North Cyprus has always been an investment and investors dream
It goes without saying that North Cyprus has been a great place for investment for many years, but its popularity still continues to grow on a yearly basis. The British have been buying property, as either full time residences or holiday homes, for decades now, which is most likely due to the history of British colonial rule in the 1890’s. English is well spoken, the Sterling currency is still used for property pricing and we drive on the left hand side of the road. invest in north cyprus property
Other European countries have also found Northern Cyprus the ideal place to both settle and holiday, finding its rich history, architecture and general way of life the most loveable things about this place. You will now also find Scandinavians have also invested heavily in buying homes, the cost of living and the long summers (in comparison to their home countries) being too good to miss out on.
Huge investments made in infrastructure
There has also been huge investment over more recent years, both from Turkey and the EU with regards to infrastructure in particular, allowing the country to move with the times and provide increased services and utilities to a growing population. With the international recognition too, in 2010, of the Immovable Property Commission, which dealt with any property disputes between the Cypriot communities, things have moved on in terms of property buyers feeling confident in investing in North Cyprus. From an international investors point of view, North Cyprus was no longer an unstable country in which to invest and buy property.
Another possible reason as to why North Cyprus has continually grown in popularity for property buyers is its own stability. Property developers, who years before were unable to obtain finance for building from international banks, relied more on their own turnover and profit, so although progress has been slower, it has been more stable and that has proven to give investors the confidence to feel that North Cyprus has been, and will remain, a safe place to invest.
Investors have a wealth of choice investments
Given also that ROC (Republic of Cyprus in the south) suffered badly due to the collapse of its banking system and economy, after it had entered the EU, it opened peoples eyes to the fact that North Cyprus was a non-European location with a very cheap cost of living. Where Cyprus property buyers may have only previously considered investing in the south, they now looked to the north as an attractive alternative.
North Cyprus of course relies heavily on tourism, and until Covid-19 stopped the world from living as it had, the country had seen huge growth in the tourism sector, with many overseas investors choosing to come and put their money into building projects and hotels. Property developers also have been hugely successful in marketing and selling projects to the world, which offer a beachfront location, within a resort environment. Those projects which provide an offer close to the beach, with managed facilities and services, with rental programmes and guarantees, have been a great attraction for those seeking an investment which will grow in capital with time.
The fact that there are always rumblings of reunification talks and deals between both south and north, no longer seems to concern many, where previously it was of huge conflict. Property prices continue to rise but are still well within competitive margins of alternative Mediterranean locations. North Cyprus has proven to be a property investors heaven and that shows no signs of slowing down.
Cheaper and competitive property prices
In short, an investment of £50-60,000 will achieve a very nice 1 to 2 apartment in a managed residential resort or site. Those looking at the possibilities of making income from renting property, should look at a realistic 7-10% return. Payment plans are varied and geared to suit all financial requirements that investors may need. Some even offer the opportunity to take possession of your property before you have even finished paying for it. Again, over recent years, and with competition growing between property developers, there have been huge strides in the options available to property buyers in North Cyprus.
We hope that this article gives you some idea of how popular North Cyprus real estate has become for property investors worldwide.
“This is the best of the Mediterranean at a fraction the cost of living the Med life elsewhere. Northern Cyprus is also a safe, welcoming destination with developed tourism infrastructure, including clubs, casinos, and luxury hotels, all more affordable than their counterparts in France or Italy”.
(Forbes Magazine, February 2021)
Kensington offer various projects for investors, featuring Thalassa Beach Resort & Spa – the only residential beachfront resort located in Bafra, North Cyprus. Offering a wide range of properties from under £60,000 on a fully managed and maintained resort.
For further information on buying property in North Cyprus and investment options with Kensington, please feel free to contact our Sales team.