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Cyprus negotiations create upsurge in Kyrenia property values

4 February 2016

Chairman of the Turkish Cypriot Real Estate Agents’ Union (KTEB) Hasan Sungur, has said that the value of properties in North Cyprus will rise in the event of a possible solution to the Cyprus problem. Regardless of the outcome of the negotiations, the TRNC must authenticate the title deeds it gives, he said.

In statements to Turkish Cypriot daily Detay, Sungur noted that the ongoing Cyprus negotiations had given rise to a “serious increase” recently in the price of property with a Turkish title deed. He said that the price of the plots of land in Kyrenia has increased to 200-250 thousand pounds sterling per donum [A land measure of around 1000 square meters] and added that for plots which are on the main road this price was even higher.

He also argued that uncertainty exists in the community and that the people are not given enough information about the negotiations. Pointing out that while they know the names of the Greek Cypriot members of the Property Committee, they had not been told the names of the Turkish Cypriot members.

Expressing appreciation for President Mustafa Akinci’s stance in the negotiations, he said that the government should be involved in the solution process and brief the people in order to avoid concerns.

Referring to TRNC laws, he claimed that they do not motivate foreign investors and said that “we are losing the contribution which foreign investors will bring to the country”.

Detay

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