Property Northern Cyprus – Patience is a Virtue

Hopefully, the new government in Greece may just provide the impetus that Cyprus needs to finally sort out the political morass that has soured relations in this corner of the Mediterranean. For too long, any social and economic progress on the island has been hampered by the division of Cyprus and by the dogged refusal of the two sides to shift position. The opening up of the dividing wall across Ledra Street, in 2008, was a start, but there has been no clear progress in deciding upon a long-term future. For those thinking of investing in property Northern Cyprus, finding an answer to the issue of property claims is essential before risking large sums of money.

Certainly, Greece and the Greek Cypriots are pushing for unification with checks and safeguards ensuring that both the Greek and the Turkish Communities receive full recognition and political representation. Turkey and the Turkish Cypriots, on the other hand, are wary of becoming marginalised and losing their rights within a unified Cyprus.

Importantly, Greek Prime Minister Papandreou and Cyprus President Demetris Christofias stipulated that the full recognition of property rights, the major stumbling block in negotiations, must be upheld. For those of you thinking of investing in property in Northern Cyprus, this is certainly an interesting development. Due to the danger of ownership claims from Greek Cypriots, and the fact that deeds there may not be worth the paper that they are written on, this is a warning to hold fire for a while. As yet, there has been no clear indication of what form this would take, whether Cypriots will exchange properties or whether some form of compensation package will be agreed.

Ledra Street - Could the Opening of this Border Point Make or Break Investment in Property Northern Cyprus

Property Northern Cyprus – Stick or Twist

What is certain is that property in Northern Cyprus could well become the subject of intense debate over the next few years and buying a property there could be an expensive mistake. If compensation is agreed, then there should be no problem as the ‘rightful’ owner of the property will be given money to drop their claim. However, if property rights are upheld and a Cypriot from the south decides that they want their property back, then you risk losing everything.

Obviously, this is a far from ideal situation, so try not to be sucked in by the many Cypriot Real Estate Agents reassuring you that there is no problem with the deeds or that ‘their’ properties are clean and uncontested. As we said in a previous post, Property for sale in Cyprus, unless it is with money that you can afford to lose, you are best to delay any decision until further negotiations give a clearer indication of any potential outcome.

Certainly, this particular situation has been allowed to continue for far too long, and we can only hope that this rhetoric is converted into solid action. Until then, for those thinking of investing in property Northern Cyprus patience is certainly a virtue.