Having heard such mixed reports regarding the situation in Northern Cyprus I wanted to visit so that I could see for myself what the situation was really like. I travelled from Gatwick in the company of Paul and Alan, sub agents of Cyprop and we were met at Larnaca Airport (4hrs flying time) in the south of the island by Richard Burton, our host for the 4 day visit. Richard moved to NC two years ago with his young family to head up sales operations for Cyprop and has established a wide range of contacts, both business and personal, during his time there.

From the airport we set off on a 1 hour drive to Kyrenia, on the north coast, via the border at Nicosia, where formalities took no more than five minutes before we could proceed into the Turkish sector. Having checked into the hotel, the 5 star Rocks Hotel we were introduced to Richard Appleberg who heads up TRNC Sales in the UK and was to spend three days with us before returning to UK. It is hard to imagine anyone with more enthusiasm for his job and between them, the two Richards entertained us, answered never-ending questions from us regarding the political situation, investment opportunities and the general economic situation in the North. Our days were spent mainly visiting developments, some under construction, some completed, and many individual properties for sale. What strikes you first is the incredible value for money represented here, together with a high build quality, managed lettings, and a remarkably low cost of living. Remember that the currency here is Turkish Lira rather than the Euro. Property transactions are conducted in Sterling, another advantage removing any foreign exchange exposure.

Whilst in Kyrenia we took advantage of the opportunity to visit one of the country’s top law firms for an in-depth discussion regarding the legal system there, much of it still based on English law, and we were able to complete some documentation that leaves us ready to proceed as and when we wish. We also visited a local bank to open accounts, the process taking no more than fifteen minutes. So in the space of two hours we had put in place all the necessary formalities to enable us to proceed with a purchase whilst being back in the UK. During our stay we were fortunate enough to be introduced to one of the leading Turkish Cypriot developers there, whose commitment, vision and enthusiasm for the future is compelling. We were also shown many signs of serious inward investment, new schools, hotels, premium car and electronics dealerships, leisure facilities including a spectacular championship quality golf course. There is so much evidence that the North is grasping the opportunity to move forward, a perfect time to get involved. There is also plenty to attract the tourist, perfect beaches, historic mountain-top castles, beautiful fishing villages, stunning scenery, all combined with a cost of living as much as 60% lower than the Eurozone. From my conversations with many ex-pats living there, I believe NC has much to offer.

In conclusion, an invaluable visit which led to a much greater understanding of the opportunities that exist there. An exciting, developing area that leaves you with the impression that if they are twenty years behind the curve, they won’t be for much longer.

Steve W, OCT 2009