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Focus on Property | 21
country with the global community, the EU has ancient harbours where you can dine al-fresco, rapid development and huge price rises in
pledged financial assistance of ?259m for and beaches that stretch for miles, whilst the property nearby (Famagusta Gazette, January
Northern Cyprus (CIA, World Factbook, 2009). depths of the crystal-clear azure seas offers 2009).
As this develops, more and more countries are many of the region’s best dive sites. A labyrinth
putting foreign trade into Northern Cyprus, of craft shops, ancient sites and familyowned Reunification
which now has trade relations with 60 coun- restaurants await exploration in North Cyprus’ Despite the stunning location and the strong
tries worldwide, and the volume of foreign vibrant towns, whilst idyllic scenery and growth, analysts agree that the biggest boost to
trade has been rising by on average US$29m ancient rustic villages gently dot the country- property in Northern Cyprus will come with
every year (TRNC Public Information Office, side.” (TRNC Economy and Tourism Ministry, the reunification of the north with the divided
2009). 2009) south of the island.
Tourism revenue has been steadily increas- Property prices in the north are on average
Tourism ing, with the number of tourists almost dou- 50% cheaper than the south (Propertywire,
North Cyprus is often regarded as the bling from 420,000 in 2002 to 800,000 in 2008 October 2008), and reunification would mean a
Mediterranean’s best kept secret. Its relaxed (TRNC Economy and Tourism Ministry, 2009). rapid catchup, leaving property investors who
pace of life, value for money and peaceful vil- Whilst Southern Cyprus is considered by many already own in the north seeing a massive
lages are attracting ever greater numbers of to be spoilt and over-developed, Northern return on investment.
tourists. Cyprus offers a glimpse of the old ways of the Turkish troops originally occupied the north-
The government has recently embarked on a island. A number of hotel chains are looking to ern third of Cyprus in 1974, following a Greek
large global promotional programme for move in, and the development of tourism on Cypriot coup inspired by the military ruling
tourism on the island, saying that, “North the island looks to be taking great strides, as Greece at the time, and thousands of Cypriots
Cyprus is bursting with intriguing antiquity one newspaper reports a Disneyland resort were displaced. In the aftermath of the struggle,
and a rich cultural history. The North Cyprus worth ¤880m is being planned for the north of the Republic of Cyprus was internationally
coastline is astonishingly beautiful with its the island. This is expected to lead to further recognised. It claimed sovereignty over 97% of
www.investmentinternational.com September 2009 Investment International
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