Real estate in North Cyprus has been beginning to boom since 2004 when the citizens of the TRNC voted yes to the Annan Plan and yes to the peaceful reunification of Cyprus and were immediately rewarded with EU aid and an increase in foreign direct investment.
Since 2004 property investment into Northern Cyprus has been freer flowing and consistent, and the amount of money spent by the government on infrastructure and amenity improvement and development has been impressive. All indicators point to a long term upward trend in real estate prices in North Cyprus.
In terms of the real estate investment opportunities currently available in North Cyprus they range in size and type from an off plan residential apartment for sale from GBP 50,000 to a 400 berth marina requiring investment of in excess of GBP 90 million. The majority of investors are seeking residential properties to purchase off plan for both capital appreciation and rental yield.
The demand for property to let is strongest in the tourism sector and now that various UK based tour operators such as Going Places have agreed to showcase TRNC brochures and the city of London is advertising North Cyprus on buses and in underground stations the profile of this stunning Mediterranean destination is becoming more widely known. This will push up tourism numbers which have already been creeping up annually for the past five years and should equate to an intensification of demand for short term villa and apartment rental from which a real estate investor could profit.
Northern Cyprus also has five major universities which are receiving investment from America and the Middle East and all of which have expanded their student numbers in 2005. Students require accommodation and the amount of campus based student accommodation is restricted - this presents both the residential and commercial real estate investor with opportunity and potential.
Other commercial ventures requiring investment include the aforementioned 400 berth marina which also has planning permission to incorporate a 5 star hotel and casino as well as waterfront villas and apartments within the entire development in Esentepe east of Northern Cyprus’s main resort town of Kyrenia (Girne). There are also smaller ventures requiring investment in North Cyprus such as the Ottoman Palace hotel in Girne.
Real estate investors have such choice and opportunity for growth and strong yield in North Cyprus it is no wonder that the Turkish Republic of Northern Cyprus is receiving such intense worldwide media interest and that the numbers of those traveling to the country to explore investment opportunities is at an all time high.
