It depends on what you after whether its Rental income, Holidays ets or capital appreciation and is a more than likely a sound investment as opposed to countries in the region of the Mediterranean like Turkey, Egypt, Morocco, Dubai or countries like Spain, Portugal, Greece or Malta.
Northern Cyprus property and real estate market looks more promising to invest.
There are many reasons why investing in North Cyprus Estate is beneficial for investors.
North Cyprus AKA Turkish Republics of Northern Cyprus has been established for only 39 years on 15 th November 1983. This was a self declaration of Independence of the Turkish Republic of Northern Cyprus from the Republic of Cyprus by the Turkish Cypriot parliament.
Since then North Cyprus has never been formally recognise by any country other than Turkey. Over the years North Cyprus has been almost left isolated and untouched by the world without direct trade and direct flights.
Nevertheless this little Northern Part of the island has been managed to grow independently and organically on many sectors such as Tourism, Casinos, Education and IVF treatment etc.
With a population over 380,000 people just the international students reached over 90,000 with a total of 25 universities. International students alone has rocketed the buy to let property market for local and overseas investments as they compete to offer growing Student accommodation.
The strategic location of North Cyprus has been an advantage for student’s from Africa, Asia, Middle East, Turkey and Turkish speaking countries such as Kyrgyzstan, Kazakistan, Turkmenistan and many more.
Properties on The Island
Nice Apartment For Holidays
Beautiful Houses to buy
How To Buy A Property in North Cyprus
The procedure of buying a property in North Cyprus is not as complicated as it seems, in fact it is open and simple. Foreign citizens have the right to acquire any desired property in North Cyprus and there are no limitations whether buying land, villa, apartment, commercial or Investment property. In the process of Buying Property in North Cyprus, it is important to however, get acquainted with the property laws of North Cyprus as well as getting in contact with a good Lawyer, whose primary interest will be to protect your rights as a purchaser of property, prior to obtaining one. In this case the entire process of acquiring a North Cyprus property (from arriving and choosing Real Estate to the registration of the Contract), will not take too much time and will not be too difficult. By purchasing Real Estate in North Cyprus you are becoming the rightful owner of the property in Cyprus and by doing so, you have rights to administer, in any way you wish: rent it, sell it, use it in your will, etc. The most important step on the way is to choose the right property. A property that will meet your demands and goals. A property with the documents in accordance to North Cyprus Laws, rules and regulations, regardless of what Real Estate you have have chosen. The first STEP is to agree on the price, payment terms, fill the reservation form to take the property off the market, pay the agreed deposit, which is usually not more than £1000-2000. In a preliminary (reservation) treaty are described conditions of sale, the price of the object, possible credit and payment plans, and so on.
Buying property in Northern Cyprus, its not difficult to understand that with the growing number of overseas students, the Tourism industry and a healthy number of foreign workers , the demand for rental properties at Kyrenia and closer surroundings such as Karaoaoglanoglu, Lapta and Alsancak on west and Ozankoy and Catalkoy at the eastern side of Kyrenia City center will start to increase again. Demand and supply will push developers to start constructing more properties for investors but acording to new building regulations, the number of units will be limited to build on development land only.
This new regulation will only increase the cost of the units. With the effect of global inflation of building materials, property investment at North Cyprus in the Kyrenia region looks promising and can gain over 30% on capital growth in the near future and is based on a shortage of resale and new apartments for sale at city center of Kyrenia.
