The very first and most obvious reason. The real estate market on Northern Cyprus, active and exciting , becomes one of most fast developing and the profitable markets of the Mediterranean. Buyers are involved with stunning and simply unique nature, and also abundance of offers of the real estate for all tastes. Growth of the market of the real estate is predicted by leading experts for subsequent long enough period of time and far-sighted investors are put right now while the prices have not grown to level of other Mediterranean. More brave investors were enclosed still 3 years ago when the political and economic situation on Northern Cyprus only just began to vary after 30 years of embargo. Why the brave? Because during this period, unlike present, much has not been adjusted yet (in legal and financial aspect). Nevertheless these investors already now have to the full felt a gain in times of the prices for the earth and the real estate.
And for today the price for the earth for Northern Cyprus approximately on 30 % below the price of similar object for the Southern part, the country house price in the north – approximately on 40 % below the price similar on Southern. In turn, the prices for the real estate in the south it is notable more low (on 30-40 %) the prices for similar objects in other countries of the Mediterranean with a similar climate, such as Spain and Portugal. While separately villa with 3 bedrooms with a kind to Mediterranean sea at the Spanish coast will manage to you somewhere in EURO 250 000 and more, the similar country house on Northern Cyprus is accessible for less than EURO 120 000.
Tendencies in economy ТRNC have shown consecutive both continuous growth and development since 1977. Despite a high rate of inflation, economic and political complexities and obstacles – achievement of mid-annual rate of development in 4,4 % should be state the value as considerable achievement. A living wage on Northern Cyprus – one of the lowest among all Mediterranean countries. The prices for raw materials, materials and products here rather low, and it is very frequent quite comparable or even better quality.
In general, the market of the real estate of Northern Cyprus – one of the fast-growing markets of Europe. Investors are involved with real and potential rise in price in aggregate with return from the investment at level with other countries of Europe and the Great Britain. The country worries investment boom in the real estate market, with potential of growth and considerable return from investments. Also there are no restrictions on habitation delivery in rent, and at existing support of government TRNC of active development of tourism on Northern Cyprus, to lease habitation to escalating number having a rest – easily and favourably. The market of leased habitation also is active and tends good growth that allows your investment to pay off quickly. More in detail about a real estate recoupment look on this example.
Tourism continues to be the basic priority sector and one of primary factors of economic development ТRNC. It is obvious, that in many tourist regions of the world shortage of hotel places is quickly filled with large international networks of hotels. They are till now very poorly presented on Northern Cyprus – partly because of even unfinished financial system in the country, and in many cases – from fears, that developing the network on Northern Cyprus, they will cause disapproval and negative reaction in their hotels on Southern Cyprus, in Greece and on this islands.
In parallel with the program of economic development accepted by Government TRNC, the tourist sector has been designated as the most important sector of development of economy, and the Government has decided in every possible way to help and give all necessary privileges and encouragements to potential investors in tourist sector. By the government it has been designated Бафра, as the most important Tourist Region in the country. Here you can find the information on civil-engineering designs of smart 5* hotels (the first of them has already opened and receives visitors) in this region of Northern Cyprus.
In comparison with other countries of the Mediterranean, entrance to Northern Cyprus is carried out under the visa received in Turkey. At any moment you can buy the ticket and arrive, for this purpose it is not necessary to buy the permit or to go to embassy for visa opening. More in detail about travel read here.
On Northern Cyprus there are 2 modern airports – Ercan and Gecitkale. The road on Ta Katehomena – “occupied territories” – has opened recently, and everyone can be convinced, that “horror stories” casting horror about «the confiscated rent cars» and other anti-propagation – no more than the Greek Myth. ТRNC now actively encourages and develops tourism, and border crossing happening easier, than travel where or still.
Besides, from here practically to any European city no more, than 3 hours of summer, that compared with travel on other resorts – are short and inexpensive.
Sensational so-called «business of couple Orams» is a proceeding of a married couple from the Great Britain which has been won by them in well-known Supreme Court of England. In the Court conclusion it is told, that they should not give the real estate and the earth to the Greek-Cypriote who owned it till 1974. This won litigation was reflected at once in activity of investors on Northern Cyprus. More in detail about this precedent read in our news.
The European Union has defined the help in 259 million euro in support of Northern Cyprus and development of its infrastructure, authorising thereby essential inflow of the foreign capital to the country and preparing it to the subsequent considerable inflow of tourists. Northern Cyprus on the today’s situation very much reminds Spain 30 years ago when after long years of isolation the country has started to “open” for the world community. Look at Spain now, and present, what incomes have received and far-sighted investors, having invest in then still continue to receive nobody now the open country. Probably, somewhere in the world still remained it is individual such «hot points» for investors, but to the Mediterranean Northern Cyprus – the unique such remained place.
Government TRNC shows foresight and judiciousness, at the state level forbidding to build above 2 floors and 100 metres are closer to a beach. Architects and builders from all world have taken out a lesson from the mistakes made by their predecessors during 70 – 90th years, in many countries of the world it is possible to see now reconstruction before constructed, in attempt to return primary beauty of the nature which has been destroyed.
Builders on Northern Cyprus understand necessity of the careful relation to the nature at building of buildings (more truly, the state laws of Northern Cyprus strictly call them for this understanding). City architects have taken out a lesson from the mistakes made on a southern part of Cyprus where the damage is caused to the nature by building of many-storeyed bad quality room blocks and hotels, and on Northern Cyprus the unconditional interdiction for such constructions firm not to break kinds to other houses and not to break as a whole surrounding beauty – all it doing Northern Cyprus by extraordinary attractive place.
