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Bulgaria Northern Cyprus and Turkey Property Markets could be hit hard by EU vote

4th June 2005 | back to article listings BACK    print this article PRINT

Bulgarian, Northern Cyprus and Turkish property markets, popular with British and Irish investors, could be hit hard by the recent troubles over the French and Dutch EU ratification/ referendum 'No' votes - other countries like Southern Cyprus already in the EU are safer.

Last weeks votes by the Dutch and French people are clearly a warning that the existing members are unhappy with the excessive growth in members to the EU, as they see it. There were warnings from experts yesterday that countries not yet in the EU could be left out in the cold and the effect on their economy and property markets could be severe.

Stuart Law of Assetz International said "Turkey was supposed to start negotiations in October 2005 - it is clearly now in greater danger of not getting off the ground as several EU members are fully against Turkey Joining. In addition Bulgaria and Romania have signed a treaty to join in 2007 but unless it is ratified by all 25 EU member states it cannot go ahead and only 2 have done so far. These two countries are suffering from corruption and other problems and the property market is a little bit 'wild-west' at present - if these issues are not dealt with to the satisfaction of all the EU nations then membership could be off the cards for these two countries and the property market particularly in Bulgaria could go into freefall after its early strong gains in house prices.'

‘Investors should treat property investment in these yet-to-join countries as highly speculative and beware of the loose claims made by property agents for the guaranteed returns they could make – don’t put all your eggs in one basket with any kind of investment – especially property where the resale-market could dry up overnight and leave you high and dry – the three highest risk property investment areas are now Turkey, Northern Cyprus and Bulgaria.’

‘Investors looking for excitement and capital gains without such high risk should look at countries like Southern Cyprus who are full members and well on their way to membership of the Euro in 2007/2008 – this is driving prices up well and although early gains have already been had there is plenty more to go – it’s like having the benefit of hindsight and seeing the market in Spain or France a few years ago and buying then – things are so much more certain with Cyprus yet the peak in prices is still some way off. Our Southern Cyprus investor seminars and visits organised by Assetz Cyprus have suddenly started selling out quicker than normal – perhaps people have already spotted the warning signs in these other countries and started a flight to quality.’

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