President of the Republic of Turkey, Recep Tayyip Erdoğan paid a visit to the island on the 15th of November 2020, for the 37th Republic Day of Turkish Republic of Northern Cyprus. This visit, which also attracted great interest in the press, had a very busy schedule. After meeting with TRNC President Ersin Tatar at Ercan Airport, Recep Tayyip Erdoğan first attended the celebrations in Nicosia. Celebrating the founding of the TRNC by commemorating Rauf Denktaş, Erdoğan said that the relations between the Republic of Turkey and the Turkish Republic of Northern Cyprus will continue to strengthen. Erdoğan and Tatar then made a visit to Varosha and made important statements for investors.
The statements of the two presidents in Varosha, had very important notes for the future of Varosha and the future of Cyprus real estate investments.
The two presidents, stated that they would act in a way that would not violate agreements made with The Republic of Cyprus and United Nations during this opening process of Varosha. Some important notes from the statements of Recep Tayyip Erdoğan and Ersin Tatar;
(It may be useful to review our previous article in order to understand the importance of the visit to Varosha: Varosha is Opening Up)
Varosha is Now Ready to Open
During his visit to Varosha, Tatar mentioned that Maraş, which once was the source of 50% of all tourism revenues in Cyprus, is now ready to be opened. Stating that the opening of Varosha will add great value to Cyprus and provide economic development. Tatar further stated that they have completed the initiative to open Varosha by working together with the Republic of Turkey.
The Goal is Not Creating New Grievances
Erdogan highlighted that the aim of the initiatives to open Varosha since October is not to create new grievances. Erdoğan stated that the steps taken towards the opening of Varosha are in hopes that this new development will be in the benefit of everyone.
Real Owners of Varosha will Reunite With Their Properties
While continuing his speech, Erdoğan mentioned that the opening of Varosha should be welcomed not only in Northern Cyprus but also by everyone who has owned property in Varosha for a long time. “We are aware that Varosha has real owners and they are waiting to reunite with their properties” Erdogan said.
‘We Can Return the Properties in Varosha to Their Owners’
Ersin Tatar, in his speech, reiterated that no party will be victimised with the opening of Varosha. He stated that anyone who owns a property in Varosha can apply to the TRNC Immovable Property Commission to regain their property or the price in return for their property.
Investments in North Cyprus
We mentioned that since October, steps have been taken towards the opening of Varosha and that these steps have increased investment demands in Northern Cyprus. After the statements made by Erdoğan and Tatar yesterday, the perception regarding investments in Northern Cyprus and Varosha has become more positive both for Turkey and the world
As a result of this process, which will proceed with the transfer of Varosha to the former owners or the sale of their properties to the TRNC state, Varosha will be completely opened and become a world-known point of interest.
Why is the Visit to Varosha an important event?
After the opening process, with the return of international businesses and hotels to the region, Varosha will regain its importance as the tourist centre it once was before 1974. This will contribute to the island’s economy and create many employment opportunities.
The opening of Varosha will have positive effects in terms of investments not only for Varosha itself but also for the entire TRNC. Tourists and international investors, who will turn their eyes to Northern Cyprus with the opening of Varosha, will want to invest in many different sectors in Northern Cyprus, especially Famagusta. In this case, the land and real estate values in the region will increase and continue to bring extra profit to the investor.
Therefore, with the announcement by Ersin Tatar and Recep Tayyip Erdoğan that Varosha will be opened in a way that can be accepted and diplomatically supported in the international arena, Northern Cyprus has turned into a country where investments will continue to gain more value along with increasing interest from investors.
As a result, the opening of Varosha and the statements made by Erdoğan and Tatar during their visit to Varosha have important implications for both Northern Cyprus and real estate investors. We recommend you to review our content of Famagusta villa projects for sale.
