A Background to the North Cyprus Property Boom
It was really the Annan Plan Referendum of 2004 that opened the door to the blossoming cultural and economical renaissance of North Cyprus. As a reward for the Turkish Cypriot commitment to reunification – citizens of the TRNC voted ‘yes’ to the referendum – the E.U pledged 259 million euros in grants. After years of isolation this was the first true sign that the international community was ready to recognise the importance of North Cyprus with something more than lip service.
The Republic of Cyprus blocked the aid, but the symbolic resonance of the pledge could not be undone; the legitimacy placed on North Cyprus by the E.U post referendum led to notable tourist growth, and the natural beauty of North Cyprus flourished then as it once had in its great past.
With the endorsement and the tourist boom came economic growth that mirrored the Republic of Cyprus and led to predictions in 2008 of 4% annual economic expansion. That is expected to continue.
And the peak of it came to be represented by the North Cyprus Property Boom and the consistent increase in price for properties in North Cyprus.
That trend, too, looks set to continue, and warmth towards North Cyprus has grown and grown since 2004. Now with popular unionist leader Mehmet Ali Talat of the TRNC relating so well to Greek Cypriot counterpart Dimitris Christofias, Cyprus is looking once again like a united island.
North Cyprus, naturally, stands to benefit, and if and when reunification is reached, the North Cyprus Property Boom and the tourist industry, but also the standard of living for Turkish Cypriots, and the diplomatic power of Cyprus as an island, are all expected to grow by very substantial margins.