Northern Cyprus: is it Worth Investing Now in Real Estate?
Someone willingly invests, while someone has doubts about the island paradise. How to evaluate Northern Cyprus today and is it worth investing in real estate now?
Northern Cyprus: Why the District is Promising for Buying Property
One of the main criteria for assessing the benefits of investments is the potential demand. If it grows, then the cost of the lot will increase in any case. And here the key criterion for assessing the location is demographics firstly. If new solvent residents appear, then the demand for both purchase and long-term rent will grow.
In addition to a notable demographic growth and an influx of expats, Northern Cyprus has a consistently high demand for holiday apartments renting, and every year it only increases.
Statistics to Think About
Even before the wave of migration in 2022-2023, the statistics of the population of Northern Cyprus is sharply positive. The population has grown by a third in just 10 years.
According to Yeniduzen, recent statistics show a 33.7% increase in the population of Northern Cyprus.
On December 4, 2011, an official census was conducted in Northern Cyprus and according to its data, the population was 286 thousand people. And in 2021, the Statistical Institute reported that the population of the TRNC is already 383 thousand people. And this is without a wave of migration over the last 2 years.
Meanwhile, the southern (Greek), “admitted” and EU-affiliated Republic of Cyprus posted a 9.9% gain for 2021. And the population was originally 840 thousand people according to the 2011 census. In 2021, 923 thousand people lived in southern Cyprus.
The following figures appear in the press: about 50 thousand citizens of the Russian Federation live in Northern (Turkish) Cyprus, in connection with which an embassy in Nicosia was recently opened, as well as 15 thousand Iranians and 140 thousand citizens of the Republic of Turkey. But this is unofficial data.
The number of active mobile subscribers in the TRNC is over 777 thousand people. Perhaps some of them are students who do not appear in the census. On the territory of the UK there are many private schools and universities with English-speaking, British education, their diplomas are quoted all over the world, and the cost of education is lower than in Europe.
Real Estate in Northern Cyprus and it’s Value
Despite the fact that Northern Cyprus still has free land along the coast, not all of these spaces can be built up. In recent years, developers have already bought huge plots. Accordingly, the projects of new residential complexes for implementation have been planned for years to come.
As for the direction of investment in real estate on the seashore, it is important to understand that there is less and less land in general, for all resorts all over the planet. The world is becoming more and more global, we have the Internet, and after the pandemic, the general understanding that doing business remotely and working for long-distance companies fr om anywhere in the world wh ere Wi-Fi is available becomes our reality. More and more people, appreciating the freedom of movement without being tied to their homeland, are choosing sea cities for living and buying real estate. The demand for real estate by the sea in the picturesque corners of the earth will always be, and it is only growing.
Nature and the Sea are the Main Values
Real estate in Northern Cyprus has a number of features. Mostly this is low-rise construction, but there are also skyscrapers where allowed by the urban plan. Many projects include several stages, occupy hectares of land, and, what is important, they are adjacent to the sea or slightly distant from the beaches.
The real first line without a busy road near the beach and gorgeous mountain views are the features of TRNC real estate. The island has a beautiful and diverse flora, and all complexes of the residence format have bright landscaping, and landscape design is always emphasized.
But There are Nuances
Today, they include a lack of infrastructure and dependence on mainland Turkey in many aspects. But the districts of the NC are rapidly being built up, which means they are developing.
There is a plus in this because any business that is always in high demand, regardless of location, will be profitable. There are not enough services, veterinary medicine, cosmetology, beauty salons, restaurants, educational institutions of children, sports sections, digitalization at all levels, applications, startups, delivery services. In general, there are always prospects for starting a business for active people in Northern Cyprus. Having experience in your homeland, you can join the island atmosphere with your life's work.
One of the main problems in Northern Cyprus was the Internet. But already in September 2023, 4.5G and eSIM technology appears, there will be a higher speed of mobile Internet.
It is also planned to lay the cable by sea to solve the ongoing problems with electricity. An appropriate protocol was signed between Turkey and Northern Cyprus, and the solution to the electricity problem is planned until 2028.
A new airport terminal with high capacity has been opened for flights fr om Turkey and the Russian Federation, which means tourists and potential property buyers. Ercan Airport, after the opening of a new terminal building, served 80 aircraft and 14,000 passengers on the first day. Annually, Northern Cyprus is visited by 1.2 million tourists.
Property Prices in Northern Cyprus
This direction remains one of the most popular due to the low threshold for entry. You can find good options for studios and 1+1 from 85.000 - 90.000 pounds, while in Turkish Alanya and Antalya there are no such prices. Long term delay possible.
There is a significant selection of detached private houses and villas on the territory of the UK, and all of them are not too far from the sea. Northern Cyprus is a great opportunity to buy property inexpensively when compared with other resort regions for those who dream to have their own house with a territory and a swimming pool.
What are Real Estate Buyers Afraid of?
Northern Cyprus is recognized as a state by the Republic of Turkey and the Russian Federation. In this connection, an objection like “an unadmitted state is dangerous” always arises. But throughout the course of history, there were no screaming disputes regarding real estate and ownership rights. And “unadmitted” is not only a minus, but also a plus. After all, the UK does not ask wh ere the cash comes from to buy real estate, does not transfer data about its investors anywhere, banking operations also have a number of advantages. There are some advantages, due to which the UK remains in a special status.
When and How to Buy Property in North Cyprus
In 2023, the real estate market in Turkey and Northern Cyprus is experiencing a lull and a decline in activity. Due to high prices, many potential buyers took a wait-and-see attitude, assessing the situation. At the same time, developers do not reduce, even gradually increase prices, dictated by a significant increase in the cost of construction and a shortage of land.
Today, there are many opportunities for bargaining for liquid properties in the secondary housing market, and the Stay Property department will help you take advantage of this. As for new projects, installment terms and prices in Northern Cyprus are favorable and relatively affordable. If you don't have enough money for Antalya, Alanya, Dubai or a high-quality Spanish new building, pay attention to Northern Cyprus, its magnificent large-scale projects-towns with luxurious infrastructure on the territory.
Despite any crises, the investment climate of the resort regions will always be warm. Real estate will remain in demand and desired in locations near the sea and with beautiful nature, regardless of external factors. The only question is to find the most liquid options with profitable advantages for yourself. Stay Property experts in North Cyprus, Alanya, Istanbul and Dubai will be happy to help you with this. You are welcome!
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