Top Reasons to Invest in North Cyprus!
Top Reasons to Invest in North Cyprus
North Cyprus is, and has been for some time, viewed as a Mediterranean hotspot. With buyers now coming from all over the world to view and purchase a villa or apartment in North Cyprus, the property market is set for another boom, much like that which was experienced in the early 2000s.
The biggest property buyers do still seem to be both Eastern and Western European, the UK countries, as well as Middle Eastern and Scandinavian. However, Americans and those from as far away as Sri Lanka are also showing increased interest in the North Cyprus property market. In this article we will explore some of the reasons to buy property in North Cyprus.
Possibly one of the biggest draws when looking to buy property overseas here in North Cyprus is the climate. The climate is described as “intense Mediterranean” in North Cyprus – this means that in general the island enjoys short, fairly mild winters, long hot summers with short spring and autumn seasons. Summer generally starts in April to May and continues, with temperatures reaching 30-35oC until the end of September. Daylight hours in summer months are around 14.5 hours and 10 hours in the winter months. The rainy season is generally short, and the number of days of rain is approximately 5 to 10 days per month. Snow, whilst rare, can fall in winter, but generally only settles in the higher mountain areas and is short lived.
The island benefits from over 350 sunshine days per year, is perfect for outdoor living and activities, even in the winter months. A popular reason for people seeking a better lifestyle to relocate to the island of Cyprus. Of course, it makes outdoor living all the more the norm for everyone, which is a huge attraction for those looking to buy a home in North Cyprus. In particular, for those who love to play golf, it is an exceptional environment and climate in which to play, and even in the hottest summer months, early morning golf is extremely popular. Kensington has various projects in the area of Esentepe, catering to various requirements and budgets.
Non European Country
You may think this could be a downside for some, with Northern Cyprus not being part of Europe, however with all property prices being linked to the always stable Great British Pound, and in other European countries prices being linked with the Euro, therein lies the bonus. The Euro has suffered in value in more recent years. This therefore continues to make North Cyprus an extremely viable country in which to invest. GBP Sterling is also a widely accepted currency in general, and most shops and restaurants will gladly accept it as a de facto currency.
Investors and people who choose to relocate to North Cyprus, and invest their funds in banks in North Cyprus will also benefit from high interest rates for GBP and Turkish Lira. For those using their savings as a means of paying for their everyday expenses, it is entirely possible to live of the interest earned. For those who are using their pensions to support their daily expenses, their money will go much further. The cost of living in North Cyprus is still very much cheaper than most European and Non-European locations. This is definitely a favourable aspect to buying property in North Cyprus.
North Cyprus Property Prices
Whilst prices have risen, and will continue to do so with increase in demand and popularity, North Cyprus is most certainly competitive against alternative European countries, offering quality and affordable property options for all budgets. Kensington offers a range of properties from Studios, to 8 bedroom luxury villas, both on private residential projects as well as beach resorts and is therefore able to offer clients a varied portfolio.
With prices in our portfolio starting from as low as £54,950 (at the time of writing) we can also offer mortgages and payment plans to suit most requirements, allowing clients to really plan their finances and free up finance at stage level, but are equally flexible to tailoring payment plans to suit.
Increase in Capital Growth
It is true to say that North Cyprus property prices are on the increase, in some areas by up to 10% per annum. This may not be said for some areas of Europe where property prices have decreased. As North Cyprus property developers have generally built projects which are solely funded by private capital and not via loans via the banking system. This has both protected and ensured that it has not been affected by global banking issues. It is however sensible for investors to treat their property investment as a medium to long term investment.
With the North Cyprus property market forecast to remain healthy and positive in terms of growth over the coming years, investors should feel confident that their investment will gain in capital. This together with a healthy holiday rentals market year on year, with yields of 7-10% per annum, there can also be gains made should you be wishing to earn a constant income from your investment. There is also a consistent demand for long term rentals in North Cyprus, as we see more foreign workers coming to the island, as well families wanting to relocate in search of a better lifestyle for them and their children.
Links for travel into North Cyprus are available via Ercan International Airport and also via boat from Turkey. There is also access to Northern Cyprus from Larnaca and Paphos airports in the south side of the island. Europeans, Commonwealth citizens and those with Schengen visa is free to enter the south side of the island, which has global connections all over the world.
To enter Ercan or other port in the north of the island there are generally no visa requirements making it easy to travel into from Turkey. Cyprus is in fact an ideal stop over and hub for many investors who are looking to purchase a holiday property. It is also a superb location for those relocating who may also wish to travel all over the world, with Turkey also being a major hub for onward international travel options.
These are the major reasons that property buyers are choosing North Cyprus as a country in which to invest. And this isn’t just from the need to just own a property here, there are many other reasons why people look to North Cyprus as a place to live.
So many other reasons to invest in North Cyprus
North Cyprus has a rich and unique history spanning thousands of years, with many fascinating and historical places to visit, with ruins, temples, churches and magnificent castles. To spend time in history and in nature is a major source of attraction for many visitors who come to North Cyprus.
The local Turkish Cypriot cuisine is varied and interesting with a wide range of excellent restaurants, both in the mountains, towns and cities, and along the coast. International cuisine options are plentiful too, with many tastes and diets catered for. Eating out regularly is also a way of life for many living in North Cyprus, due to the cost of living being more attractive than their home countries, making it both affordable and a very social way of life.
There are so many things to do in a country which lives a mainly outdoor life for most of the year. While we have already mentioned golf, cycling, trekking, sailing and other water sports such as windsurfing feature heavily in the wide variety of outdoor activities available. There are many walking and cycling groups, birding opportunities, orchid hunting, as well as annual events such as strawberry picking, which ensures that outdoor life can also keep you active, fit and healthy.
Full of culture, you can sample various festivals, featuring specialities of the local area, such as asparagus and oranges on the western side of the island, to carob and olive to east side. Music festivals during the summer months are extremely popular, whether set within the grounds of the stunning Bellapais Abbey or at the ancient amphitheatre at the Salamis ruins. Arts also featuring heavily, with many local artists having a platform in which to display and promote their talent.
Together with the increase in infrastructure that has been invested in over recent years, there are also an increase in the quality of medical care available. Whilst there has been a rise in private medical facilities across North Cyprus, it is in the main very affordable for the ex-pat population, who might also expect long waiting times back in their home countries.
We could obviously continue with many more reasons as to why North Cyprus really is a place to consider when looking to buy a property overseas. We would finally recommend that you plan a visit to come and see for yourselves! We have introduced many investors to North Cyprus and we would love to help you find your dream property too. Take a look at our portfolio film below to find out more about some of the Kensington range of properties in the Esentepe area, close to Kyrenia and all right by the sea!