On the majority of the earths building only 15-20-25 % from an earth total area is resolved. Also there are many earths with the status of a reserved zone (basically on Karpaz), where in general it is impossible to build anything to keep and protect the rare and untouched nature.
On Cyprus soft Mediterranean Climate, with long droughty summer from the middle of May on the middle of October and with soft winter from December till February, on the average here 340 sunny days in a year. In the summer the temperature on the average fluctuates between +30-35 in degrees on Celsius, while in the winter quite often there are rains (about 500 mm of precipitation) and average winter temperature +12-17 degrees. The water temperature in the sea fluctuates from the lowest in January (+16 somewhere) and to +28 in August. The sea crystal-clear, and the sea life is disturbed till now by nobody. Sea depths conceal in themselves a lot of living creatures, corals, remains of the ancient ships and ancient monuments.
The nature on Northern Cyprus wakes up in November when in reply to the first rains of a field become covered by fresh greens. In the autumn, in the winter and in the spring to a look opens charming many-coloured magnificent vegetation. Anemones, cyclamens, narcissuses, hyacinths, irises, wild orchids, wild tulips and almond trees – all violently blossoms to the end Martha. To the Mediterranean there is no more such place which can brag more than 30th kinds of wild orchids!
Olive and carob trees magnificently expand on all territory, along with citron trees – oranges, lemons and grapefruits, also grow various garden and vegetable cultures. Mountains are covered by odorous pine woods, and on all coastal line acacias and eucalyptus violently grow. The landscape is ideal for cultivation of goats and sheep, and travellers are admired with kinds of flock of sheep peacefully grazed in mountains.
And all is told by it! Really, if in the country there will be a road and transport incident next day it will be in all local newspapers on the front page. About any else criminal case and speeches are not present, here it is simply safe. The most shocking for foreigners (especially from Russia and the CIS) is that people can easy leave the car not locked, at the house, at shop or somewhere else. And it is valid, island small, and stealings practically are not present.
And if on a traffic light has gathered from heels of 5 car – local residents sigh: «the Stopper …», than cause in visitors from the large megacities which are a good judge of stoppers, indulgent smiles.
From industrial targets we had been noticed only thermal power stations, on road from Esentepe in Kyrenia (well where without it), and slight plant on manufacture of materials for road coverings, on road from Kyrenia in airport Ercan. Possibly, is still small, local value, slight plant on manufacture of building materials. It is all! Any chemistry poisoning air; any processings breaking ecology …
All these factors are extremely attractive – both to tourists, and for interested persons to live here more time, rather than only holiday.
The new Law has been accepted on the instructions of European Court under Human rights, after recent decision to focus attention on that fact, that former Commission TRNC on Indemnifications in the Real estate properly did not provide compensation possibility.
Any transaction with the earth / the real estate, concluded by someone, the foreigner or citizen ТRNC, after 1974, is 100 % legitimate and without risk, and any necessary indemnification will be paid from the Fund created at Government TRNC, and necessity for this indemnification can arise only after any decision of the Cyprian question. pertinent to this Law you can read the detailed information here.
Northern Cyprus remained not opened many years after Cyprus has shared on 2 parts after 1974 and thereof – aesthetic building to which other Mediterranean coastal regions in 1970, 80 and 90th years have undergone has avoided mass not enough. Now many of factors and the reasons promote considerable inflow wishing to visit Northern Cyprus and to lifting of the market of the real estate. As soon as rules of crossing of border have become simpler also interdictions have acted in film – the island North became more accessible. The referendum on «Annan’s Plan», has caused the big publicity and has involved even more tourists and investors on Northern part of island. Also all goes to that direct flights in International Airport Ercan (meanwhile planes will be resolved should do planting in Turkey but only then to fly to Northern Cyprus) – nevertheless already planes from the USA and Azerbaijan fly directly in Ercan, interests under the decision of a question of direct flights from the Great Britain and Germany also are actively lobbied.
The basic approach of the European Union is a course on the termination of 30-year-old isolation of Northern Cyprus. As soon as direct flights will be resolved – inflow and investors, and tourists will sharply increase, that will cause sharp jump of the prices for purchase and real estate rent. Today the Government of Northern Cyprus predicts considerable inflow of visitors to the subsequent some years. The basic care is caused shortage of places in hotels. Actually, Government TRNC speaks today about 30 000 places lacking at least in hotels during the following of 2-3 years and about 50 000 additional places after a decade (10 years) – and these are 500 % of growth of today’s quantity of places. Such level of demand considerably will have influence the prices for the real estate of Northern Cyprus.
And in the conclusion:
The real estate market on Northern Cyprus becomes one of most quickly develop and the profitable markets of the Mediterranean. The real estate here absolutely precisely costs that money for which is on sale; similar objects in Spain, or in Alagarve at times more than in 3 times are expensive than France. Thereof it is important to realise, that investors – both local, and foreign, actively buy in the new perspective market of the real estate, in expectation of good profit. In addition to everything, process of purchase of the real estate on Northern Cyprus is simple, transparent and reliable, as the legal system here is arranged by analogy to the British legal system, one of the oldest and checked up legal systems in the world. It allows the foreign investor free and reliably to conclude transactions under the real estate. All aforesaid together with a magnificent site of the country means, that possibility of reception excellent the income of investments constantly grows.
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