Top 10 Reasons to Invest in Real Estate in Northern Cyprus

The Turkish Republic of Northern Cyprus (TRNC) is becoming a new hotspot for Mediterranean property buyers! With people from all over Europe flocking to this island, especially those looking in the UK and East-West areas.

North Cyprus is becoming increasingly popular as an area to invest in real estate. The country’s currency crisis has made people want to protect their assets from future risks.

Why North Cyprus? The answer is simple: it’s a unique opportunity to invest in an international, non-Eurozone economy with secure and low cost properties. This article explores the top 10 reasons for investing here.

1. It is a non Euro-Zone

Who would have thought that the non-EU status of Northern Cyprus, previously seen as a DIS incentive to many and holding back its economy from development, could actually end up being what brings its fortune? The answer lies within this recent change in currency exchange rates. All North Cyprus property prices are linked with pound sterling, which sits at stable rate compared with other European currencies. The unstable nature of the Greek banking system which obviously affects both Greece and southern Cyprus is putting investors off from investing generally in those countries. With a low cost of living and favorable exchange rates against the Turkish Lira, North Cyprus offers investors their best chance at fixing property values with stability.

North Cyprus has been a popular destination for investors looking to diversify their portfolios and gain exposure in international markets.  With its ideal location between Europe and Asia (and just across the water from Turkish territory), this island offers investors not only secure real estate but also spectacular scenery, new opportunities and a lot to discover on the whole market!

2. Easy traveling

The two major airports in Cyprus are Ercan (Lefkosa) Airport, which offers fabulous connections, and Larnaca International airport. Any property seeker with either a European or Common wealth passport is free to enter via the global hub aviation that provides access. This means it has no requirements for advance visas, as long as your nationality permits this type of entrance into their respective facilities.

3. Safe and secure

Cypriot citizens are living in one of the safest countries to be a citizen. A recent research by ValuePenguin confirmed that Cyprus holds an impressive 5th place worldwide out 106 countries analyzed during its completion about which they were proudest with great reason! Not only do they have low crime rates, but also very little poverty and high levels of education expectancy for both men & women. It is the number 1 safest place among countries that have under 5 million people.

4. Easy residence application process

North Cyprus is a much more relaxed place than the south. The only requirements for an ownership property in this area are €300,000 worth of investment, and you’ll get your permit without difficulty! The residence permit is a free and simple procedure. Homeowners aged 60 years can live on Northern Cyprus without the need for any additional documentation. To process this type of visa, you will need proof that your property ownership meets certain criteria, like $10k per family member value which must be funding an active bank account.

5. Affordable properties

North Cyprus is the perfect destination for those who want to live on an island, but not in crowded areas. It’s affordable and has many different types of real estate that you can choose from-townhouses or apartments with ocean views! Despite this, it is still a long way from Cyprus’s south shore. In Southern Cyprus, city dwellers may pay upwards of $130,000 for an ordinary studio apartment on the coast.

6. High income in Commercial Real Estate

Commercial real estate in Northern Cyprus offers a higher return on investment than housing. In addition, the risks are more manageable for investors who can afford them with their solid investments and high returns! Not every person or family will want to take up this opportunity though because of its high costs involved.

The cost of residential property in North Cyprus is rising every year. Owners who offer their homes for rent get an average 10% profit per year, which isn’t too much. Most tenants prefer studio or apartments with 1-2 bedrooms.

The maximum profit is currently yielding a healthy 15% on short-term rental.

7. The charm of fresh nature

The traditional countryside villages and friendly nature of the Turkish Cypriot people are very appealing to property buyers. Many North Cyprus villa or apartment complexes have as their backdrop Besparmak mountain range which sweeps down towards north coast beaches beyond, making them perfect for relaxing vacations with family members!

8. Fabulous cuisine and festivals

Northern Cyprus is a land of wonder, beauty, and tradition. The people there are friendly but speak Turkish as their native language, which you can find at many cultural festivals where they celebrate music from all over the world or enjoy their exceptional Mediterranean cuisine. Culture and festivals are very expressive and present on this part of the island, where you can enjoy world-class eating places and traditional craft by locals.

9. Increasing number of universities

With 18 universities and 26 schools, the education sector in Northern Cyprus is thriving. The number of students currently exceeds 100k with 12 to 15% growth each year, which creates serious opportunities for both real estate investors AND teachers!

10. Tourism increases significantly

With the new TRNC government statistics seeing an increase in North Cyprus tourism, there have been many diverse areas that are coming for their vacations on this island. These numbers include people from Europe (France and Germany 25%), North America (Canada & USA 10 and 20%), Scandinavia (Finland 50%) and even some Chinese visitors (18%).

Conclusion: Enough and more reasons to invest here!

As we just saw, North Cyprus is one of the most popular areas for investing in real estate. North Cyprus offers a unique opportunity to invest in international, non-eurozone economies with secure and low cost properties. There are many reasons why people would want an investment in this area: economic growth; the population is young, universities are increasing in numbers and new opportunities are rising!