Pressure on values after reunification

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Edislaw
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Joined: 12 Oct 2016 17:57

Pressure on values after reunification

Post by Edislaw » 13 Oct 2016 18:36

I am considering buying a renovation property in Cyprus but hesitate because of the uncertainty over reunification. It is good from so many perspectives that talks are underway and one hopes will lead to a removal of the border between Cyprus and the illegally occupied north of the island. There is, I understand no agreed proposal over how to deal with the massive property problem but this must be part of any successful agreement. Given that there are a significant number of properties in the illegally occupied area and a significant proportion have dubious title will that mean that there will be a fire sale once these properties may be legally transferred?

As a small side issue I am curious as to how HSBC can operate in the illegally occupied area and how this is likely to affect the status of the bank after reunification?



Nigel Howarth
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Re: Pressure on values after reunification

Post by Nigel Howarth » 13 Oct 2016 20:20

Hi Edislaw and welcome to the forum.

No-one knows the details of the agreement reached to unify the island (assuming the talks succeed) let alone how it will affect property prices. There's an article at http://www.thecypriotpuzzle.org/federat ... of-cyprus/ about the benefit of reunification.

As for the Hongkong & Shanghai Banking Corporation - there are many foreign companies operating in the occupied area.

Regards,


Nigel Howarth
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