South’s Euro plummets, North set for Property Spike

South’s Euro plummets, North set for Property Spike

PROPERTY enquiries in North Cyprus have spiked this week and it is all because of the problems in the EU South.

As savers queue outside banks south of the border, Estate Agents north of the border have reported a dramatic rise in enquiries.

It’s because the Turkish Republic of North Cyprus (TRNC) is administered by Turkey and its banks are not affected by the Euro crisis – North Cyprus does not use the Euro as its currency but the Turkish Lire.

Now the TRNC which has lagged behind the fast developing south wants to offer a helping hand to residents with Foreign Minister Ersin Tatar telling British and Russian ExPats: “We will look after you.”

British ExPats are already considering moving. As banks re-opened south of the border today after an extra-long Bank Holiday, Estate Agents North of the border were taking extra calls from the South.

“We’ve had two calls this morning from UK expats in the South asking if the South
affects the North and asking about property prices in the North,” said North Cove Estates manager Peter Faulkner.

Peter is not surprised at the new level of interest but feels that more British ExPats should have got in earlier as prices look set to rise after years of flatlining.

“They get the same Mediterranean Sun they are used to in the South and the same blue waters too. It is a shame that Ex Pats were caught by surprise with the banking problems in the south, but there are no banking problems here,” he added.

Prices in the North, especially property prices, are a fraction of the price of their southern equivalents. A three-bathroom, three-bedroom Villa with a private Swimming Pool will still only cost you £85,000.

The North and South of the Island are easy to cross between for any passport holder. Taxi drivers make a living taking people over the border many times every day. In a sense, after a while, it can seem like the border isn’t there any more.

And it’s not only the British in the South getting itchy feet.

“In past two days we have had five enquires from Russian agents looking for properties for their clients, normally we get that many in a year,” added Peter.