Northern Cyprus

The self-proclaimed Turkish Republic of Northern Cyprus (TRNC), which occupies the northern third of the island, was created after the Turkish invasion in 1974, but is still not recognised by any other country apart from Turkey. Various attempts have been made by the international community to reunify the island, most recently in 2004, when a plan was put to a referendum - but rejected. The north contains some of Cyprus's most beautiful scenery, and the authorities have encouraged development of a real estate market. As many as 10,000 Europeans – many of them Britons – are believed to have invested. Prices, although initially well below those in the south, have risen far more quickly.It is a potentially perilous business, though. Greek Cypriot authorities consider those who buy and sell properties abandoned by the Greeks as effectively dealing in stolen goods, putting any foreign purchaser into a potentially difficult situation. Many agents active in the north have made great play of selling flats and houses only with pre-1974 Turkish title – that is property that was always Turkish rather than Greek owned. This will reduce the danger of an irate former owner suddenly turning up and claiming back your house, but such a purchase is not risk free either.

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