With the TRNC Property Commission now recognised by Europe, North Cyprus has proven to be the new hot investment opportunity in the Mediterranean, gaining ground over its competitor destinations such as Spain, Portugal and France. As the likelihood of North Cyprus joining the EU increases, it has caught the attention of both professional and first-time investors. In addition, the current negotiations between the North and South of Cyprus has given prices a boost. Since the border opened fully in 2004 for citizens and tourists alike to travel freely throughout the whole island, more and more people are beginning to discover the uniqueness of North Cyprus as an undeveloped haven.
Buying a North Cyprus property for resale is also yielding fabulous ROI. Buying an off-plan property allows the buyer to pay approximately 20% below market value and pay in installments over 18 – 24 months according to construction phases. Although prices have already begun to rise, there are still North Cyprus properties selling starting at £30,000 GBP. In addition, the cost of living in the Turkish Republic of Northern Cyprus (TRNC) is considerably less expensive than in the U.K., allowing retirees and residents to enjoy a higher standard of living outside of the eurozone in a country with excellent tax advantages.
Buy to let and holiday rentals are proving to be very profitable investment opportunities, due to an already high demand and an expected increase in number of tourists. Northern Cyprus apartment and villa rental prices per week vary according to location, proximity to the beach, size and amenities but start at around £250 per week. The mid and high seasons are approximately 28 weeks long from April through October.
The Mediterranean climate is hot, sunny, and dry, and temperatures average in the mid-20’s from April through October. As well as the ideal climate, its unspoilt beauty, and rich culture ensures a truly unique destination. The stunning mountain ranges, beaches, and lovely coastline ensure Mediterranean sea views from virtually every North Cyprus property. With the political advances in North Cyprus and the expectation that direct flights to Ercan International Airport will start soon, tourism is starting to increase. In addition, new leisure facilities such as the brand new championship standard Korineum golf course near to Esentepe and the adjacent forthcoming Port Cyprium Marina, have greatly boosted the market.
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