Cyprus Property News | Investment Property in Northern Cyprus

Investment Property in Northern Cyprus | Cyprus

A Mediterranean hotspot, Northern Cyprus has tourists dancing to its tunes. Pleasant weather throughout the year apart, the place has some unparalleled natural beauty amidst vast chunks of underdeveloped real estate.

Undoubtedly, opportunities galore in the untapped property market of Northern Cyprus. However, there is one issue that has always rankled the potential international property investors in this beautiful island nation. Thus, it is appropriate to remove all the apprehensions from the minds of potential real estate investors in the country, before we look at the investment opportunities in North Cyprus.

The Turkish Republic of North Cyprus (TRNC) has been an unresolved disputed territory since 1974, when Greece tried to capture Cyprus. There is a history of mistrust between Greek Cypriots and minority Turkish Cypriots, which took a violent turn in 1963. The Turkish Cypriots were forced to take shelter in certain exclusive enclaves, and the situation was somewhat salvaged by the UN Peacekeeping Force by creating a Green Line separating these enclaves from the Greek Cypriots. However, the situation took a turn for the worse in 1974 when Greeks tried to capture Cyprus and join it with mainland Greece. Sensing trouble and fearing for the safety of its people, Turkey launched a swift offensive and forced Greek forces back to Greece. In the process, Turkey established control over the northern third of Cyprus and called it TRNC. Resultantly, TRNC was formed as a buffer zone for the safety of Turkish Cypriot inhabitants of the island.

The Turkish offensive had no UN backing and Greek coup bid was thus, quickly forgotten, leading to the annexion of Northern Cyprus, which suffered embargos until 2004. Turkey made its application for joining EU in 2004, and its application is still pending due to unresolved territorial dispute pertaining to North Cyprus. UN tried to broker alignment arrangement between North and South Cyprus through Annan plan. However, even this has not found favour with Greek Cypriots.

Strangely enough, Cyprus got EU membership in 2004 despite an ongoing territorial dispute, but Turkey has not managed to get a look in on the same grounds. Now, the ground reality is that all Cypriots – Greek or Turkish – have the right to EU passport, which effectively means that there is not much difference in international status for mainland Cyprus and Northern Cyprus. The situation is also largely peaceful on the ground and the issue is near resolution, as Turkey also wants EU membership at the earliest to usher in full-scale development in its real estate sector.

Overall, North Cyprus is a favourable destination for European real estate investors, both in the long run as well as for making quick buck.

Opportunities for Investment Property in Northern Cyprus

North Cyprus has vast land and property for sale with internationally recognised title deeds. The best part of investing in North Cyprus real estate is the fact that the property prices here are about two to three times cheaper than the Southern part of the country. For instance, a 3-bedroom luxury villa, which costs around £300K, is available for a mere £120K in Kyrenia!

Most international countries are promoting all kinds of developmental activities in North Cyprus as a reward to their voting in favour of Annan plan. Resultantly, real estate investment here is getting lucrative by the day.

As the main attraction of North Cyprus is tourism, it has resulted in generating a vigorous interest among investors for the rental and vacation property. The tourists get a high from the vast stretches of sandy beaches, dramatic views of Kyrenia Mountain range, spectacular castles, natural harbours, and the sheer beauty of North Cypriot coastline. The villas and seaside homes are thus, an evergreen property demand from international investors.

The strict governmental control over constructions along the beautiful coastline has ensured that the development is in consonance with nature in this part of the world.

The development of tourist and recreational amenities is in full swing. Once fully developed, North Cyprus would emerge as the most desirable tourist island in the whole of Europe. As an example, a new championship golf course is now open in Esentepe, with plans of around 400-berth marina to come as well. This will surely give maximum yields for rental as well as residential property around this area. Similarly, the real estate developers are eyeing places, like Bellapais, Ozankoy and Catalkoy to maximize their returns on property investments.

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