Published on 30 November 2005 at 04:58 pm
Filed in Property News for North Cyprus » Property Investors in Northern Cyprus Find They Can ‘Have it All’
The ultimate return on investment (ROI) for a property investor is strong capital appreciation together with excellent and sustainable rental yields - and property investors committing to the real estate market in Northern Cyprus currently are finding that they can achieve this perfect balance of ROI.
Recent political and physical developments in the Turkish Republic of Northern Cyprus have resulted in an intensification of investor interest, subsequent strong underlying property price gains and greater demand than supply for property to let as well as strong retirement and second home hunter interest creating the perfect environment for the best gains and yields.
Gone are the days when investors worried about the legality of property purchase in Northern Cyprus because for the past 30 years the Turkish Cypriots have said that purchase is legal, the Greek Cypriots have argued against the fact and the truth of the matter is indisputable - those who bought property in North Cyprus still own their homes and have the guarantee of the government of the Turkish Republic of Northern Cyprus on their title deeds as well.
Furthermore it has become more apparent of late that the reason the Greek Cypriots have campaigned so long and so vociferously against the development of the north is because the growth and success of a property market in TRNC where prices are a fraction of those on the south of the island will sound the death knell for the massive profits the Greek Cypriot real estate market has attracted in recent years.
With these facts already firmly in mind the international property investor community actually caused a spike in property purchase activity in North Cyprus in November following the positive news that the Turkish Cypriots had authorized the UN to begin removing the barriers on the north of the Green Line in Nicosia that joins the Arasta pedestrian area in TRNC to the famous Ledra Street in the Republic of Cyprus.
This positive action has been heralded “a welcome sign of hope” by diplomats in Cyprus and it is hoped that the Greek Cypriots will reciprocate and take down the barriers on their side of this particular divide.
Aside from the slowly changing political face of Cyprus, TRNC has benefited from substantial physical developments throughout 2005 that have pushed up demand from tourists and home hunters for accommodation such as well appointed apartments and villas to let out or purchase.
Particularly around the small eastern town of Esentepe investor interest is intense. In the spring of 2006 a brand new 18 hole championship golf course will open that will offer superior facilities and amenities to members and visitors. And in the same region planning permission has been granted for a massive marina and five star hotel resort.
Off plan property developments in Esentepe close to the golf course, marina and beach are selling as fast as they are advertised. These properties are gaining in value throughout the build period and are the hottest in demand for rental throughout the long spring, summer and autumn seasons in North Cyprus.
