Cyprus-Forum.com

[Svetlana]

I was intrigued by the following article because it is rather previous in how open the Ledra crossing is and rather previous in such an events' impact on property prices. It also refers to the rapid rise in property values in the North, except that recent events (Garry Robb etc) have led to a sharp drop in demand for new properties and 'resales' are very hard to sell.

I have deliberately not posted this in the Cyprus Problem section, as I am seeking opinions on the Property market in the North, rather than the moral issues of 'stolen land' - which are regularly discussed elsewhere.

Lana

Nicosia, Cyprus (PRWEB) December, 5th 2005 – As the barriers between North and South Nicosia in Cyprus are removed so the way is paved for property investors in Northern Cyprus to profit.

In November the Turkish Cypriot authorities asked the UN to begin removing barriers in North Nicosia to join the North up with the shopping and pedestrian area on Ledra Street in the Republic of Cyprus. The move was seen as the first significant and positive step towards renewed talks for a solution to the Cyprus problem and has resulted in a renewed surge of property investor confidence in North Cyprus.

The 47 year old Lokmaci barrier in the Arasta pedestrian area in Northern Cyprus is being removed following requests to the UN by the Turkish Cypriots and with finance from Ankara and will result in North Nicosia joining up with Ledra Street in the south if and when the Greek Cypriot authorities begin work on their side of the border. Pedestrians and residents will be able to access the heart of the ancient city and enjoy the historic sites, amenities and retail facilities on both sides of Nicosia.

The Greek Cypriot mayor of Nicosia Michalakis Zampelas has already agreed to consider reciprocating the work on his side of the crossing and diplomats in Cyprus have stated that the move is “a welcome sign of hope.”

The response from the international property investment community was a resounding surge in interest in new developments in North Cyprus.

Investors are currently showing particular interest east of the harbour town of Kyrenia is the Esentepe region where work is coming to completion on an 18 hole championship golf course and where planning permission has recently been granted for the development of a 400 berth marina and 5 start hotel resort.

An Amberlamb spokesperson advised that “traditionally at this time of the year property investor activity is limited” but revealed that when news started to spread globally about the potential for opening the Ledra Street border crossing and people realised the political significance of the move, investor activity in Northern Cyprus spiked.

Property investors are keenly aware that real estate in Northern Cyprus is among the most affordable currently in the Mediterranean region and that prices are increasing rapidly. With this most recent and positive of announcements investors realise that 2006 could be the highest returning year for investment in TRNC to date and cannot wait to enter the market until after the traditionally slow Christmas and New Year periods.

Off plan real estate developments favoured by property investors in Northern Cyprus currently are those offering maximum rental yield from the growing tourism market in TRNC and which are located close to the beach and which feature communal onsite facilities such as swimming pools, tennis courts, bars and restaurants.

These types of off plan property development in TRNC are also enjoying strong capital appreciation throughout the build period and sustainable annual gains following completion.

[Sotos]

I knew that the north would gain financially from the opening of Ledras. This is the only reason they did this. But I didn't know that this move would bring them so much profits!