Economic Growth Expected to continue in Northern Cyprus
The finance minister for Cyprus, Charilaos Stavrakis, has announced that economic growth in the North of the island is expected to continue. The government puts the predicted growth over the next quarter at at least 4%, but that percentage could improve. With the tourist and holiday season now in swing, there could even be a peak, signaling a triumphant flourish that symbolizes perfectly the boom in economy that Cyprus, and Northern Cyprus in particular, has seen in recent times. The only thing that mars that growth is a slight downturn during the earlier period of the year - roughly between March and April - that caused some skeptics to fear that the economic rise was on its way to decline. But the Cypriot government argues that the increased revenue that the tourist sector will generate over the summer months more than adequately cancels out that drop, and those who thought that the boom might be a short-term success will perhaps be proved wrong. Indeed the rising margin for economic growth in Cyprus seems to be stable and legitimate; not the result of a trigger cause, and as such unlike to die out quickly. It is in fact the result of many long term factors, problems that have troubled the island for a number of years, and problems that now seem to be drawing to a close.One key factor is the potential reunification of the island and the relative peace that the suggestion has brought to Cyprus. For perhaps the first time, the Greek Cypriot president and the Turkish Cypriot president are both genuinely committed to talks about reunification. Indeed the Turkish Cypriot president Mehmet Ali Talat has called his counterpart to enter into talks that could see the island reunited by the end of this year, and Greek Cypriot president Demetris Christofias seems keen, with three meetings between the two leaders already having furthered the issue, and a fourth scheduled for September 3rd. The good will between the two sides has led to a boom in tourism, which is certainly one reason for the upturn in economy; sitting within one of the most popular climates in the world, Cyprus has always been a potentially interesting area for tourism. But the strife that followed the independence debates after World War II, and the subsequent conflicts between Turkish Cyprus and Greek Cyprus over constitutional and cultural points, and fought at state and community level, has meant that it has perhaps been viewed as a potentially volatile destination. Now that chapter of its history seems to be coming to a close, and the tourism sector is benefiting. So to is the economy, and as a result, so too, is the property industry. Indeed, the island of Cyprus, but Northern Cyprus particularly, is one of most sought after places for property in the whole of Europe, and perhaps the world. With the economy booming, experts predict that those who invest now could see a substantial and rapid return on that investment.
