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Cyprus Internet Directory [ Developers in north praying for a Tassos win ]

Developers in north praying for a Tassos win

THE property market in the north is just as anxious for the outcome of the presidential elections this February, with those involved expressing varying preferences as to whom they want as president.

It is no secret that there has been a drop in the north’s property market over the past few months.

Financial consultant and former ‘economy minister’ Ayse Donmzer says the current decline partly stems from investors’ mismanagement of the good times.

“The [Greek Cypriot rejection of the] Annan plan led to a boom in construction, and the construction boom led to a boom in related sectors.

“However, those who made money out of the boom kept reinvesting in more property, and kept very little cash in reserve,” she says.

This led to the supply of property outstripping demand.

With Kyrenia, and to a lesser extent Famagusta, full of empty properties, one would expect the north to be full of bargains.

Significantly, the property market is hampered by the uncertainty brought on by the imminent presidential elections.

The elected president will affect the property market accordingly, since it is he who will shape perceptions of the possibility of a solution.

Estate agents in Karpasia agree that a re-election of President Tassos Papadopoulos will revitalise the lagging economy of the property market.

Estate agent Guray Haksever explained that “after the Annan Plan fell through, foreigners, especially Europeans, bought land irrespectively of whether it was owned by a Turkish Cypriot or a Greek Cypriot.

“They did not care who the land belonged to because they did not think that there would be any other opportunities for a solution to the problem.

“Now, potential buyers are wary of the results of the presidential elections in the south.

“They’d rather wait and see what happens.”

Haksever went on to say that he hoped Papadopoulos would win again.

“Neither he nor we want a solution.

“I am confident that after Papadopoulos wins the elections, the north will experience a new boom in the land market.”

Estate agent Mustafa Genc agreed that it was important that Papadopoulos remains in power.

“With him as president, we do not have any problems.

“Most EU states think that with Papadopoulos as president there will never be a solution.

“We concur with his positions; we believe that Papadopoulos does not want a solution and therefore nobody can accuse Turkish Cypriots of not wanting a solution either.

“Should someone else win the elections, there will be moves for a solution and this will undoubtedly have negative repercussions on our job.

“I personally do not have a problem with whoever wins, but if it is Papadopoulos, we can restart doing good business.”

Apparently, estate agents are not the only ones who share these views.

“Land developers, hoteliers and a host of rich foreigners who have already bought land feel the same,” Genc claimed.

Constructors are another group who are holding back because of the elections.
“They are not in the mood to sell off their investments cheaply,” said investment expert Necdet Ergun.

However, in contrast with the real estate agents, contractors seem to want a peace process to flower.

“They think the elections in the south could bring new life to the industry, if AKEL candidate Demetris Christofias wins and starts a new peace process of course,” Ergun said.

(Source: Cyprus Mail)

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