NORTHERN CYPRUS

REAL ESTATE MARKET OVERVIEW

Cyprus, the third largest island in the Mediterranean, is one of the most popular destinations for tourism and ex-pat migration in Europe. With over 300 days per year of guaranteed sunshine and a high standard of living it is the perfect place for new opportunities or to simply retire and relax.

The Turkish Republic of Northern Cyprus, (Northern Cyprus), covers an area of approximately 3355 square kilometres and it is perhaps the last remaining unspoilt country in the Mediterranean. 

What is attracting investors to purchase property in Northern Cyprus?

The property market in Northern Cyprus is dynamic and exciting, over the last 5 years prices have risen by over 300%.Foreign residents have many reasons for choosing Northern Cyprus as their base. Its strategic geographical position in the Eastern Mediterranean means that all of the major cities of Europe, the Middle East and North Africa are just within a few hours flight.

The building and construction industry has seen rapid growth of over the last 5 years with this trend set to continue for the foreseeable future. The average price of a 3 bedroom villa with a swimming pool is £125k, obviously there are cheaper and more expensive properties. At present, prices range from £25k for a one bedroom apartment to £1.2 million for a luxury beach side mansion.

The jewel of Northern Cyprus is the Kyrenia Riviera, with a population of just over 40,000. Kyrenia, where its historical harbour is considered to be one of the most beautiful examples of Byzantine architecture, is the centre for tourism. The town can basically be divided into two: the west and the east.

The west side is more settled and established with minimal new construction in progress. Fully completed and older properties form the bulk of sales in this part of Kyrenia. These properties tend to be more expensive than off plan properties. 

The east side is developing very quickly. The brand new Korineum Golf and Country club, is the main attraction here. With 18 championship holes, a luxurious club house and restaurant and fantastic spa facilities, this truly is the best of its kind in all of Cyprus.

Off plan properties are the main source of sales on the east side.

Since Northern Cyprus firmly established itself on the global emerging property market map back in 2002 the amount of villa and apartment construction commenced has sky rocketed. Many of the larger projects which began in 2005 are now coming to completion and 2008 is turning out to be the year when all those who purchased their dream holiday home in the sun in Northern Cyprus finally get to enjoy the fruits of their investment.

In summary investing in Northern Cyprus makes excellent sense due to:

·        Unique micro climate with over 300 days of sunshine per year

·        Cheapest property prices in the Mediterranean

·        Standard of construction

·        Long term rental returns

·        Steady appreciation of investment

·        Low cost of living

·        High standard of living

·        Constantly improving infrastructure

·        Excellent educational facilities

·        Abundance of restaurants

·        Beautiful coastline

·        Cheap shopping

Stephen Donaghy

CEO

Donaghy and Beyler Estates Ltd.

DONAGHY & BEYLER ESTATES LTD.

26/1 Naci Talat Avenue, Kyrenia, Mersin 10 – TURKEY

Phone:             +90 392 815 8882         Fax: +90 392 815 8682

Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it     Web: www.donaghyandbeyler.com