NORTH CYPRUS - A DREAM FOR HOME BUYERS & INVESTORS
Northern Cyprus has become a magnet for
investors who wish to take advantage of its vast open
spaces and prices that are still remarkably cheap compared
to the rest of the Mediterranean.
BBC World’s Fastrack programme, described the
country as one of the last truly unspoilt landscapes
in the Mediterranean. The BBC TV Holiday programme said
: “There are good signs that attitudes are changing
towards this unrecognised state. Construction is taking
place on a massive scale in the North, but the place
is still free from mass commercialism.”
The Alpha Newspaper Group of Ireland, in a 20-page
colour supplement, said north Cyprus was “popular
for family holidays and also as a property investment
for those who want a second home or to retire in the
Over recent years, the number of foreigners, mainly
British, applying for permission to purchase property
has increased ten fold. It is estimated that six to
seven thousand Britons now live permanently in north
Cyprus, with many more enjoying holidays homes in the
summer months. As a result, land prices are accelerating
but cannot be compared to similar plots in Spain, Portugal
Seaside plots near the main tourist town of Girne (Kyrenia)
have increased from less than 10,000 Sterling per donum
3-4 years ago, to 40,000 plus now, depending on location.
(1 donum = 1338 sq.m.or 3 donum to one acre).
The average price of a new build villa is now more
than 100,000 Sterling. Property experts believe prices
will continue to rise until property in the north equates
to that in the (southern) Republic of Cyprus.
The price of land in northern Cyprus has soared astronomically
over the past
3-4 years. The gains for frontline plots, that is right
on the beach, have been particularly spectacular. Having
said that, it is also fair to say that land prices in
north Cyprus are STILL cheap compared to the rest of
the Mediterranean, and there are still bargains to be
There are no restrictions on renting your property.