Following on from Huw's oil thread for Alberta, I read an intersting article in the Times yesterday. Aparently there are oil reserves below the sea off Cyprus. Cyprus (Greek Cyprus) has applied for a licence to explore and is laying claim to any oil they find as they say it is in their waters. Turkey as you can imagine is not having any of this and is likely to stake its own claim. The point of the article was that this could thwart any Cyprus agreement and could in fact de-stabalise the situation. Any thoughts/more info from anyone on this? Thise of us with Cypriot property could do without any increased hostilities between the two sides. Peter

Hi Peter I saw this as well. Cyprus has signed agreements with Lebanon and Egypt over maritime borders and have thumbed their nose at the Turks. It's hard to see what Turkey can do about it but it would certainly make a deal over reuniting the island less likely. Huw

Hi Peter This has been bubbling away for a while now. War ships were circling a couple of weeks ago. I think it's fairly typical of Cyprus generally. Only the upside is promoted when a deal is being proposed and people are trying to sell property!!!! I didn't buy any of the PS deals but keep going down to the sea from the 'Dangerous bend' and I bought one of the properties on the last development before the beach under my own steam. When telling friends that if the 'Cyprus problem' is ever resolved I am currently the nearest property to Famagusta beach, my pesimistic friend pointed out "but if it kicks off you are on the front line!!!!" Same with the oil I suppose...... ...the optimist (Property Vendor) expalins how property prices will rise if they find oil. ...the pessimist says "they find oil and they will be at war again" We pays our money and takes our chance I guess kind regards Pete

Pete, how right you are. I'm normally in the former camp but my business partner is always in the second. Makes for a good partnership I guess! Huw

I am generally an optimist when it comes to investing but it's good to chew the fat over these issues. Pete, how's the lettings going? I have plagurised your brochure to good effect although I could do with more lettings for my 2 bed. Also, please be careful when you drive down Dangerous Bend. You could easily run into my apartment. Dangerous Bend wasn't mentioned in the prospectus and I wish I had your spot. I bought the one marked superb views in the prospectus only to find that other apartments had better views that were only described as excellent. If it had been advertised as "right on dangerous bend" I would have bought at the other end of the complex. Sorry to rant but I guess I should have flown out to check before buying. Peter