Profound overview of the market of real estate in North Cyprus in 2023
6 reasons for investing in North Cyprus real estate market in 2023
In recent years, North Cyprus has grown more and more popular as a vacation and investing destination, drawing a growing number of tourists and investors each year. We examine it more closely to see which cities are best to buy real estate in North Cyprus.
This article, published by Land Invester Real Estate Company, is taken from the article published in the prestigious newspaper The London Economic. Enter here to see the original news in English. This beautiful country, which is located in the southern neighborhood of Turkey, with its exquisite blue sea, evergreen nature, rich cultural heritage, enjoyable life with peace, has attracted the attention of many investors in recent years. For this reason, we are witnessing significant progress and price increase in the North Cyprus real estate market.
Due to North Cyprus’s low population density, reasonable cost of living, undiscovered natural beauty, luxury lifestyle, inexpensive property alternatives, opportunity for development, and high rental income potential, investing in real estate there seems promising. Because investment properties in North Cyprus have a high rate of return on investment, even small investors with little resources can make a substantial profit.
6 Reasons for Real Estate Investing in North Cyprus
The current market circumstances and rising popularity of North Cyprus make investing in real estate there lucrative. Here are some of the primary factors influencing individuals to buy properties in North Cyprus :
- Untouched Nature: On a 3.354 km2 piece of land, the Turkish Republic of Northern Cyprus is home to less than 400.000 people. The nation has been able to retain its natural environment thanks to its low population density. The nation now attracts attention for its natural environments, which include mountains, evergreen plains, and pristine beaches. A nice and tranquil lifestyle is guaranteed by North Cyprus’ untamed nature and the mild Mediterranean climate.
- Luxurious Lifestyle: North Cyprus has a more rural environment, but it also has a highly developed infrastructure. The nation provides all the conveniences one would require for a comfortable staycation or regular living. North Cyprus also offers a wide range of entertainment opportunities. A few of these include casinos, bars, pubs, renowned restaurants, cafes, theaters, entertainment venues, amusement parks, and golf courses.
- Low Cost of Living: North Cyprus offers livable conditions that are on par with those in Europe. However, North Cyprus has lower average living expenses than the majority of European nations.
- Affordable Housing Options: North Cyprus is becoming more and more well-liked. However, statistics show that real estate in North Cyprus is still less expensive than comparable houses in other European nations. The average price per square meter for real estate in North Cyprus’s most populated cities starts at 780 GBP. On the other hand, houses outside of city centers typically cost 625 GBP per square foot on average. North Cyprus real estate is still rather reasonable, and making an investment today could pay off in the long run.
- Potential for Growth: North Cyprus is unquestionably a highly developed nation. Due to the low population density, there is still opportunity for development. Purchasing buildable land in North Cyprus might be a successful investment.
- The real estate and hospitality industries can be good places to invest given the rising popularity of the nation.
- High Potential for Rental Income: North Cyprus investment properties guarantee a high rate of return on investment for all kinds of investors. Small investors with little resources can nevertheless make a tidy profit. Due to the nation’s prominence as a vacation spot, rental homes are quite valued.
For modest investors, apartments and villas along the coast are ideal. Instead of staying at a hotel, vacationers who prefer a more tranquil experience choose to rent an apartment or a villa. Short-term rentals are thus a fantastic option to generate income.A rental unit can be found starting at 40-80 € per day as of April 2023. However, depending on the attributes of the home, rental property rates might increase by as much as 350-400 € per day.
The Best Locations in North Cyprus to Buy Real Estate
The ideal locations in North Cyprus to buy a house depend on the use. The finest locations for certain people are in the more crowded and central areas like Girne (Kyrenia) and Lefkoşa (Nicosia). Particularly for those who desire to live in a vibrant location or who wish to immediately begin making money through investments.
For small investors, however, developing towns and villages are preferable. These locations are preferable for investments with the long term in mind. What are the most well-liked neighborhoods in North Cyprus for apartment and home purchases?
- Lefkoşa (Nicosia): Lefkoşa serves as the administrative center of North Cyprus and is home to all significant government buildings. Lefkoşa offers all the amenities one might possibly need for a good lifestyle, as would be expected of a major city. It is one of the cities with the highest population densities in the nation. Lefkoşa hence has a large number of real estate projects, both for residential and commercial uses.Lefkoşa investment properties, like those in many other capital cities, provide a respectable return on investment. Lefkoşa real estate is appropriate for both long- and short-term investments. You may start making money off your investment right away because the city already has a lot of interest. For modest investors, renting out apartments or villas in Lefkoşa for brief periods is a fantastic investment choice. Lefkoşa houses range in price from 30 to 290 euros per day for rent. Large investors, on the other hand, can also make a lot of money. By utilizing the city’s populace, large investors can develop a successful business in Lefkoşa.
- Girne (in Kyrenia): One of the most well-liked cities in North Cyprus for tourists and investors is Girne. The city is only 60 miles from the Turkish mainland and is situated on the island’s northern borders. Its favorable position has contributed to Girne’s development as a hub of business. The city also offers beautiful beaches, an evergreen environment, and a rich cultural history. Therefore, it should come as no surprise that Girne is one of the island’s most well-liked vacation spots. With its opulent facilities and extensive amenities, Girne today provides its people with a cozy, exciting, and elegant lifestyle. As a result, Girne has a significant demand for vacation rentals. Depending on the characteristics of their property, Girne real estate investors can make up to 750 euros per day from short-term rentals. Large investors have the potential to profit greatly from investments in the hospitality sector.
- Gazimausa (Famagusta): On the island, Gazimausa is another well-liked vacation spot. The city boasts a long history, a thriving cultural legacy, numerous sandy beaches, and a variety of attractions. Well-known international schools and institutions are also located there. As a result, it draws in a wide range of individuals, including visitors, small and large investors, students, and retirees. Daily rental rates in Gazimausa range from 25 to 450 euros. The majority of affordable real estate possibilities are found in the city centers. On the other hand, opulent housing alternatives are typically found in recently developed neighborhoods.
- Iskele (Trikomo): Today, Iskele is considered as an investment pole in North Cyprus. The very reasonable price of the property, as well as its very good location, adjacent to the unique sandy beach of 8 kilometers long, the huge influx of European and Russian tourists have led to the great prosperity of this area. Due to the boom in the waterfront in North Cyprus, property prices have increased incredibly. Due to the continued large-scale investments of the private and public sector, a much greater increase in real estate prices is expected in the waterfront. The city of Skele cannot be called the best city to buy property in North Cyprus.
New, opulent residential and commercial construction projects are being created every day. In addition, they are less expensive than the nation’s historic cities. Iskele is thus the ideal location for long-term investments.New and luxurious residential and commercial construction projects are being created every day. In addition, they are less expensive than the historical cities of the country. Therefore, Iskele is an ideal place for long-term investments.