North Cyprus is the new Mediterranean property hotspot! With buyers from the UK, East and West Europe, Scandinavia and the Middle East increasingly lining up to buy a North Cyprus villa or apartment, the North Cyprus property market in 2015 looks set for a repeat of the previous 2005-6 pre-recession boom.
This article explores the 7 top reasons for this – so read on for news about how YOU can benefit from a secure, low-cost yet fast-rising North Cyprus property investment in this unique non-Euro-zone economic area with an international population of residents from all over the world. The TRNC offers an ideal climate, great airport connections, brand new state-of-the-art marina and golf facilities and fabulous unspoilt beaches and scenery. Investors can benefit from a huge demand from North Cyprus property rentals, earning up to 10%.p.a. And in case you forget these top 7 reasons to buy property in North Cyprus – here are 7 letters to help you remember: N. C.Y.P.R.U.S!
N – is for non Euro-zone
The non Euro-zone status of Northern Cyprus, previously seen as a DIS-incentive to many, has recently become a huge bonus and sales point for overseas property buyers. All North Cyprus property prices are linked to the stable pound sterling which is the de facto international currency in the TRNC, where shops and restaurants also widely accept the pound as well as the Turkish Lira. By contrast, many other Mediterranean property destinations (such as Spain, Greece or South Cyprus) are all priced in euros which have fallen in value recently. In addition, the unstable nature of the Greek banking system which obviously affects both Greece and southern Cyprus is putting investors off from investing generally in those countries. In North Cyprus, investors and lifestyle property buyers have “the best of both worlds” – getting their property value fixed to a stable currency whilst also gaining a low cost of living (due to favourable exchange rates against the Turkish Lira), which makes eating out, shopping or furnishing a new North Cyprus property extremely affordable. In addition, the stable Turkish banks in North Cyprus offer great rates of interest for both pound and lira deposit accounts. For all these reasons, buying property in non Euro-zone North Cyprus is a great investment.
C – is for Cyprus Climate
The North Cyprus climate is a huge incentive to those wishing to buy property overseas. North Cyprus offers on average 340 days of sun per year and the warmest winter temperatures of anywhere in the general European area, being also warmer than Turkey. This makes the TRNC attractive both to those coming from cooler countries such as the UK, as well as to those ex-pats and native residents of the hotter Middle Eastern countries such as UAE, Bahrain and Oman who want their own villa or apartment in a milder climate! North Cyprus summer temperatures in July and August rarely exceed 38C and the winter is mild with frost almost unheard of. Unlike the Middle East, Cyprus offers four distinct seasons, all offering unique attractions with the lush green Spring particularly beautiful and attracting many nature-lovers, wild-flower enthusiasts and walkers. Many ex-pat property investors from Europe love the Cyprus spring and autumn with April – June and September – November particularly popular. Cyprus climate is ideal for golf for almost all the year and North Cyprus offers golf properties at a very reasonable price close to the brand new 18 hole Korineum Golf Course.
There are two major airports in Cyprus: Ercan (Lefkosa) in the Northern part and Larnaca Airport in the south of Cyprus. Any property seeker with either a European or Commonwealth passport, or Schengen visa is free to enter via the global hub of Larnaca airport, which offers fabulous connections all over the world. Ercan airport in the North of Cyprus requires no advance visa and is therefore ideal for those non-Schengen nationals who can easily and affordably arrive via Turkey. Flights from the south of Turkey to Ercan take only 40 minutes. Cyprus is geographically exactly half way between the UK and the Middle East, making it a perfect vacation property base for ex pat residents of either area. In fact it is half way geographically, climatically, and culturally and provides an ideal starting point to explore the Middle East, Turkey, North Africa and beyond.
Y – is for You are ALL welcome
Yes that’s right, almost every passport holder in the world can enter or live in North Cyprus with no advance visa required. Not only that, but almost every national can also buy property in the TRNC! Once you have an address, you can easily apply for North Cyprus Residency, which is renewable annually as long as you can prove your ability to support yourself financially and that you have no communicable or serious diseases. This visa flexibility in Northern Cyprus is what makes the TRNC very attractive to those from many countries across the world for property investment as well as for study at one of the many Universities in Northern Cyprus which teach in English. Please check with your travel agent or local Turkish Embassy prior to booking your travel to North Cyprus – occasionally you will need to apply for an advance visa for Turkey if you are arriving into North Cyprus to view property via Turkey, into Ercan Airport. If you have any queries about residency or visas, you can also contact one of our North Cyprus recommended lawyers.
P – is for Price of Property
North Cyprus property is far more affordable than Turkey and many other Mediterranean locations for the same standard of property. It is also more exclusive, offering a unique island atmosphere. With high quality studio properties starting from only £29,500, two bedroom apartments from £39,500 and three bedroom villas from upwards of only £65,000, those property investors who compare North Cyprus with either the south of the island or Turkey find that although prices may initially look similar, they get far better quality and a better beachfront location for the same price as they do in more crowded locations in those other countries. Although one downside for some international property buyers has been the slow arrival of North Cyprus bank mortgages, new North Cyprus low deposit developer mortgages have recently arrived, allowing investors to buy property with deposits as low as £10,000. We at North Cyprus International pride ourselves on our unique property finding service and excellent range of mortgage/payment plan options. If you don’t find the villa or apartment you are seeking on our website please contact us with details of exactly what you are seeking and we will find it for you!
