NORTH CYPRUS - A DREAM FOR HOME BUYERS & INVESTORS

Northern Cyprus has become a magnet for investors who wish to take advantage of its vast open spaces and prices that are still remarkably cheap compared to the rest of the Mediterranean.

BBC World’s Fastrack programme, described the country as one of the last truly unspoilt landscapes in the Mediterranean. The BBC TV Holiday programme said : “There are good signs that attitudes are changing towards this unrecognised state. Construction is taking place on a massive scale in the North, but the place is still free from mass commercialism.”

The Alpha Newspaper Group of Ireland, in a 20-page colour supplement, said north Cyprus was “popular for family holidays and also as a property investment for those who want a second home or to retire in the sun.”

Over recent years, the number of foreigners, mainly British, applying for permission to purchase property has increased ten fold. It is estimated that six to seven thousand Britons now live permanently in north Cyprus, with many more enjoying holidays homes in the summer months. As a result, land prices are accelerating but cannot be compared to similar plots in Spain, Portugal etc.

Seaside plots near the main tourist town of Girne (Kyrenia) have increased from less than 10,000 Sterling per donum 3-4 years ago, to 40,000 plus now, depending on location. (1 donum = 1338 sq.m.or 3 donum to one acre).

The average price of a new build villa is now more than 100,000 Sterling. Property experts believe prices will continue to rise until property in the north equates to that in the (southern) Republic of Cyprus.

The price of land in northern Cyprus has soared astronomically over the past
3-4 years. The gains for frontline plots, that is right on the beach, have been particularly spectacular. Having said that, it is also fair to say that land prices in north Cyprus are STILL cheap compared to the rest of the Mediterranean, and there are still bargains to be had.

There are no restrictions on renting your property.