North Cyprus Property Market History
ARE YOU WONDERING WHAT THE ATTRACTION OF BUYING PROPERTY IN NORTH CYPRUS IS?
Well, there are many things, for one, the climate is a huge bonus for those seeking sunnier climes, the local population is known for its welcoming nature and you can’t get much better than some peace and quiet in a beautiful mediterranean location.
WHAT DOES NORTH CYPRUS HAVE TO OFFER INVESTORS?
Having been off the international map for over 30 years, you may believe that it does not have much to offer in terms of standards and a comfortable, modern lifestyle. But, nothing could really be further from the truth, and, if you are looking to invest in a North Cyprus property, then you will be happy to know that business is booming!
Since the Annan Plan and subsequent Referendum in 2004, the UN’s attempt to unify both north and south of the island, there has been significant and growing interest in this small part of the world for property investors. Even though there was no reunification solution at the time, North Cyprus was certainly bought to the attention of the world. Realising there was a completely different side to the island of Aphrodite, people began to understand that it was indeed a beautiful place to be, full of history, culture and therefore, opportunity. This kick-started growth also in tourism, as well as investment.
TOURISM AND PROPERTY DEVELOPMENT BOOM
As perhaps a reward for the Turkish Cypriots, who chose to vote yes to reunification, the EU pledged over 250 million Euros in grants, a sign that the international community was willing to recognise their commitment to the Annan Plan and, although the Greek Cypriots blocked that aid, it did not prevent North Cyprus stamping itself on the international map.
With the increase in tourism and property development, North Cyprus saw unprecedented economic growth which mirrored that of its southern neighbour. That, together of course, with word of mouth, which saw investors placing deposits on property prior to even visiting North Cyprus, saw an explosion of investment. Many Europeans got to hear from friends about the unlimited potential of owning property, either for their own use or indeed to earn from as a holiday rental home.
CHEAPER THAN MOST EUROPEAN HOTSPOTS
Since 2004 the North Cyprus property market has not stopped gathering momentum, with those investing over 15 years ago seeing their capital double, even triple. Sought after areas have now been developed, offering some great opportunities for property investing in the mediterranean. With a stunning landscape of sea, rising from the lowlands to the mountain range that runs along the whole of the north side of the island, it is a wonderful backdrop in which to live and invest in.
Even though property prices have increased considerably they can still be a fraction of the cost of property in European locations. So, even if you were not around in those boom times in the early 2000s, you can still invest in very competitively priced properties and still feel happy that you have found a bargain.
INVESTORS CONTINUE TO ARRIVE
Kensington has operated in the North Cyprus property development business since the time of the Annan Plan and still sees excellent returns for its investors who continue to visit, to understand what this side of the island has to offer. Having the business acumen to research in those early years gave Kensington a head start in choosing areas in which to develop and find the right locations for their investors.
The history of the North Cyprus property market for investors is not long in reality, but it certainly is interesting. If you would like to know more about North Cyprus and how Kensington can help you find an ideal property in North Cyprus, please feel free to contact us at any time. We will be happy to help!
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