Why is Cyprus a Property Hotspot ?

For the last 30 years the Greek Cypriot and Turkish Cypriot side were divided and no one was allowed to cross this border. In 2003 this border was opened. With the admission of the Greek Cypriot side of Cyprus to the European Union this border became an EU border and any EU citizen can cross this border into and out of North Cyprus at will. This means that a UK passport holder can now fly to one of the Greek Cypriot airports and cross to the Turkish Cypriot side. At the moment to go to the Turkish Cypriot airport (Ercan) you have to go via Turkey which increases the journey time.
Because of this the English people who were residing on the Greek side could freely pass to the Turkish side and realised that they could sell their house on the Greek side for £300,000 and buy an equivalent  North Cyprus property for £85,000. This is ongoing.
Also the Annan Plan, even though it was not accepted by the Greek Cypriot side, gave a lot of people either involved in property (the property developers) or thinking of purchasing property in North Cyprus the confidence to proceed.
A further reason for the boom is the belief that at some time in the future the isolation of the Turkish Cypriots will come to an end.

 
 
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