We have all watched the interview on the TV of the Cypriot Minister of Commerce expressing his opinion on the “serious interest” that Iranians have for Cyprus and the potential that exists for Iranians buying real estate here. He reported that due to Iran’s holiday next month, chartered flights have been organized for 1000 Iranian holidaymakers to visit the island. This statement has caused an over enthusiasm and raised hopes amist falling tourist interest (approximately 20%-25% lower than last year) and hopes for developers and others, due to the drastically reduced foreign real estate interest (approximately 50% reduction). So, despite the fact that Iran brings memories of theocratic politics, there it is, a large country of 70.0 millions and oil/rich, so one expects that its citizens can afford to buy. On the plusses side of things, is that George Bush has gone, so Cyprus will not be forced to clear its stand regarding his statement “with us or against us” whereas very few western countries will entertain Iranian real estate purchases, let alone offering them permanent residence status. Our Government is working on the scheme of real estate sale, to provide Iranian (and other) property buyers, of no less than €400.000/unit with a residence permit. This is quite attractive for Iranians especially when one reads about decedents and others who might wish to leave their country and live in a European state. But is it as easy as it sounds, or did Cyprus find an oil borehole with no oil at the end? – Well you can decide for yourselves based on the following data.

• No foreign exchange is allowed to come out of Iran. So local purchasers must be restricted to those who have legally or otherwise money abroad/or to those who can/will take their money out of Iran by other means (always bearing in mind the strict laundry of money regulations).

• Our local embassy has the capacity to issue 2 visas per day only (!!). So how do we expect a steady flow of visitors? According to Iranian officials the situation regarding visa delays is quite unacceptable and it might be taken that this is even hostile to the Iranian people.

• There is no direct flights and a trip via Syria-Gulf States takes 15 hours – So you can appreciate the problem.

• Very few Iranians speak English, hence there is a lack of communication.

• Iranians/Cypriots have never had a meeting of minds in the sense of knowing each other’s attitudes. Will there be a communication of minds, something which is most important if people wish to live here?

• How does one explore this market, since no Iranian estate agents can be trusted (by Iranians) bearing in mind the no-foreign exchange and the lack of communication?

Surely during these difficult times any hope is better than none for the real estate market. It is also a fact that around 15 Iranian sales have taken place mainly at Larnaca (mainly because an Iranian who lives at Larnaca is quite active) and this has encouraged the market.

We do hope that sales will come out of it, but if the two countries want to take this matter further, they must make arrangements with airlines in order to provide direct flights, at least 2/week in order to make the possibility happen, whereas the visas speed situation must not be underestimated.

As we have written before in this column, this measure (property purchase V residence permits) is an extension of the Government’s policy of “cash for passports”. We must admit that we are quite impressed by the various measures that this socialist Government of ours is using to promote the economy. We wish that this effort will not end up with a similar result a few years ago, when the then Minister of Commerce announced that “thousands of Chinese are interested in Cyprus as a holiday destination” and with the first plane landing (180 people) 30 asked for a political asylum the moment they landed!!

P.S. On another note and in order to indicate the keenness of people from certain part of the world to abandon their home for a “safe” heaven, we are informed that Iraqi Kurds are now keen to buy property in the Turkish occupied areas. We are informed that “these Kurds have lots of money because of the Americans and oil income!!”.

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