Published on 22 November 2005 at 02:20 pm
Filed under: Europe:- Northern Cyprus Property Guides » Northern Cyprus Property Investment Potential
In Northern Cyprus the property investment potential is quite simply inimitable because North Cyprus is unique! It is a Mediterranean island destination with thousands of years of history, a perfect year round climate, stunning natural beauty and yet it has remained untouched by mass development and mass tourism because the island of Cyprus is divided and until recently Northern Cyprus was effectively unreachable.
Today the world has awoken to the beauty and potential in the Turkish Republic of Northern Cyprus and as a result the amount of investment being ploughed into the country is incredible and the numbers of those looking to invest in properties in TRNC is at an all time high.
Following the 1974 war in Cyprus the northern most third of the island was divided from the southern two thirds. In southern Cyprus or The Republic of Cyprus, Greek Cypriots have built incredibly healthy tourism and property markets and every year they attract hundreds of thousands of tourists to the island and thousands of second home and retirement home hunters.
In Northern Cyprus embargoes and land disputes meant that the country was effectively unknown outside of Turkey but in the build up to Cyprus’s entry to the European Union in 2004 the situation slowly started to change and become more favorable for the TRNC.
The UN brokered peace talks between the Turkish and Greek Cypriot people in an effort to end the isolation of the Turkish Cypriots and reunite the two sides and create one unified Cyprus.
The Annan Plan was produced; the Turkish Cypriots voted in favour of it and in favour of peace but the Greek Cypriots rejected it which was probably the worst mistake they could have made. They effectively voted ‘no’ to the peaceful reunification of the island and have since fallen out of favour with the EU and the UN!
In 2004 only the Republic of Cyprus was able to join the EU but the people on both sides of the Green Line now hold the status of European Citizen. Furthermore borders all along the Green Line were opened for the unrestricted passage of Cypriots and those with EU passports and certain other nationalities like Americans and Australians as well.
Since 2004 property investor interest in Northern Cyprus has boomed. Many will argue that North Cyprus is the most beautiful third of the island as its beaches are sandy and have the incredibly sheer and dramatic Kyrenia Mountain range to frame them. Furthermore Northern Cyprus has a plethora of spectacular castles, natural harbours and a view of the Turkish coast on the horizon. Property investors and developers could not believe their luck when they ‘discovered’ the delights of TRNC and have since set about creating villas and seaside homes for letting to tourists and for sale to expatriates, retirees and those looking for a holiday home in the sun.
The government of the Turkish Republic of Northern Cyprus has exacted strict controls on developers to stop the coastline being spoilt with high rise apartment and hotel development and to prevent areas of outstanding natural beauty being covered in concrete. This means that Northern Cyprus is managing to retain its charm while it is developed.
Investors are also now turning their attentions to the development of tourist and recreational amenities and facilities in North Cyprus and slowly but surely the island is turning into an incredibly desirable resort. At the moment the island does not have direct flights and an agreement has to be finalized to stop any further land disputes. All properties being built in the TRNC have the guarantee of the government but until everything is resolved at international level real estate prices are being artificially restricted and this makes North Cyprus affordable as well as desirable - a perfect combination for property investors!
Since international interest in the property investment potential in Northern Cyprus has significantly intensified prices have risen by up to 50% but still they remain up to two thirds cheaper than prices in southern Cyprus. Investors are aware that this disparity will not remain forever and that by purchasing off plan property for sale in TRNC now they are buying into great potential for substantial property price growth.
Those looking to make an income from their properties are buying in Esentepe where a new championship golf course is being built and where there are plans for a 400 berth marina. They are also buying in the towns of Kyrenia, Bellapais, Ozankoy and Catalkoy as these are the most desirable areas of the island currently and where the majority of holiday makers want to be.
For the best long term property investment potential on the Mediterranean, Northern Cyprus has to be the number one destination.
Europe:- Northern Cyprus Property Reports
Complete listing of all current property reports for region: Europe:- Northern Cyprus
