Cyprus Real Estate News and Property Market Reviews

Turkish Cypriot President Mehmet Ali Talat said at a meeting of the Center for Eurasian Strategic Studies (ASAM), that talks of reunification of the Mediterranean island of Cyprus will continue in June. He confirmed that preliminary talks between the representatives of both sides are in progress.

This significant reunification talks between the leaders of the Greek and Turkish communities has already made an impact on the North Cyprus property market. The reunification talks urged the property investors to take advantage of the low prices which exist in the north of the island.

Richard Appleberg, CEO of Cyprop, commented that this is fantastic news for property owners and investors. He also added that the prices for property in North Cyprus have been around one third of those in the south of the island. Cyprop also reported that interest in the North Cyprus property sales picked up the pace once President Demetris Christofias was elected in February.

Overseas investors are suddenly starting to understand that there may not be much time left to invest to grab the low prices as the property prices is likely to increase in the wake of its recent reunification talks.

Cyprus’s entry into the euro earlier this year has also been highlighted as a development that could attract foreign property investors to the island. UK newspaper the Telegraph reported that Cyprus has huge growth potential to overseas buyers because of the changeover.

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