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Speaking via a video message to the 2nd Cyprus Economic Summit in Kyrenia, The United Nations Special Advisor, Espen Barth Eide, reported on economic data analysis comparing a federal Cyprus with the predicted growth pattern of the Greek and Turkish communities continuing as separate entities. The data suggests that a federal economy would be far stronger with new trading and investment opportunities becoming available island wide and increased trade within the European Union (EU). In the event of a settlement, services based in Cyprus would experience an enlarged national market in addition to increased commercial prospects. In this situation “the sky is the limit” said Mr. Eide. He stressed the importance of inclusive economic benefits if stability and peace are to be achieved, and the need to consider all aspects of the economy as the reunification talks between the Cypriot leaders progress.
The engagement of the I.M.F. and World Bank in the wider financial considerations both for Cyprus and internationally was unprecedented said Mr. Eide.
Strong institutions, clarity of decision making and comprehensible rules and regulations for every citizen in Cyprus are a pre-requisite to realising the enormous potential that a settlement would make possible he added. He also expressed gratitude for the support of the European Central Bank and European Commission in their involvement in these aspects and also in connection with preparations for the euro as the legal tender as well as introducing the compulsory E.U. rights and obligations of member states throughout the island.
The reunification of Cyprus will certainly make investment a much more attractive proposition for international investors, with the real estate market already reporting significantly increased sales in February 2016 when compared to the same month last year. According to figures released in early March 2016 from the Department of Lands and Surveys, there has been a 54% rise in all areas with Limassol leading the way. This includes commercial buildings, residential property and land such as building plots and fields. Improved national economic performance and returning consumer confidence have also likely contributed to the increased sales.
Sources: cyprus-mail.com, www.goldnews.com.cy.
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