There are fabulous opportunities for property investors in North Cyprus, with the best performing North Cyprus property investments achieving over 10% rental return per year.  We at North Cyprus International (NCI) can guide you as to the best investment properties to suit your lifestyle and your needs.

These rental expectation figures are correct as of May 2020.  Please contact our North Cyprus International (NCI) office in the UK or Cyprus at any time for updated figures and our latest selection of investment properties.

Please note the following

* All of the projected rental income amounts below are the MAXIMUM which can be achieved for each type of property/area.  

* Earning the maximum will depend upon having a high standard of furnishing and equipment in the property.  

* Properties in a frontline position or with unbroken views will achieve the maximum more easily than others.

What % annual rental income can I achieve from buying a North Cyprus investment property?

Many prospective investors in North Cyprus property, in the Kyrenia (Girne) and Famagusta areas ask us what rental income they are likely to receive per month or % per year.  Investors are usually looking to purchase a North Cyprus studio, one-bedroom or two-bedroom apartment.  North Cyprus villa owners also want to know what holiday let income they can receive per month or % per year from renting out a 3 or 4 bedroom villa in the peak summer months.

Should I purchase an investment property to rent out full time, OR for holiday lets?

There are two main types of rental income investors can receive in North Cyprus:

* All year lets (from an all year tenant or student let) and holiday let/vacation rental.  Holiday and

* Vacation/holiday lets which tend to be calculated to apply to an average of 12-18 weeks between May to October – with some properties achieving more than 18 weeks (including periods in the winter).

* Combination All Year and Holiday Let.  If you buy wisely, you may be able to get maximum return by getting a “combination” property – which is really a third type.

We would recommend a telephone consultation with one of our experts, to guide you through which is right for you personally.

Are there investment properties which can gain both holiday letting income and winter let income?

Yes, there are just a few properties where it’s possible to gain excellent 18 week holiday let income and then, when the apartments are empty in the winter, are still near enough to a University to gain short term winter lets to local students or those employed locally.  One example of this is a new build site in Iskele with shuttle buses to Famagusta and EMU.  This gives you the best of all worlds and can yield over 10% per year profit.  To get a combination holiday let and winter let you need the following features:

* Swimming Pool and other holiday facilities for summer use

* Ideally close to a beach

* Transport to, or close to, a University.

SUMMARY – “All Year” Rental Investment Property

All year lets make a lower % return than holiday lets but are “hassle-free” and more predictable investment. All year rental property investments need to be in or near a city or university. The key investment areas are Kyrenia (Girne) and Famagusta and Iskele. All year rental investment properties can be managed either by the site manager (if available) OR by an independent letting agency.10% tax is due to the TRNC government on all lets, which can be paid by yourself on a visit OR by your letting agent.

What are the main benefits of property investment for all year letting?

If you want a “hands-free” investment where you give your property to a managing agent and do not have to find your own tenants, you should go for an all year let. 

All year lets will make a lower % per year than holiday lets but are a more predictable and hassle-free source of letting investment.  You should safely estimate between 4-5% NET return after costs (estimate correct May 2020).

Where are the best all year rental property investments located?

If you wish to rent out your North Cyprus property full time, then this must be a property which is in or near a city or university, as those renting full time to be near their education or work will not wish to travel far. We would not recommend a beachfront property on a holiday site as being a good investment for all year lets.

The best investments for all year lets are currently in Kyrenia (Girne) which is also close to several universities, including Girne American University (GAU).  You can also consider an all year investment in Famagusta or Iskele on the East Coast.

What rental could I earn per month with a Kyrenia (Girne) apartment investment – rented out all year?

KYRENIA TOWN new build property

Please note:

* New build property in Kyrenia (Girne) fetches a higher monthly rental figure than the older properties. 

* 10% tax is due to the TRNC government on your rental income.  This can be paid by your rental agency OR you can pay during a visit.

* Price are all in pounds sterling.  These are GROSS figures.

* You must budget for set up costs, furnishing etc.  Figures accurate May 2020.

Kyrenia Town – 1 bed £300pm (£3,600 per year)

Kyrenia Town – 2 bed £400pm (£4,800 per year)

Kyrenia Town – 3 bed £450-500 pm (up to £6,000 per year)

What rental could I earn per month with a Famagusta/Iskele apartment investment – rented out all year?

FAMAGUSTA – ISKELE new build property (access to Famagusta town and Eastern Mediterranean University). 

Average rental income per month is lower in this area than in Kyrenia (Girne) but then property prices are also lower.  There are more studios in this area.  Sites with shuttle buses to EMU will obviously attract more interest from students.  Please contact NCI for details of the best rental investments on the East coast.

East coast Studio £230 pm (£2760 per year)

East coast 1 bed £280 pm (£3360 per year)

East Coast 2 bed £320 pm (£3840 per year)

SUMMARY – North Cyprus “Holiday Let” Rental Investment Property

Holiday let income can be higher than all- year income for the same priced property. The property owner can also schedule time in their own property for holidays. However, finding holiday let tenants is usually the responsibility of the property owner and usually involve more work by the owner A few management co.’s will find you tenants (particularly for villas)There are a few select holiday sites in North Cyprus which offer around 7 or 8% p.a. Rental guarantees in the new build purchase contract (usually for 1-2 years). These properties tend to cost more than furnished resales. The best holiday let investments are on sites where the guest may not need a car (with bus route and/or shops, bars, restaurants) near the beach.10% tax on profits to the TRNC government is officially due on holiday lets but short term lets can be tax-free due to lack of a contract. Holiday lets are let out for an average of 12-18 weeks per year.  You may not fill all the weeks in some areas – in others you may fill more. Holiday let sites will always have a site fee – usually around £70 per month. Income will vary depending upon the condition of the property, furnishings, location, views, facilities etc.  

1. Holiday Lets in Kyrenia Town with pool or North East coast (Kyrenia, Alagadi, Esentepe, Bahceli, Tatlisu COAST)

Average MAXIMUM prices per week over 12- 18 weeks.  These are GROSS income figures – you need to deduct running costs, advertising costs, management costs, etc.  You can take around 10% return and expect to get around 7% return net.

* One bed £200 pw

* Two bed £350 pw

* Three bed £500pw

2. Holiday lets on East Coast (Famagusta, Long Beach, Iskele, Bogaz etc)

* Studio £180 pw

* One bed £200 pw

* Two bed £300 pw

North Cyprus Property Investment - Thalassa Beach 1

What holiday let income could I expect from a North Cyprus Villa investment?

HOLIDAY LET INCOME from 2+ bedroom villa with own or shared pool

There are a few companies who will find you the clients, but you will also need to advertise on the holiday sites (Air Bnb or Owner’s Direct) to achieve the best income.  There are local companies who will manage the meet and greet, cleaning, etc.

* 2 bed town house or villa with shared pool £450 pw

* 3 bed villa with own pool £650-800 pw

* 4 bed villa with own pool £800-1,000 pw

If you are seeking to purchase an investment property in North Cyprus for all year or holiday let, or a combination of both, please contact us at North Cyprus International (NCI) and we will guide you to the ideal investment property for your needs.  You can contact us in the UK or Cyprus on +44 207 112 8086 or +90 548 861 0600.