The property issue being summed up, is this it??????

[brother]

Under the title So where does this all leave the property issue?, Turkish Cypriot Cyprus Times newspaper (07/10/05) published the following column, by Aydin Tuna:

It now looks like the Greek Cypriot side has exhausted all channels possible in trying to divert the problems of Cyprus from the EU to the UN. The EU president announced today that the Annan plan was and can only be the sole legitimate platform for peace. What does that now mean for property owners in North Cyprus? In fact it means a great deal, and how we will look upon this in the future.

Under the Annan plan it is quite clearly stated that if you have acquired property after 1974 and have improved it from its previous condition, the new occupier will either have the right to buy the original title from its previous owner or if they prefer sell it on. This in short answers any questions that many arise to those who have bought building or are thinking of doing so. The Annan plan guarantees that no one will lose their investment. A special property commission will be set up to adjudicate who can keep and who can sell. This property commission will consist of one Turkish Cypriot, one Greek Cypriot and one foreigner, most likely to be British. For many of us who are reading this article now, it will now be of comfort to know that the roof under which you will be sleeping tonight will be yours in the morning.

Indeed those who were previously considering but were scared should now seriously consider their options here in North Cyprus. Nowhere and I mean nowhere can you pick up property on Mediterranean for the price of what you can here. Now that we know a settlement on the island will eventually happen, new developments will begin to occur in the housing market. I hope it will not be on the scale that it was following last Mays referendum but investors will slowly realize that time is running out if they want to buy a villa in the sun at a knock down price.

As time goes by new restrictions will begin to squeeze the amount of property allowed to be constructed, thus making the demand slowly exceed supply. Another important issue is the introduction of a 25-year mortgage system for Turkish Cypriots. This will also enable them to get onto the property ladder and thus bring demand even higher. The market at present may be in a lull but this will no longer be the case as uncertainty over Cyprus slowly disappears. North Cyprus is an island within an island, there isnt that much to go around and what does tends to get snapped up quickly. It makes no difference any more whether your title is Turkish, exchange or points system, what matters now is that there is a law in place that will safeguard your property. And as this is now the case it will only be a matter of time when everyone on this island soon realizes this. So, now is the time. Make your decision now and dont wait too long. Otherwise before you know its prices will go up and you will be left thinking if only I.................