Thirty-four years after the Turkish invasion of Cyprus which left Turkish and Greek Cypriots parted by a UN-patrolled ceasefire line, the Greek leader Demetris Christofias spoke out about the negotiations set for the third of September between himself and the Turkish Cypriot leader, Mehmet Ali Talat. Not only will this hopefully bring peace to the island, but Cyprus is set to benefit economically with property value rising dramatically.

Even half a year ago the idea of reconciliation seemed unattainable. The peace negotiations of 2004 were the most sophisticated reunification plans to date and the Turkish Cypriots, whose authority on the land is only recognized by Cyprus, accepted the plans. However the Greek Cypriots, encouraged by their former president Tassos Papadopoulos, rejected the plans.

Leftwing Christofias was elected in February of this year and has brought a more moderate ruling than that of dogmatic nationalist Papadopoulos, driving harder for a resolution. With the support of their new leader, working groups from both the north and south are addressing the more controversial issues such as the presence of 40,000 Turkish troops in the north which divide the communities, and are setting the way for peace talks.

“I think this is a step forward, a positive development”, said President Christofias. “There is a lot we agree on, a lot we disagree on, it’s all a matter of a constructive stance.” It is the first time that the two sides have agreed to compromise on issues of environment, cultural heritage, crisis management and crime fighting.
Both Talat and Christofias are said to share a world view inspired by leftwing ideology, a background in trade unions and the same intrinsic belief that Cyprus is just too small to survive divided. Both sides feel that they have now undergone a positive start and hope that a solution will be achieved by next year. The leaders have in fact created a specific phone line between their two offices, “as a reflection of their heightened engagement”.

Cypriots will finally be able to begin to relax and also look forward to the economic benefits that this reunification will bring about. According to a report entitled, ‘The day after: Commercial opportunities following a solution to the Cyprus problem’, the joining of the island should bring about 1.8 billion euros every year in new business, and each household could benefit on average 5500 euros a year, for the first seven years after the conflict.

This means great things for the already flourishing property market, particularly in the North. It will end the stigma over land ownership and investors having to worry over title deeds. Ultimately property prices in the north will rise dramatically once the reunification is implemented as when the two parts are joined the northern property value will rise to level with that of the south – which is at the moment much higher. It seems that with peace and economic growth on the horizon, now is the ultimate time to invest in property in northern Cyprus.