5 Top Tips for Finding Property in North Cyprus

Summary: How to safely and effectively invest in property in North Cyprus for long term profit potential

The stunning island of Cyprus in the Mediterranean has so many benefits going for it that it is no wonder an increasing number of international visitors arrive on the island annually and also no surprise that the interest in property for sale in Cyprus is on the increase.  Cyprus is divided into the Republic of Cyprus on the South and the Turkish Republic of Northern Cyprus (TRNC) – or North Cyprus…about which this article is written.

Property prices in North Cyprus are a fraction of the cost of those on the south because there are no direct flights to the Northern third of the island.  You either have to land for an hour in Turkey before flying on to the island’s airport OR you have to fly to the airports in south Cyprus and transfer north.  The situation is likely to change in the future which is why so many are speculating and buying property in the north.  If you like the sound of a bit of speculation in such a fantastic corner of the world, here are our 5 top tips for finding property in North Cyprus.

1) Understand the law and the legalities.  There are highly emotive issues relating to real estate in Cyprus on BOTH sides of the island’s Green Line (or border).  You need to understand the neutral background to the political situation and therefore, rather than asking a Greek Cypriot or a Turkish Cypriot – or even an expat who has chosen either side of the island to call home, we recommend you read ‘The Cyprus Conspiracy’ and then speak to a lawyer in North Cyprus who can appraise you of the current legal position regarding the different types of title deeds in Cyprus.

2) Think about your purchase with a view to a long term commitment to the island.  There are some emerging (and indeed established) markets in the world where you can make a relatively fast buck from property.  This is not currently the case in Northern Cyprus.  Why?  Because of the direct flight issue.  But – just as in other locations in Europe where cheap flight operators have arrived and property prices have suddenly risen – this will happen in Cyprus.  There is relentless international pressure to open up the airport at Ercan in TRNC to direct and international air traffic.  When this happens the tourism and property markets in North Cyprus will take off at which point it will make financial sense to sell from this point forward when demand is pushing prices upwards.

3) Think about your investment strategy.  You can buy to let long term to local and student based demand in North Cyprus, you can buy to let short term during the peak season to tourism based demand – or you can buy now, particularly off plan, and hold for the long term to achieve strong levels of predicted capital appreciation as and when North Cyprus gets direct flights.  You have to think about each option carefully because whichever one you choose will have a strong bearing on the location and property type you choose.

4) Having chosen a strategy you have to think about location.  For long-term lets you need to be central to Kyrenia.  For holiday lets you need to be near the coast and amenities such as a supermarket, restaurants and bars and finally – if you’re buying off plan and hoping to re-sell, you need to be in a location that will remain in demand with the maximum number of potential buyers in the future.  So, you can either go for sea front or central Kyrenia.

5) Finally you have to think about property type when investing in North Cyprus.  If you are buying to let or re-sell to the tourism crowd you will either need apartments on a complex with at least a pool or a villa with its own pool.  If you’re letting to students you need a two or three bedroom apartment and if you’re hoping to buy now and resell later, think about who you will resell to and buy according to that which you think they will desire.

North Cyprus makes an exceptionally strong long term, low entry cost, high profit potential opportunity.  Buy safely though, employ the services of a good lawyer, understand the political situation and think long term.

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