The Property Boom in Northern Cyprus

Posted on Thursday 21 August 2008

Over the last 35 years, the partition of Cyprus has been the root of many diplomatic conflicts between Turkey, Greece, the E.U and the U.N. And with Turkey having a long history of ill commitment to the European community the Cyprus debate is a difficult one to solve. The European Union refuses to recognise the ‘Turkish Republic of Cyprus’ in Northern Cyprus as a genuine and legitimate state, so the area has seen economic downturns and lack of industry and tourism, particularly in the 1980s.the ‘Republic of Cyprus’, which is owned by Greece, has by contrast prospered in a relatively steady fashion, because the E.U will generally support its tensions. That said. the situation has changed in recent times. The government in Ankara are now willing to listen to growing support in Northern Cyprus for a reconciliation with the rest of the island and the European community. With that process now happening, the Northern Cyprus has seen a boom in tourism, which has directly influenced the economy. That is now on the rise. and property development, too, is growing steadily as an industry, With the economic boom, that too, is booming. If recociliation can be advanced to actual reunification, that boom is expected to heighten further still; with the combined tourism and industry of norther Cyprus and southern Cyprus, both districts cannot failure to benefit, as they cover each others weaknesses and build on each others strengths. And that is now a real possibility. The Turkish Cypriot president Mehmet Ali Talat has pledged his commitment to reunification, and has urged his counterpart, Demetris Christofias, to do the same. He too seems willing, and the two have discussed the subject at three official meetings, with a fourth on the way. Northern Cyprus is seeing a terrific boom in the economy, and particularly in property and tourism. If a reunification agreement can be reached, that will certainly improve; as a member of the international community, Northern Cyprus would know no bounds, and can boom without limits. Reports this week show exactly where the boom could be heading. .The economy has been improving at 4% general rate in 2008, and a boom in property investment in Northern Cyprus means that it will only continue to grow. Hopeful times are ahead.

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • OnlyWire
  • Socialize-It
  • Digg
  • del.icio.us
  • Furl
  • StumbleUpon
  • Netscape
  • YahooMyWeb
  • Reddit
  • Slashdot
  • Ma.gnolia
  • RawSugar

Sorry, the comment form is closed at this time.