North Cyprus Properties

North Cyprus has proven to be the new hot spot for property investment opportunity in the Mediterranean, slowly stealing property investors from the likes of 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 keen to maximize profits by buying properties now. In addition, North Cyprus estate price rises are also anticipated with the expected resolution between the North and South parts of Cyprus. Since the border has opened for citizens and tourists alike to travel freely, and the recent joining of South Cyprus to the EU, more people, particularly EU members, are beginning to discover the uniqueness of North Cyprus as an undeveloped haven.

The European Commission, the International Monetary Fund and other international organizations have recognized the economic stability of North Cyprus. Tourism has played a major part in the economy and has overcome political instability. Textile, service and petroleum industries are thriving. Foreign investors take advantage of fiscal incentives and a relatively low taxation.

The Mediterranean climate is hot, sunny, and dry, and temperatures average in the mid-20’s from April through October, ensuring an unusually long “high season” bringing tourists flocking here for 24 weeks out of the year. In addition to the climate, unspoilt beauty, and rich culture ensure . With the stunning mountain range, beaches, and lovely coastline, there are beautiful mountain and Mediterranean sea views from virtually every North Cyprus estates.

Buying a North Cyprus estate for resale has also already proven a wise property investment. Buying North Cyprus real estates off-plan property allow the buyer to pay approximately 20% below market value and pay in installments over 18 – 24 months according to construction phases. Although North Cyprus estate agents report that prices have already begun to rise, there are still North Cyprus estates property selling for less than 100,000 GBP. In addition, the cost of living in the Turkish Republic of Northern Cyprus is considerably less expensive than in the U.K., allowing retirees to enjoy a higher standard of living.

Buying a North Cyprus real estate as a property investment has proven capital appreciation for many property buyers prior to completion of the Northern Cyprus home. With the political advancements in North Cyprus and the expectation of direct flights to Ercan International Airport, the ease of traveling to North Cyprus is increasing tourism greatly. In addition, due to the leisure-focused property development including the Golf Course currently being constructed in between North Cyprus Kyrenia and Esentepe and the adjacentYacht Harbour under development, investments opportunity in a North Cyprus estate are expected to double, within a period of 12 to 18 months by putting the property back on the market, upon completion. North Cyprus estate agents have already seen return on property investment for successful projects immediately as construction commenced.

Buy to let is proving to be a very profitable investment opportunity according to North Cyprus estate agents, due to an already high demand and an expected increase in number of tourists. Northern Cyprus villa rental prices per week vary, of course, dependant on the location, proximity to beach, size and amenities of the Northern Cyprus property. North Cyprus estate agents rent apartments and villas in high season which is approximately 28 weeks long from April through October. Weather is hot, sunny, and dry, and temperatures average in the mid-20’s during this period. Based on property rentals in 2004, North Cyprus estate rental prices range from 250 GBP per week for a small 1 to 2 bedroom apartment to 500 - 1500 GBP for a villa.