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If you are seeking property in North Cyprus, the chances are that you are hoping to view Kyrenia property, whether apartment or villa, as part of your North Cyprus property search. Still, the “Jewel of the Mediterranean”, if you have been away from Kyrenia for a few years, you will be in for a (hopefully pleasant) surprise in more ways than one. There are big changes afoot in central Kyrenia at present, not just in terms of the properties and prices, but also in terms of facilities in this fast developing and historic area on the North Coast of Cyprus – where vibrant city centre atmosphere now blends happily with harbour village charm.
What’s new in Kyrenia Property?
As many international investors move away from cities such as Istanbul and other Middle eastern property investment areas, peaceful and secure Kyrenia has become a hot property, boom town – with most new off plan projects selling out well before completion and new property prices soaring. In addition, new luxury restaurants, casinos and spa hotels, as well as shops and new schools and businesses, are fast appearing, both in the centre of Kyrenia and nearby. The new Elexus Hotel with luxury international restaurants to suit all tastes is really worth a visit just 20 minutes’ east of the city.
Love it or hate it, as a result of this demand there are some really interesting and unusual new city centre apartment complexes being created, offering a completely new standard of excellence, luxury and facilities for a Kyrenia apartment owner. Many of these now rise to 10 storeys with fabulous panoramic views from the upper levels. One example is the fabulous new Pearl Apartments, Pre-74 Turkish Title complex, set in the heart of Kyrenia close to the well-known Pia Bella Hotel and a walking distance to the harbour. The prices are much higher than even a year ago – with one bedroom units starting at £68,500 and two bedrooms at £90,000 – a price which a year ago would have purchased far larger “older style” properties. Yet included in the new price is video intercom, close circuit TV, onsite staff, private parking, children’s area, swimming pool, gym, the highest standard of construction and much much more. When viewed, one realises that just searching by number of bedrooms on Rightmove simply does not do justice to the huge variations of quality currently available in the Kyrenia property market.
It is currently very difficult to find a Kyrenia city centre READY property of good quality – if you find one with a title deed in a good condition, check with your property advisor or lawyer there is not a legal catch and snap it up! For the current NCI range of central Kyrenia properties, please contact us.
Your lifestyle – is Kyrenia property for you?
We at North Cyprus International (NCI) estate agency, with 12 years of experience, can guide you to a decision on whether a central Kyrenia apartment or villa is (still) the right decision for you – or whether a property further out of the Kyrenia city centre, or in another inland or coastal beachfront area of North Cyprus altogether, might be more suitable.
In deciding whether Kyrenia property is for you, the first question to ask yourself is whether your North Cyprus property purchase is for investment, your personal lifestyle or a mixture of both. Many other Mediterranean cities, including cities in south Cyprus such as Paphos, Limassol and Larnaca, offer a combination of beach and city life side by side. For those who have not yet visited, it’s important to realise that Kyrenia is NOT such a city. There is a lovely Kyrenia waterfront area (harbour with cobbled streets, and waterfront restaurants overshadowed by ancient castle) but no swimming beach for a few miles outside the city. So if this property is a lifestyle purchase – ask yourself, is city life (shops, restaurants, harbour) more important to you than being walking distance from a beach but perhaps a short drive from the shops? You will need to choose – and we at North Cyprus International can guide you.
Your investment – is Kyrenia property for you?
If you are not a lifestyle property buyer, but are an investor who wishes to receive rental income in the immediate or longer term future, then there is no doubt that you need to purchase a city centre, or close to city, property. Your future tenants will most likely need easy access to work in the city OR be close to a North Cyprus University, as there is great letting potential to students in one of the 9 English speaking North Cyprus Universities. One option for you is to purchase a Kyrenia apartment or villa – or a Kyrenia property in a village right next to the city.
You may be wise to consider buying in the developing villages close to Kyrenia – where prices are still more reasonable but are likely to rise soon and where apartments are still in walking distance to shops and restaurants. Our brand new Ottoman style apartments in Ozankoy, as well as the fabulous Olive Mills apartments in Alsancak are two options in the immediate “central belt” area around Kyrenia, which can still let out to tenants working in Kyrenia or nearby, yet still offer lifestyle value too for vacation or holiday lets.
Under construction or ready property?
If you are a North Cyprus property investor who is happy to purchase an under construction or off-plan property, then we can certainly advise you on the best options in Kyrenia city centre. Such purchases can offer investors huge benefits – as the completed price is likely to be at least 20% higher than the off-plan price – with stage payments made during construction, which usually takes 18 months – 3 years. However, if you must have a ready property, then due to the shortage of newer ready apartments in Kyrenia at present then another option is to also turn your attention to Famagusta property. We at NCI now offer the full range of ready and under construction apartments in the Famagusta region which offer lower prices to the investor and are also closer to the beach for lifestyle purchasers as well as being close to the University.
Want to discuss a Kyrenia Property purchase?
We at North Cyprus International (NCI) are here to help and can be contacted at any time on Whatsapp/Viber +44 7799 212425, Live Chat on our website, email (help@northcyprusinternational.com) or do call our UK or North Cyprus Offices on +44 207 112 8086 or +90 548 861 0600.
