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Renewed optimism for a reunified Cyprus

Within a few months of its adoption of the Euro currency, Cyprus has welcomed news that the reunification of the island could happen within the year, with the promise of further economic advantages if it does. Just as the island is beginning to enjoy the benefits of being a part of a major currency, the election of left-wing leader Demetris Christofias as President of Cyprus appears to have put reunification back on the agenda as a priority.

Shortly after his election was announced, the new Cypriot President announced that he had requested a meeting with Mehmet Ali Talat, the Turkish Cypriot leader, and has pledged that reunification will be a priority. The Turkish Cypriot leader has also expressed optimism, saying: “I believe that it won’t be a surprise if we solve the problem by the end of 2008.”

According to recent research, reunification of Cyprus would bring in €1.8 billion annually through new opportunities with Turkey and other countries. The report, commissioned by the International Peace Research Institute in Norway, was carried out by Greek and Turkish Cypriot researchers, and pointed to growth in construction, tourism and finance sectors among others. It would also open up the whole island to investors in Cypriot property, given that there has been some ambiguity surrounding the security of buying in the north of the island.

Although the whole island has proved an attractive prospect for investors, the north and the south are two entirely different prospects for investment politically, economically and in terms of their property markets. The most popular areas for investors are currently within the Republic of Cyprus, an EU member with a forward-thinking government working to maintain a healthy economy.

The south of Cyprus has enjoyed a recent upturn in tourism. According to data from the Financial Mirror, it received almost 33,000 visitors from the UK during February 2008, up 4.4% on the same period of 2007.

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	Cyprus property investment report (373Kb)
	Cyprus country guide (766Kb)
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