Property Investors are Discovering the Value of Northern Cyprus Real Estate Investments
With the lower cost of living, unspoilt natural beauty and year round Mediterranean sun Northern Cyprus is currently attracting a wider property investment market.
Northern Cyprus is predicted to be one of the most exciting markets in Europe for growth. The world has woken up to the potential and as a result the amount of investment and the number of people looking to invest is at an all time high. It is one of the few remaining areas of the Mediterranean providing a first rate strategy for overseas property investors. This is made more attractive due to the exemptions on income tax, import duties, corporation tax and little or no council tax.
‘The money is pouring in. You can smell it,’ says one property agent with the Interior Minister, Ozkan Murat, says applications by foreigners to buy property have increased almost ten times over the last few years.
Last year, around 1,000 overseas investors bought property in Northern Cyprus; incredibly this figure is five times the number of annual sales during the 1990s. Suggestions and reports of an upturn and growth in the Northern Cyprus property market is to escalating steadily.
Mr Shah from the Investors Provident said: ‘There's a lot more to be had, it's a lot more unspoiled than the south. The south has been very commercialised by tourists, whereas the north has remained very untouched. It's a lot more picturesque.’
Foreign investors are buying large portions of developments with early indicators pointing to a long term upward trend. Property prices have risen significantly in the last 3 years but are still as much as 50% less than property in the south and therefore a huge opportunity for capital growth.
Cyprus Turkish Airways have applied to the British government for permission to allow direct flights from London to Ercan airport which will also bring a positive increase to the travel and tourism economic sector.
Northern Cyprus is predicted to be one of the most exciting markets in Europe for growth. The world has woken up to the potential and as a result the amount of investment and the number of people looking to invest is at an all time high. It is one of the few remaining areas of the Mediterranean providing a first rate strategy for overseas property investors. This is made more attractive due to the exemptions on income tax, import duties, corporation tax and little or no council tax.
‘The money is pouring in. You can smell it,’ says one property agent with the Interior Minister, Ozkan Murat, says applications by foreigners to buy property have increased almost ten times over the last few years.
Last year, around 1,000 overseas investors bought property in Northern Cyprus; incredibly this figure is five times the number of annual sales during the 1990s. Suggestions and reports of an upturn and growth in the Northern Cyprus property market is to escalating steadily.
Mr Shah from the Investors Provident said: ‘There's a lot more to be had, it's a lot more unspoiled than the south. The south has been very commercialised by tourists, whereas the north has remained very untouched. It's a lot more picturesque.’
Foreign investors are buying large portions of developments with early indicators pointing to a long term upward trend. Property prices have risen significantly in the last 3 years but are still as much as 50% less than property in the south and therefore a huge opportunity for capital growth.
Cyprus Turkish Airways have applied to the British government for permission to allow direct flights from London to Ercan airport which will also bring a positive increase to the travel and tourism economic sector.
posted by Obelisk International at 10:14 am
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