A new dawn for northern cyprus?

The property market in Northern Cyprus could be heading for a long overdue boost…

The recent election of new Greek Cypriot President Demetris Christofias has raised hopes of the possibility of uniting the economies of the two divided areas of the island, something that has the potential to boost the Turkish Cypriot economy, and by extension, the property market.

Rhiannon Williamson, Director at Amberland, commented: "It would bring massive investment to the northern third of the island to bring infrastructure up to the standards of the south, it would see the tourism industry take off, direct flights landing at Ercan airport, and it would see a safe, secure and attractively priced property market boom."

At a recent meeting in Nicosia, Demetris Christofias and Mehmet Ali Talat released a joint statement agreeing to meet up in three months time to negotiate ‘under United Nations auspices’. Mr Christofias promised he would ‘do his best to reach an agreed solution for the interest of the Cypriot people, both communities, as quickly as possible".

Mr Talat, president of the self-declared Turkish Cypriot Republic in the North, said he was aiming for "a comprehensive solution as soon as possible".

Symbolic gesture of reconciliation

The leaders also agreed to open a border crossing on Ledra Street in the Centre of Nicosia as a ‘symbolic gesture of reconciliation’. Christofias said "This opening is very welcome. By tradition it is the heart of Nicosia, the heart of the people of Nicosia. It will bring further communication with people in order to reduce the gap in the soul and heart of the people."

Nicosia's Greek Mayor Eleni Mavrou added: “I am hopeful that the street will be reopened by the end of the month. Technical work will begin on Monday and I'm optimistic that the crossing at Ledra Street will open by March 31”.

The Ledra Gate will be the sixth crossing point opened since April 2003 when Turkish Cypriots for the first time lifted entry restrictions for Greek Cypriots. The barricades were among the first erected after intercommunal violence flared in the city in 1963. At the start of 1964, UN peacekeeping troops arrived on the island and have remained ever since.

If developments such as this continue and the spirit of reconociliation expands, this can only be good news for the prospects of the North Cyprus property market.