North Cyprus is a great place to invest for numerous reasons…
North Cyprus is and has been, regarded as a Mediterranean hotspot for some time. The property market in North Cyprus is poised for another boom, similar to that which occurred in the early 2000s, with purchasers traveling from all over the world to inspect and purchase a villa or apartment. Eastern and Western European countries, as well as Middle Eastern and Scandinavian countries, continue to be the largest property buyers. Americans, as well as those from as far away as Sri Lanka, are expressing an increased interest in the North Cyprus real estate market. This blog post provides information about some of the tops reasons and benefits of investing in North Cyprus property.
The climate is one of the most appealing aspects of buying property in North Cyprus from abroad. North Cyprus has an “intense Mediterranean” climate, which indicates that the island has short, relatively warm winters, lengthy hot summers, and brief spring and fall seasons. Summer typically begins in April or May and lasts until the end of September, with temperatures ranging from 30 to 35 degrees Celsius. Summer daylight hours are roughly 14.5 hours, whereas winter daylight hours are around 10 hours. The rainy season is usually brief, with about 5 to 10 days of rain every month. Snow can occur in the winter, however, it usually only sets in the higher mountain elevations and is only temporary.
The island has approximately 350 days of sunshine per year, making it ideal for outdoor life and activities, even in the winter. One of the most common reasons for those wanting a better lifestyle is to come to North Cyprus. Of course, this makes outdoor living more commonplace for everyone, which is a big draw for people wanting to buy a house in North Cyprus. For those who enjoy golf, it is an amazing place and temperature in which to play, and early morning golf is quite popular even during the warmest summer months.
Although not being part of Europe may appear to be a disadvantage for some, all property prices in North Cyprus are related to the usually stable Great British Pound, whereas, in other European countries, prices are linked to the Euro. In recent years, the Euro has lost ground in terms of value. As a result, North Cyprus remains an incredibly attractive investment destination. In general, GBP Sterling is a widely accepted currency, with most stores and eateries willingly accepting it as a de facto currency. High interest rates for GBP and Turkish currency will also benefit investors and people who choose to relocate to North Cyprus and invest their funds in Cyprus banks.
It is entirely possible to survive off the interest collected by people who use their savings to pay for their daily expenses. Those who rely on their pensions to cover their everyday costs will see their money stretch much further. North Cyprus still has a lower cost of living than other European and non-European countries. This is unquestionably a positive aspect of purchasing property in North Cyprus.
Property prices in North Cyprus
While prices have risen in response to increased demand and popularity, North Cyprus remains competitive in comparison to other European countries, offering quality and reasonable housing alternatives for all budgets. Kensington has a diverse portfolio of properties ranging from studios to eight-bedroom luxury villas, both on private residential projects and in beach resorts, allowing it to provide a diverse portfolio to clients.
There are real estate and construction companies offering mortgages and payment plans to suit most requirements, with prices starting as low as £70,000 (at the time of writing), allowing clients to really plan their finances and free up finance at stage level, but we are equally flexible in tailoring payment plans to suit.
Capital growth enhancement
It is true that property prices in North Cyprus are rising, with certain localities seeing annual increases of up to 10%. This may not be the case in some parts of Europe where property values have fallen. As a result, property developers in North Cyprus have tended to construct projects that are entirely supported by private cash rather than bank loans. This has protected it while also ensuring that it is unaffected by global banking difficulties. Investors should approach their property investment as a medium to long-term investment, though.
With the property market in North Cyprus expected to stay robust and favorable in terms of growth in the future years, investors can be assured that their investment will grow in value. This, along with a thriving vacation rentals market year after year, with returns of 7-10% per year, can result in profits if you want to make a consistent income from your investment. Long-term rentals are also in high demand in North Cyprus, as more foreign employees arrive on the island, as well as families looking to migrate for a better lifestyle for themselves and their children.
Travel to North Cyprus is possible via Ercan International Airport as well as by boat from Turkey. North Cyprus is also accessible from the island’s southern airports of Larnaca and Paphos. The south side of the island is open to Europeans, Commonwealth citizens, and those with a Schengen visa. There are usually no visa restrictions to reach Ercan or other ports in the north of the island, making it simple to go in from Turkey.
There are a plethora of other advantages to investing in North Cyprus…
North Cyprus is an excellent stopover and hub for many investors wishing to purchase a vacation home. It is also an excellent location for people migrating who want to travel across the world, as Turkey is a major hub for international travel opportunities. These are the main reasons why property investors choose North Cyprus as a destination for their investment. And it is not just because they want to purchase a home but there are a variety of additional reasons why individuals want to live in North Cyprus.
North Cyprus has a rich and distinct history spanning thousands of years, with ruins, temples, churches, and stunning castles to see. Many visitors to North Cyprus come for the opportunity to immerse themselves in history and the environment. The native Turkish Cypriot food is diverse and intriguing, with outstanding restaurants located in the mountains, villages, and cities, and along the shore. International cuisine alternatives abound as well, catering to a wide range of preferences and diets. Many people in North Cyprus eat out on a frequent basis because the cost of living is lower than in their home countries, making it both economical and a very social way of life.
There are so many things to do in a country where people spend the majority of their time outside. While golf has already been noted, other outdoor activities such as cycling, trekking, sailing, and other water sports such as windsurfing are also popular. There are numerous walking and cycling groups, as well as possibilities for birding, orchid hunting, and annual activities such as strawberry harvesting, all of which ensure that outdoor life can keep you active, fit, and healthy.
Full of culture, you may partake in a variety of festivals showcasing regional specialties such as asparagus and oranges on the western half of the island, and carob and olive on the eastern side. Summer music events are very popular, whether they are held on the grounds of the beautiful Bellapais Abbey or at the Salamis ruins’ ancient amphitheatre. Arts are also highly included, with many local artists are given a platform to showcase and promote their work.
Along with the increased infrastructural investment in recent years, there has been a rise in the quality of medical treatment accessible. While private medical facilities have grown in popularity in North Cyprus, they are still mostly out of reach for the ex-pat community, who may face long wait times in their home countries. North Cyprus is a great spot to invest in real estate when looking to buy a house abroad. Finally, it is recommended that you schedule a visit to come see for yourself!
You can read further to understand why you should buy a North Cyprus property!