North Cyprus Property

Cyprus was a former British colony which gained independence from the UK in 1960 after an uprising against British rule. The history of this island is blighted by fierce tensions and conflict between the Greek Cypriot majority in the south, and Turkish Cypriot minority in the north, which came to a head in 1963 when fighting broke out between the two parties. UN peacekeepers were deployed in 1964 and there is still a highly visible presence there to this day, in the form of a buffer zone policed by the UN. There is still also a British military presence on the island which has assisted the UN in calming tensions over recent times. In 1983 the North area of the island declared independence as the “Turkish Republic of North Cyprus” although this is not recognised by any country other than Turkey. This history and conflict makes North Cyprus property a very complex area of investment to fully understand. We urge you to read more if you are thinking about making such an investment into North Cyprus property.

It is easy to see why there have been fierce battles over the island (even prior to British rule) with the island central to a number of major trading routes between Asia and Europe. The various conflicts have left a number of cultural foot prints around the island offering an intriguing mix of cultural and religious variations. As the island is on the Mediterranean the weather is constantly hot, with over 300 days of sunshine a year, and you are guaranteed a warm welcome from the locals. The North area itself contains a mixture of untouched beaches, castles, mountain ranges and vast areas of great natural beauty. The island is also home to over 1,800 variations of plant life and is visited by millions of birds each year.

While the tourism industry is still in its infancy in North Cyprus there are signs of change, however the authorities have also been able to retain the strong tradition and great mix of cultures. Seen by many as the frontier of Islam and Christianity, the area is proving attractive to many holiday makers (and property investors) with British interest still dominant.

Property in North Cyprus

The market for property in North Cyprus has remained untouched for many years, with the area effectively starved of international recognition and investment. Recently there has been a major relaxation of border controls, and as a result the north and property in North Cyprus is much more accessible. This has also caused a rethink by the airline companies with many countries in the process of arranging direct flights into North Cyprus. Flight routes and airports can only be positive for property in North Cyprus.

The development potential for the area is highlighted by the fact that Southern Cyprus attracts upwards of 2.5 million visitors a year, with over 100,000 hotel beds available. Historically North Cyprus only entertained approximately 200,000 visitors a year with a paltry 10,000 hotel beds available, many of which are not of a high standard. The comparison between the North and southern property development policies could not be more diverse, with the south having expanded with little consideration for the surrounding cultures or historic architecture. Meanwhile the Turkish-controlled North have taken great care to preserve the history and culture of the area, which has made the region attractive to holiday makers and property developers. The North government are forecasting a substantial increase in visitors in the short, medium and longer term, with many routes to entry now re-opened.

As the Government are now taking a proactive role to controlled development, there will be many opportunities over the coming years, and the property market is sure to remain buoyant for some time to come. Multi-national companies have not yet become involved in the local property market due to possible repercussions for their already established interests in the south of the island. This is leaving open a unique opportunity for smaller companies and individuals to take a lead in developing the North area.

Investing in North Cyprus properties

North Cyprus offers a relatively untouched landscape which is ideal for redevelopment of properties, within the current cultural and historically characteristics of the area. The market for North Cyprus properties is very much in its infancy with land still relatively cheap compared to neighbouring countries. While it may have taken some time to manufacture the opportunity, the government of the north are taking a very proactive role in attracting visitors and investors to this beautiful country.

With so many people visiting Southern Cyprus it is inevitable that the North area will receive an up lift in interest now boarder controls have been lifted. The area has two modern airports which are seeing a growth in business, and the inland infrastructure is improving all of the time. While the economy still offers room for further improvement, the government are tackling the historically high rate of inflation which has blighted previous attempts to rejuvenate the area.

As the government continue to build their international reputation and presence, the EU have pledged millions of Euros in aid, which will help further develop the infrastructure. As tourism numbers are expected to rise to 2 million over the next 5 years, and property development is currently running a long way behind the housing demand required, there is massive scope for development.

It seems as though after years of being cut-off from the international community, North Cyprus is finally coming back to life. This area of untold beauty is being opened up to the mass market, although tight controls on suitable property development will ensure the character of the island is not lost.

The Future for North Cyprus Property

The more international recognition the area receives the less chance of further major conflict between the north and south of the island. As this threat diminishes, many overseas investors are only just now beginning to appreciate the potential for the area and North Cyprus property. The lack of multi-national corporations has opened up a niche market for smaller and private investors.

Historically the economy has been prone to wild fluctuations, with inflation running at a high level for many years. As the government become more proactive on the economic front, and appreciate that the situation needs to improve to build on the recent increase in interest in the country; a more stable economy is beckoning. A stable economy is a vital part of international inward investment, and this should follow in due course.

In summary, this beautiful land is now opening up to many holiday makers from around the world. The area has seen a large upsurge in demand for holiday homes, secondary homes and a strong buy to let market is starting to emerge. A recent court ruling, which stated that an English couple could retain their North Cyprus home and property, and would not need to return it to the previous Southern Cypriot owner, is a further landmark in the development of the property market. This is another factor which will calm the nerves of investors, and bring about further stability.