Israeli developers are increasing their investments in Turkish Cyprus in advance of a possible reunification with Greek part of the island and entry to the EU in 2004. Real estate prices in the Turkish-controlled northern third of Cyprus have been rising recently in expectation of a merger or other arrangement. The Turkish Republic of Northern Cyprus was set up following the 1974 war, and is not recognized by any country other than Turkey.
Caesarea investor David Levy has bought 200 dunam (50 acres) near the coastal resort of Kyrenia for $3 million. He plans to build 150 houses, to be initially sold for $130,000 each, mainly to German and British pensioners. Similar houses in Greek Cyprus cost at least $200,000.
Turkish-born former Israel Land Administration director general Berti Brudo and a group of French investors are negotiating to buy 75 dunam (18.75 acres) of seaside property near Kyrenia for $1 million.
Brudo is also negotiating to buy two or three 10-dunam (2.5-acre) plots for $5,000-10,000, to build houses.
Shlomo Moussaieff, who owns jewelry stores in Israel and London, is negotiating to sell a 100-dunam (25 acres) plot he bought several years for $1 million for $2 million.
The EU has called on the Turkish Cypriot leaders to decide by the end of February if they will reunite with Greek Cyprus. If the island is reunified, it will join the EU in early 2004. If they decide against reunification, only Greek Cyprus will join the EU. Greece has been a member of the EU since 1981, while Turkey’s possible joining is still far off.
Published by Globes [online] - www.globes.co.il - on February 16, 2003