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Focus on Property | 19
Northern
Cyprus
Ultimate Investor Guide Series 2009
O
ne of the most beautiful coun-
tries in the world, but with a
difficult political history,
Northern Cyprus has long been
considered an emerging market
with huge potential for proper-
ty investors. What is the politi-
cal situation now, and is it likely to change?
How is property set to perform over the com-
ing years?
Introduction
The Turkish Republic of Northern Cyprus
(TRNC) is an independent republic located in
the northern third of the island of Cyprus. It
declared independence in 1983; nine years after
a Greek Cypriot coup, attempting to annex the
island to Greece, triggered an invasion by
Turkey.
The country currently holds diplomatic
recognition from Turkey, which provides the
majority of its economic, political and military
support. The ‘green line’ between the North
and the South is operated by the United
Nations, and used to be completely closed off
to citizens from either side. However, talks on
the reunification of both sides of the island
have been progressing. In 2003 five crossing
points opened up, and travellers can now walk Filled with natural beauty and a
across in many places. This has aided economic
growth in the North.
The capital of Nicosia is divided into two kaleidoscope of cultures, the country
halves, serving as the administrative centre and
seat of government for both sides of the island.
As part of efforts to reunify the island, a sym- will take your breath away
bolic wall dividing the two communities in the
city was demolished on 3rd April 2008. On
18th April 2008 the technical negotiations (Lonely Planet, 2009)
www.investmentinternational.com September 2009 Investment International
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