Cyprus: A Backdrop to Your Investment
With the recent peace talks underway and reunification on the horizon, even more people will be encouraged to invest in Cyprus, the largest island in the Mediterranean, situated south of Turkey and East of Greece. The Cyprian economy is set to soar after peace is made between the northern Turkish Cyprian government and southern Greek Cyprian government and a single ruling body is formed. The property market is already doing well and fighting the global slump, with house prices rising annually by a noticeable amount and this too will experience a boom after reunification.
Cyprus offers beautiful scenery, fantastic picturesque beaches, attractive entertaining towns and villages, ancient history and growing attractions for tourist such as newly developed marinas and golf courses. It provides opportunities for those who wish to invest in property, buy a holiday home for personal use and those who want to do both. Growth and development is particularly noticeable in the north, where house prices are still lower than the south. Currently Cyprus provides probably the best investment opportunities in Europe and people need to get in quick as things are only going up!
It is helpful to know a bit about the country you are investing in, in terms of politics, history and what it has to offer. Cyprus has been handed between different governing bodies and countries throughout history and this is reflected by the turbulent political situation to date.
In 1878 administration of the island was given to the British Empire, providing Britain with a military base on its colonial routes. By 1906, when the Famagusta harbor was completed, Cyprus was a strategic naval outpost overlooking the Suez Canal. The United Kingdom annexed the island following World War I. Under the Treaty of Lausanne in 1923, the Turkish republic gave up their claim to Cyprus and in 1925 it was declared a British Crown Colony.
A referendum was organized by the RC Church in 1950, boycotted by the Turkish Cypriot community, over ninety percent voted in favor of a union with Greece. Discontent and fighting broke out between the Greek and Turkish Cypriots and was met with force by the British. Cyprus attained independence in 1960 after an agreement between the United Kingdom, Greece and Turkey. In 1974, Turkey invaded and occupied one third of the island, leading to the displacement of thousands of Cypriots and the establishment of two separate states, divided by a ýgreen lineý.
It seems beneficial to all that Cyprus now becomes a united country once more, peace talks have previously failed but the leaders are addressing the situation with new, positive pragmatic attitudes and a ýitýs now or neverý determination. Cyprus is a beautiful ancient island and its great potential is being recognized more and more by investors. Companies are developing all over the island, in the North Whiterocks, alongside Blue C developers have created the first luxurious apartments set in an attractive, interesting community. They have worked in conjunction with RCI to pioneer revolutionary new opportunities for oversees developers. Itýs a good time to get to know Cyprus!
Hannah Walker is an expert on the Cyprus property market, writing for www.whiterocksbafra.com
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