before investing in Northern Cyprus, it is essential that you understand the risks. In 1974, 170 000 Greek Cypriots fled to the south, leaving their homes as they escaped the invading Turkish army. The problem for a property investor is that they still hold deeds claiming the ownership of their property, and any reunification is going to have to address this elephant in the room. As things stand, the current 9 bn Euro plan for reunification also includes the cost of compensation, so it is likely that any claims will be paid off. Talks are underway, so it is hoped that progress will be made, especially with the carrot of EU membership making the Turks much more amenable to agreement.

Scaremongering and Potential Risks

Northern Cyprus is still a good investment, and the chances are that the two sides will come to some financial arrangement. There are many sites full of horror stories, but they tend to be from developers and property factors based in the south, with a lot to lose. Try to be a little more balanced when you surf the internet for information. There is still a risk that you may not own the house or the land that it was built upon, so the key is not to invest more than you can afford to lose. If this is the case, then Northern Cyprus is well worth a punt, as prices could see some rapid equalization with the south.