North Cyprus property deals hit CYP 0.5 bln

The total value of property deals in the north annually is estimated at CYP 0.5 bln or USD 1.05 bln according to a report circulated among the House Commerce Meeting discussing the construction and tourism industry in the occupied areas.

Cyprus government reports indicate that annually about 5,000 houses are sold to foreigners, generating some CYP 0.5 bln in revenue, which is more than what the Turkish Cypriots receive in aid from Turkey.

The number of foreigners residing in the north in 2004 is estimated at 10,000 compared to only 2,500 before the invasion in 1974. The government report revealed that the cost of housing in the north is some 50% cheaper than in the south.

With the cost of living also very cheap, a record number of tourists are also visiting the north, according to Cyprus Tourism Organisation estimates.

During 2004, it is estimated that 164,000 European citizens visited the north compared to 130,000 in 2003. Regarding Greek Cypriots, the government records showed that 2,848 stayed overnight in the north compared to 1,430 in 2003.

The CTO report states that 95% of the 110 hotels operating in the Turkish Cypriot controlled area are Greek Cypriot owned or built on Greek Cypriot land. These boast some 12,200 rooms in 128 tourist units.

The government records showed that on average about 50 buses cross into the north from the government controlled areas, taking tourists on daily excursion trips, at a cost of CYP 30-40.