R – is for Rising Investment
North Cyprus property prices are rising by up to 10%p.a. in key investment zones. In other areas, prices have been extremely stable. This is in sharp contrast to falling prices in other Eurozone areas. The reason why North Cyprus property prices have stayed so stable is that property in Northern Cyprus has been built with private capital and NOT with loans from the international banking system. Hence the North Cyprus property market was insulated from the global banking collapse. Property investors in North Cyprus see their investment as a medium – long term property purchase, anticipating considerable capital growth over the next few years. There is a strong demand for North Cyprus apartment and villa rentals and investors can also achieve up between 5-10% p.a. rental return, particularly on city-centre properties in the tourist capital of Kyrenia where all-year rental properties for city workers and university students and academics are in great demand.
R is also for Rich Culture. Northern Cyprus offers a unique blend of history, fabulous cuisine, Turkish culture and classical music and other festivals. Where else in the Mediterranean can you find, in such a close proximity, annual classical music festivals against the backdrop of the hauntingly beautiful Bellapais Abbey, a unique Turkish Cypriot cuisine with a wide selection of world-class North Cyprus eating places, traditional craft and other local festivals, and a rich history of ancient castle, tombs and sites thousands of years including Greek temples, Roman cities, Persian Palaces, Crusader castles and much more! In addition, the natural beauty of the Karpaz wilderness and the Besparmak mountains which rise up behind Kyrenia, “the jewel of the Mediterranean” leave most first-time visitors to North Cyprus realising they have unwittingly started a love affair which will become a life-long passion. It is this passion which leads many North Cyprus property seekers to buy their little part of heaven and come back year after year to their North Cyprus home.
U – is for Unspoilt Nature
North Cyprus offers all of the brand new facilities which property owners and holidaymakers require, but is at the same time retains a lovely, unspoilt environment in which to enjoy your holiday or retirement in the TRNC. The unspoilt, natural charm of the traditional countryside villages and the lovely welcoming nature of the Turkish Cypriot people are very appealing to property buyers. Many North Cyprus villa and apartment complexes have as a backdrop the rapidly rising Besparmak (Five Finger) mountain range which sweeps down to the north coast beaches beyond. TRNC property investors have the choice between city properties with easy access to the charming Kyrenia Harbour with its “Monte Carlo”-style nightlife, restaurants, casinos and yachts, or a beachfront or mountainside property in a village or the countryside surrounded by fields, olive or carob groves and local character yet with many only 20-30 minutes’ drive from the buzzing city. Even many town-centre properties in North Cyprus have views to the mountains and can enjoy the floodlit St. Hilarion Castle at night, perched on the mountaintops behind Kyrenia. Unspoilt natural beauty is never far away for a North Cyprus property owner, whether you choose the north coast, east coast or west coast as your preferred location. The popular east coast near to Famagusta and the unspoilt more distant Karpaz Peninsula offer long stretches of sandy North Cyprus beaches, whilst the less developed west coast is great for water sports and kite-surfing, fuelled by the favourable winds on that side of Cyprus. Whatever type of environment you love, you will find it in North Cyprus.
S – is for State of the Art facilities
If you are seeking a North Cyprus property as a base for your own lifestyle or retirement, you will no doubt wantto know what activities you can enjoy. The great news is that there has been huge recent investment into both new marinas and a brand new 18 hole golf course. The Karpaz Gate Marina on the Cyprus “pan-handle” is now attracting yacht owners from all over the world and offers a high-end range of shops, banks and other facilities. In addition, there are two marinas in Kyrenia and others planned. Golfers enjoy the challenge of the Korineum golf course perched on the hillside close to Kyrenia and with stunning views over the Mediterranean. This North Cyprus 18 hole green and world-class driving range also offers a luxurious clubhouse, restaurants and spa which is open to non-members. If shopping is what you want to do during your holidays or visits to North Cyprus, you will not be disappointed by the range of clothes, jewellery and other stores in Kyrenia and the main Dereboyu shopping area of North Nicosia (Lefkosa). North Cyprus also offers much for the younger visitors in terms of turtle watching in the summer, water-parks, paint-balling, bowling and go-karting centres as well as wonderful beaches to play on all day long.
At North Cyprus International we know that everyone’s property needs are different. Whether it is a small studio, a holiday apartment, or a retirement villa that you seek, why not benefit from our 11 years’ of experience with the North Cyprus property market and let us find YOU the ideal property – whether for investment, rental, holiday or retirement. Our NCI staff in our UK and North Cyprus offices are available 24/7 to help with your search. Happy property hunting!