Naomi Mehmet & Partners Law Firm

North Cyprus is Heading For A ‘Property Boom’

According to reports in the Cyprus Today (1st March 2014), real estate officials in the TRNC are predicting another Annan-Plan style property boom. The positive progress being made with the reunification talks and the recent Government initiatives such as the temporary reduction of the Land Registry transfer fees are cited as being the factors contributing to the boom.  In the article, the Chairman of the Construction Contractors’ Union, Faik Dağaştı, was quoted as saying ‘There are serious signs of a boom on the horizon, similar to what was experienced during the Annan Plan Period. We have seen an increase in demand by up to 25% particular in the Girne, Gazi Mağusa and Karpaz areas’. Hasan Sungur, Head of the Estate Agents’ Union was also quoted as saying that the increased demand was boosting property prices in the North.