Why to buy real estate in Northern Cyprus
Buying Property in Northern Cyprus a Sound Investment? It depends on your goals whether it’s rental income, holiday lets, or capital appreciation, and is more than probable a sound investment rather than countries in the region of the Mediterranean like Turkey, Egypt, Morocco, Dubai, Spain, Portugal, Greece, or Malta. The northern part of Cyprus, known as Northern Cyprus, has been established for only 39 years in November of 1983. This was a declaration of independence from the Republic of Cyprus, by the Turkish Cypriots' Parliament. Since then North Cyprus has not been recognized by any country other than itself. Over the years North Cyprian has been almost left isolated from the rest of the world without direct trade and direct flights. Nevertheless, this small northern part of the island has been able to grow independently and organically in various sectors such as tourism, casinos, education, IVF treatment, etc.
With a population of over 380,00 people, just the international students reach over 90 thousand with a total of 25 Universities. International students alone have skyrocketed the buy-to-let market for local and overseas investors as they compete to offer expanding student housing. The strategic location of North Cypriot has been an advantage for students from Africa, Asia, the Middle East, Turkey, and Turkish-speaking countries such as Kyrgyzstan, Kazakhstan, Turkmenistan, and so on.
Affordable to buy an apartment in Northern Cyprus
With the recent increase in the average salary in North Cyprus and the recent drop in local currency (TL) against foreign currencies, the cost of buying a property has decreased significantly. In addition to this, the rental yield has increased to around 10%. These factors make investing in property in North Cyprus an extremely lucrative option for both investors and home owners alike. Due to the decrease in the number of properties being built, prices have increased significantly and this means that buying an apartment in North Cyprus can be a great investment opportunity.
Promising Market
Buying Property in northern Cyprus, it is not difficult to understand that, with the growing number of international students, the tourism sector, and a healthy number of foreign workers, the demand to rent properties in Kyrenia, Karaoaglanoglu, Laporte, and Alsancak areas on the western side of Kyrenia city center will start to grow again. Demand and supply of properties will push developers to start building more properties for investors, but according to new building regulations, there will be no more than 100 units built per year on development land only. This new regulation will only make the price of the units higher. Due to the rising costs of construction materials,
Property investment in north Cyprus in the Kyrenia region looks promising and can earn around 30% return on capital growth in the next five years and is based on a lack of resale and new apartment sales at the city center of Kyrene. So anyone investing 70,000 GBP in the city center of Kyrenia may walk out with nearly 50% profit including a 5% rental income of five years and 30% appreciation. According to Forbes magazine, the Iskele region in north Cyprus has been chosen as one of the top ten seafront locations to buy or invest in property worldwide. However, Kyrenia alone will continue to be more profitable than anywhere else not only in the north Cyprus real estate market but globally.