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Posted On: 30/06/2009
Property Prices Rising Sharply in Northern CyprusThe Turkish Republic of Northern Cyprus (TRNC) is like a dormant volcano that has suddenly become active in terms of property prices. For decades, TRNC was seeped in a never-ending dispute for control over the territory. But with the Annan plan getting overwhelming support from the people of TRNC, the chances for permanent resolution of the dispute in the near future have brighten. And with EU giving thumbs up to Cyprus for membership, it’s just a matter of time that TRNC will be a part of this elite regional forum. The net result is a sudden sharp increase in the property prices in this beautiful Mediterranean area.What are the causes for sharp rise in property prices in TRNC?Multiple factors are responsible for quantum jump in the property prices in TRNC.The primary factor is, of course, the positive news about resolution of over three decades of dispute between Turkey and Greece over the northern areas of Cyprus. However, with the intervention of UN and Annan plan getting thumbs up from the people of TRNC in a 2004 referendum, tensions between the Greek and Turkish controlled Cyprus have eased and peace and tranquil have replaced years of conflict. These are sure signs of increasing interest in the property market, as understandably, no one wants to invest in a strife-torn region. But the sharp rise is more attributed to factors like, pleasant Mediterranean climate throughout the year, large English-understanding population, low cost of living, and other natural attractions that are inviting for the international investors.Another important development in the recent history is the EU membership of Greek Cypriot region in 2004 despite the unresolved TRNC dispute. This led to the belief among investors that TRNC will be inducted in the European Union sooner rather than later. The authorities in TRNC have already streamlined important laws pertaining to the real estate in accordance with EU guidelines. A free market policy adopted by the authorities gives full freedom to market forces for determining the prevailing property prices. Resultantly, the positive factors combine well to inflate the real estate prices.The trigger was, however, the landmark case of Linda and David Orams. The background of the case is quite interesting. During the conflict in 1974, many Greek Cypriot families left their property in TRNC and similarly, many Turkish Cypriot families left their property in Greek Cyprus. In 2002, the British couple, Linda and David Orams, constructed a house on the land originally owned (pre-1974) by Meletis Apostolides, a Greek Cypriot who fled with his family to the south. Mr Apostolides got a court order from the Nicosia District Court in south Cyprus to the effect that the Orams must demolish the house, return the land, and pay compensation to Mr Apostolides. However, under the laws of the TRNC, the Orams were the legal owners of their property. Now, the problem arose that while the orders of the courts of Nicosia are applicable in EU countries, like South Cyprus, they are not enforceable in North Cyprus as a non-EU member. The lawyers of Mr. Apostolides, however, tried to enforce the order in the UK, against Orams’ other assets held in the UK, by invoking the Brussels Convention on Jurisdiction and Enforcement of Judgments, according to which, the Government of UK had to enforce the judgment delivered by a court of another EU country. But Mr. Apostolides lost the case in a verdict dated 6 September 2006 on the reason that the Brussels Convention empowers a UK court to deny the EU court judgment if it were against public policy in the UK. Moreover, the EC regulation lays down that a judgment made in South Cyprus is only enforceable in the UK if it is equally enforceable in Cyprus, which is not the case due to different legal systems in Greek Cyprus and TRNC.In effect, the judgment allows the others in the same position as the Orams to invest in TRNC without the threat of enforcement of judgments rendered in the Republic of Cyprus (Greek Cyprus).The latest update is that the UK’s Court of Appeal has referred certain points of the case to the Court of Justice of the European Communities.Whatever may be the final outcome of the case, it had a desired effect on the international real estate investors in the country and the net result was an up to 20% appreciation in the property rises immediately after the case decided in 2006.
There are numerous off plan property Northern Cyprus available.
Azure Overseas can offer you cheap apartments in Northern Cyprus wilth a selection of top developments in Northern Cyprus.
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