Demetris Christofias, the president of Cyprus, and Mehmet Ali Talat, the president of North Cyprus, yesterday met to discuss beginning talks about the reunification of the island. A timeline of three months was agreed, at which point it is widely accepted the two leaders will sit down and work relentlessly hard to come up with a workable solution – after all, the economic fortunes of both sides of the island are at stake.
An additional result of yesterday’s meeting was an historic agreement being reached to open Ledra Street, which is a shopping street in the capital city of Nicosia that really symbolises the division of the island. You can stand on either side of the barricade on Ledra Street and peer into the lives of Cypriots on the other side. All of the above is good news for Cyprus property markets because there has always been a shadow hanging over both sides of the island relating to security of title deeds.
Many people think that it’s only in Northern Cyprus where you have to be careful which properties you buy as some formerly belonged to Greek Cypriot owners before they fled the North during the 1974 freedom struggle. However, Turkish Cypriots who lived in what is now the Republic of Cyprus and who were forced to flee North also gave up property into which Greek Cypriots were re-housed. So there has always been a shadow of concern over Cyprus property.
One of the most emotive issues of the talks that will begin between Talat and Christofias in three months time relates to real estate – and whilst it’s highly likely both sides will be able to reach agreement relating to trade, use of ports and airports and ways in which the economies of Cyprus can benefit each other, the property issue will be a tough one to solve.
The main thing is that there is renewed will on both sides of the island for a resolution to be found. Whilst you always have the vocal and aggressive few who refuse to listen to reason, it is the majority of citizens whose voice will be heard. After all, the majority of citizens chose to elect Christofias as their leader when they knew full well he had resigned from the coalition in Cyprus back in 2007 precisely because he was unhappy with the way the former president had blocked a reunification.
In Northern Cyprus there has always been a will to resolve the issue – driven largely because without a resolution the lives of Turkish Cypriots are very hard. They suffer from having a weakened economy, restricted through trade embargoes and lack of direct flights…
So, what does all this mean to the likes of you and me as foreign observers? Well, it means that the global financial crisis which is seeing overseas property markets like those in Cyprus suffer from a real slow down also means that now is an incredible time to buy a home on either side of the Green Line! You can negotiate hard with builders and developers desperate to sell their stock, you can then sit back and wait for the time it will take for a resolution to be found and then likely witness an incredible and positive transformation in Cyprus’s fortunes!
Speculative investment is already being felt particularly in the Northern Cyprus property market – and it’s going to be the bold who move fast who stand the best chance of reaping the most substantial dividends!
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