North Cyprus Property Market Booming, Market Overview
North Cyprus market of the property is developing very fast. Foreign investors are showing interest in purchasing real estate in this area, where there are numerous villas and apartments, some of which are still under construction while others are already completed.
North Cyprus Property Prices
Property prices in Northern Cyprus are competitive compared to those in Europe, making it an attractive option for foreign investors despite the island not being recognized by many countries. The cost of real estate in Northern Cyprus is similar to that in Turkey, offering options for both economy and premium class housing. For those interested in high-quality real estate, Stay Property company, a reputable developer with multiple projects in Turkey and Northern Cyprus, is the ideal point of contact.
Property Price Predictions in 2024
The amount of deals has increased by 200%, and the houses value sold on the secondary market increased by 30% in the first half of 2022. 5,100 foreign buyers till the end of 2022 could buy real estate here. It marks the booming of the property market.
Experts believe that the boom will continue in 2024. The cost of real estate on the island will grow. This is due to high investment returns and relatively low prices. Many new developers have received licenses to build large development projects in Northern Cyprus in 2023. This means that investors can save money by buying a house under construction.
Despite the large number of new residential complexes in the future, there will be no problems with infrastructure on the island, as the authorities are engaged in its development in parallel with the appearance of new buildings. This guarantees a comfortable life.
Why To Buy Property In North Cyprus
Below you will find an overview that will help you understand reasons to purchase property here.
Low cost and high income. According to official statistics, the annual profitability of real estate reaches 10%. This is a high rate. Real estate is in a high demand. So, it is easy to sell it. The cost of housing in Northern Cyprus is about the same as in Turkey. If you buy at the construction stage, you can save extra money.
It is sunny and warm. Tourism is well developed here. You can easily find hotels in the country, and the developed infrastructure. There is everything you need to relax. The weather is good most part of the year.
Very low crime rate. Northern Cyprus is included in the list of countries with a low crime rate. This is not because of harsh laws or a large number of police officers. This has historically happened. Foreigners coming here also follow the law, so it is safe to live in the country.
Easy to go from different parts of the world. Transport accessibility significantly increases the popularity of Northern Cyprus among foreign investors.
Fresh products. There are high standards of living on the island and a large amount of quality food, including fruits and vegetables.
If you want to buy a property abroad, but do not know where is better to purchase it, then you should pay attention to Northern Cyprus.
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