Smart Investors Are Already Making Property Investments In North Cyprus
The North Cyprus Property Boom
Having been off the international map for 30 years, North Cyprus has returned to the fore-front of the scene because of the North Cyprus property boom; the UN’s attempt to reunify the island in 2004 with the Annan Plan Referendum began a minor but significant boom in North Cyprus property investment and since then smart investors have been showing growing interest in the market. The island did not reunify at that time, but North Cyprus hit the press, and people started to realize there was a whole different side to Aphrodite’s island.
The 2004 Annan Plan Referendum
The Annan plan referendum kick started a growth in tourism and investment for Property in North Cyprus. And until then, the southern part of Cyprus was far better known by British holiday makers and investors. But the trigger of the referendum led to a relaxation of standards and sanctions from the international community, so that the natural beauty of the island and the cultural benefits of the island could flourish.
Why Investment in North Cyprus Property is Happening Now
North Cyprus, which is generally agreed to be the more beautiful of the two regions, now poses a real opportunity for investment enthusiasts. It still remains an undiscovered secret, retaining natural beauty and Cypriot character, with beautiful sea and mountain views stretching along the coast. Although there is something of a property boom in progress in the North it is still highly undeveloped, offering prices approximately 50% lower than their equivalents in the south.
The North Cyprus Property Boom is slowly gathering momentum. What is getting shrewd investors excited, though, is that reunification – which, though it failed in 2004, is now looking almost certain – is predicted to open a burgeoning property market, so that properties in North Cyprus will rocket in value and become some of the most sought after in the world.
Indeed, property in North Cyprus is calculated at providing returns of up to 30% or more in one year, from plans to completion in the Kyrenia district, with healthy rental returns. The new up and coming area is East of Kyrenia – Esentepe, Bacheli and Tatlisu, as examples – where the island’s first golf course is constructed and a large marina is in its planning stages. All the projects in this area are located close to the sea, with stunning mountain backdrops, and – best of all – are valued at a fraction of the price of more developed Mediterranean countries.