June 24, 2024

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Why Buying Property in North Cyprus Makes Sound Financial Sense

Cyprus is a stunningly beautiful island, rich in natural resources, blessed with the inimitable Mediterranean climate and located close to the shores of Turkey. Cyprus is also a divided island, unique in that its capital city of Nicosia is the last divided capital city in the world.

The country of Cyprus is unique in another way too, back in 2004 the citizens of North Cyprus voted yes to reunification and to this day efforts are being made to reunite the Northern third of the island with the Southern two thirds. All Cypriot citizens have lived in peace for so long that it is seen as only a matter of time before some form of settlement to rejoin the two sides of the island is found.

In the meantime Southern Cyprus is in the European Union, it is about to join the Euro Zone and adopt the Euro as its official currency while only the citizens of Northern Cyprus are classed as European – their land and homes are not actually considered to be in Europe!

This slightly bizarre and unusual situation has created something of a short term opportunity for property investors astute enough to realise that property in Southern Cyprus, because it is in Europe and because it is on such a beautiful Mediterranean island, is selling for a healthy premium and actually increasing in value annually.

At the same time property in Northern Cyprus is as well constructed, as well located and actually benefits from being in a less over developed and populated part of the island, and yet – property in Northern Cyprus sells for a third of the price of the exact same specification of property in the South!

Admittedly Southern Cyprus is far better developed then the Northern third of the island, it benefits from millions of Euros worth of assistance from the European Union every year, it has a well established tourism market and economically it is far stronger than Northern Cyprus. However, all this is beginning to change quite dramatically. Firstly the EU are giving millions of Euros worth of aid and assistance to Northern Cyprus for the improvements of its basic infrastructure, secondly the fledgling tourism market in North Cyprus is going from strength to strength as the nation successfully markets itself as the last unspoiled destination in the Med, and finally the wider world is starting to sit up and take notice of the fact that in North Cyprus you can buy a duplex apartment right on an international golf course, across the road from an unspoiled beach for just GBP 60,000!!!

Indeed, where else in the world can you find such a desirable commodity for such a low price? The answer is only in North Cyprus – but because economically North Cyprus is catching up with South Cyprus and because the government in the North are considering adopting the Euro as well, prices of property in the North will not remain so subdued for so long.

Those who have already bought villa and apartment property in Northern Cyprus are enjoying capital gains, they are enjoying rental income and above all else they are enjoying the stunning natural beauty of an island unspoiled by commerce and greed.

North Cyprus is exceptional, it is beautiful, it is affordable and it is not going to remain a secret for very much longer! Astute investors are getting in on the market now and buying investment properties as fly to lets and for the capital appreciation they know their assets will enjoy.