I am looking to buy in Northern Cyprus as it looks very good value for money. Spain you just can't find anything under £100000 Turkey looks like a war zone unless your have a couple of hundred, thousand, or you want a High rise.

I have £50,000 to spend as a long term investment from my pension fund

North Cyprus was covered in a Tonight With Trevor McDonald special a few months ago - the property is cheap because most of the land is disputed and quite possibly still belongs to many of the Greek population in the south who could just theoretically walk in and reposses your property at any time !!!!

You ought to seriously consider Bulgaria - similar to the way Spain was about 20 years ago - far less developed and more natural. You can buy a country villa with loads of land (including fruit trees etc) for around £7,000. See http://www.mybulgaria.info/bulgaria-property-forums.html

Currently looking at northern Cyprus myself at the moment and it is all down to land title. Pre 1974 land owned before occupation should be ok, but need to be careful of exchange land with the South and land that has in effect has been stolen from the Greek Cypriots. Worth looking at the foreign office website. From what I can work out only approx 15% of that land falls into the 1st catagory so tread very carefully.

BE VERY, VERY CAREFUL.
Nobody knows what will happen after a solution is found for the Cyprus problem and indeed what the conditions of that solution will be. It will certainly involve re-distribution of land & property to rightful owners.
Suffice to say, the territory is still illegally occupied and many agents are being taken to court for dodgy dealings. Wait till the island is re-united. Or go to Bulgaria!