Real estate in Northern Cyprus: prospects and features

Northern Cyprus is the Turkish part of the island of Cyprus with a population of 295 thousand people. The full name is the Turkish Republic of Northern Cyprus, TRNC. The capital of the island of Nicosia is divided between the TRNC and the Republic of Cyprus, which is part of the European Union. Moving between the two parts of the island is almost unhindered, you only need a passport.

 Is it safe to invest in real estate in Northern Cyprus?

The economy of Northern Cyprus has grown significantly over the past 10 years. In 2022, GDP growth was 5%, according to the SPO Institute of Statistics. The unemployment rate in 2022 was 5.9%, while in Turkey it was 10.7%.

Despite the fact that Northern Cyprus is considered a partially recognized state, all concerns about this for many years remain only rumors and the result of insufficient information, the lack of the Internet at the time when Northern Cyprus attached to Turkey.

Since 1975, Northern Cyprus has existed as an autonomous part of the Republic of Turkey, in a referendum in 1985, a majority of citizens of 70.2% adopted the Constitution of the Turkish Republic of Northern Cyprus. There were no incidents with the loss of property rights, developers are actively building huge projects of residential complexes and hotels in Northern Cyprus, areas around large cities are being developed and built up.

The two parts of the island are separated by the Green Zone, have been coexisting peacefully and autonomously for many years, and any possible property disputes are regulated by a specially created commission. According to the Law "On the acquisition of real estate and long-term lease" No. 52-2008, no one has the right to take away property with a real estate title document.

What are the features of construction projects in Northern Cyprus?

It is conditionally possible to distinguish large cities, such as Girne (Kyrenia) and Nicosia (Lefkosa) and Gazimagusa (Famagusta), Iskele, Guzelyurt and Esentepe, and more provincial, less densely built-up areas and villages around cities. Somewhere real estate is suitable for permanent residence of a family, and somewhere it fits perfectly into the almost untouched natural landscape and provides a special vacation on a picturesque island. Any of the options is profitable in terms of real estate investment in Northern Cyprus.

The construction projects here are of a solid scale. Great potential for development and a lot of large land for housing construction. Most of the housing stock is low-rise, but there are also high-rise areas, individual residential complexes with tall buildings. The choice of conceptually different projects is extensive, everyone will find a property to their liking.

A common feature of new buildings in Northern Cyprus is the spacious territory of the complexes, with beautiful vegetation and an emphasis on landscape design. There are many options for apartments with views of the sea and mountains, there is no too dense building. By this, Cyprus attracts more and more investors and those who simply want to buy property near the sea for their own holidays.

The choice of layouts from 0+1 studios to spacious villas. Real estate prices in Northern Cyprus depend on the area, distance from the sea and major administrative centers, basic infrastructure.

It is noteworthy that in Northern Cyprus there are many options for obtaining an English-language education. Therefore, the island is often chosen by families with children of different ages.

On the territory of the TRNC there are: Eastern Mediterranean University, Near East University, American University of Girne, Branch of Middle East Technical University, European University of Lefke, International University of Cyprus, International University Final.

Also, there are many hospitals, and medicine in general is at a high level.

The trade infrastructure is gradually developing, many new shopping and entertainment centers, stores of famous world brands and popular chains appear.

Prospects for real estate in Northern Cyprus

The market here is developing, and it is constantly growing, at a rapid pace. Northern Cyprus is not using about the origin of funds from investors, does not transmit any data about them. It is safe to invest here from the point of view of “anonymity” of investments, and rent has a profitability no lower than in the popular Mediterranean resorts of mainland Turkey.

North Cyprus has its own large developers. More than half of their projects are bought out before the start of construction. Often you can take advantage of convenient installment terms, pay part of the amount immediately, and part in a year later, by the start of construction, and with installments until its completion.

Conclusion:

The positive dynamics in the economy, the growing interest of foreigners and investors in Northern Cyprus contribute to a stable increase in the value of real estate and the rapid development of areas adjacent to large cities.

For many buyers, the presence of a large Russian-speaking diaspora in Northern Cyprus also plays an important role. Real estate can be acquired by foreigners, on equal property rights with citizens.

If you need advice and selection of options, please contact our manager.