Cyprus Real Estate
Ever since Cypriots from the Turkish Republic of North Cyprus (TRNC) voted in favor of the Annan Plan and the peaceful reunification of Cyprus in 2004, Cyprus Real Estate in North Cyprus has been booming. The real estate boom has also been bolstered by EU aid to Cyprus and an increase in foreign direct investment.
Since 2004, property investment in North Cyprus has been steadily increasing, as has the amount of government spending on infrastructure and amenity improvement and development.
All indicators point to a long-term upward trend in Cyprus Real Estate prices in North Cyprus.
Corresponding to this real estate boom, Cyprus Real Estate offers a myriad of investment opportunities in North Cyprus ranging in size from off plan residential apartments starting at GBP 50,000 to a 400 berth marina requiring an investment of over GBP 90 million. Most investors are interested in residential properties off plan for both capital appreciation and rental yield.
Tourist areas in North Cyprus are presently experiencing the greatest property demand, a trend that will likely continue since UK-based tourist companies such as ‘Going Places’ have agreed to display TRNC brochures and the city of London itself is advertising North Cyprus on buses and in underground rail stations. The heightened awareness of this beautiful Mediterranean destination created by all this focus is causing an even greater increase in the number of tourists visiting the region (and it’s already been on the rise for the last five years). Increased tourism will serve to intensify the demand for short-term villa and apartment rentals from which Cyprus Real Estate investors could profit.
The rental industry will also benefit from the five major universities located in North Cyprus. These universities all saw increases in their student population, which means there will be an increased need for accommodations (especially since the amount of campus-based student accommodation is limited). This presents very promising residential and commercial investment opportunities for Cyprus Real Estate investors.
Another significant commercial venture in need of investment is the 400-berth marina, mentioned above. This development plan has permission to incorporate a 5-star hotel and casino and waterfront villas and apartments. The entire development is to be located in Esentepe, east of North Cyprus’ main resort town of Kyrenia (Girne). Smaller ventures in North Cyprus requiring investment, such as the Ottoman Palace hotel in Girne, are also available.
The choice and opportunity for growth and strong yield that North Cyprus offers Cyprus Real Estate investors has so much potential, the intense worldwide media attention that the TRNC has attracted should come as no surprise. Neither should the growing number of potential investors that are now flocking towards North Cyprus.