The country boasts mesmerizing coves, a stunning turquoise sea, evergreen nature, cultural heritage, and a colorful and posh lifestyle. As a result of its popularity, the North Cyprus real estate market is becoming livelier each day.
Investing in North Cyprus properties is promising thanks to the country’s low population density, affordable cost of living, untapped natural beauty, posh lifestyle, affordable property options, room for development, and high rental income potential. Even small investors with lower budgets can earn a good profit due to the high return on investment rate of investment properties in North Cyprus.
Property Investment in North Cyprus
Investing in North Cyprus properties is promising due to the country’s current market conditions and increasing popularity. Here are the main reasons that encourage people to purchase property in North Cyprus;
• Untouched Nature: Turkish Republic of Northern Cyprus has a population of less than 400.000 living on a land of 3.354 km². The country’s low population density has helped it to preserve its natural setting. Today, the country draws attention with its untouched nature and mesmerizing landscapes consisting of pristine beaches, evergreen plains, and mountains. Combined with the mild Mediterranean climate, the wild nature of North Cyprus promises a comfortable and peaceful lifestyle.
• Posh Lifestyle: Although North Cyprus has a more natural setting, it also has a very developed structure. The country offers all kinds of amenities a person may need for a comfortable vacation or everyday life. On top of it, North Cyprus has rich entertainment options. Casinos, bars, pubs, world-famous restaurants, cafes, cinemas, theaters, entertainment venues, amusement parks, and golf courses are only some of them.
• Low Cost of Living: North Cyprus provides affordable living conditions that are comparable to European standards. However, the average living cost in North Cyprus is lower than in most European countries.
• Affordable Property Options: North Cyprus’s popularity is increasing day by day. But, properties in North Cyprus are still more affordable than their equivalents in European countries according to the statistics. Average property prices per sqm in the centers of the most popular cities in North Cyprus start from 778.41 €. On the other hand, average prices per sqm for properties outside of city centers start from 621.31 €.
Properties in North Cyprus are still relatively affordable, and investing in them now can yield future profits.
• Room for Development: North Cyprus is without a doubt a highly developed country. However, there is still room for development thanks to the low population density. You can make a profitable investment by purchasing constructible land in North Cyprus.
As the country’s popularity continues to increase, investing in the real estate and hospitality sectors can be a wise choice.
• High Rental Income Potential: Investment properties in North Cyprus promise a high return on investment rate for all types of investors. Even small investors with lower budgets can earn a good profit. The country’s popularity as a holiday destination makes rental properties very valuable.
Apartments and villas close to the coastline are perfect for small investors. Tourists who want to have a more peaceful holiday prefer to stay in an apartment or villa instead of a hotel. So, short-term rentals are a great way to make a profit.
As of April 2023, it’s possible to find a rental property starting from 25€ daily. However, the prices of rental properties climb up to 375 € daily depending on the features of the property.
The Best Places to Buy Property in North Cyprus
The best places to purchase a property in North Cyprus depend on the intended use. Central and more populated areas like Lefkoşa (Nicosia) and Girne (Kyrenia) are the best places for some. Especially for people who want to live in a lively area or want to start earning profit through investment right away.
On the other hand, developing towns and villages are better for small investors. These types of places are better for future-oriented investments. Here are the most popular places to buy apartments houses in North Cyprus and why;
• Lefkoşa (Nicosia): Lefkoşa is the capital city of North Cyprus and is the city where all important government offices are located. As expected of a capital city, Lefkoşa has all kinds of amenities you may need for a comfortable living. It’s one of the most densely populated cities in the country. Therefore Lefkoşa has plenty of real estate projects; both for residential purposes and commercial purposes.
Investment properties in Lefkoşa, like in many other capital cities, offer a good return on investment rate. Properties in Lefkoşa are suitable both for long-term and short-term investments. Since the city already attracts the attention of many, you can immediately start earning profit from your investment.
Renting out apartments or villas in Lefkoşa for short terms is a great investment option for small investors. Daily rental prices for houses in Lefkoşa start from 30 € and can climb up to 290 €. On the other hand, big investors can earn high profits as well. Big investors can establish a profitable business in Lefkoşa by taking advantage of the city’s population.
• Girne (Kyrenia): Girne is one of the most popular cities in North Cyprus for both tourists and investors. The city is located on the northern shores of the island and is only 60 km from the Turkish mainland. Its advantageous location has helped Girne to transform into a commerce hub.
In addition, the city has a picturesque coastline, sandy beaches, evergreen nature, and a rich cultural heritage. Therefore, it’s no wonder that Girne is one of the most popular holiday destinations on the island.
Today, Girne offers its residents a comfortable, lively, and posh lifestyle with its luxurious facilities and rich amenities. As a result, the demand for holiday rentals is quite high in Girne. Property investors can earn up to 750 € daily depending on the features of their property in Girne through short-term rentals. Big investors can also make huge profits by investing in the hospitality industry.
• Gazimağusa (Famagusta): Gazimağusa is also one of the popular holiday destinations on the island. The city has a deep-rooted history, rich cultural heritage, many sandy beaches, and a wide range of amenities. It’s also home to well-known international schools and universities. Therefore it attracts the attention of all kinds of people including tourists, small and big investors, students, and retirees.
In Gazimağusa, daily rental prices start from 25 € and can go over 450 €. Affordable property options are mostly located in the central areas. On the other hand, luxurious property options are usually located in newly established areas.
• Iskele (Trikomo): Iskele is one of the up-and-coming investment areas on the island. Iskele is not a well-established city like the capital Lefkoşa or the popular holiday destination Girne. However, it still is one of the most popular locations in North Cyprus. The city stands out with its pristine beaches, turquoise waters, and untouched nature.
In recent years, Iskele also started to attract attention as an investment hub as well. The rapidly growing real estate sector has a significant role in this situation.
Every day, new, modern, and luxurious residential and commercial projects are being built. On top of it, they are more affordable compared to the old cities in the country. This makes Iskele the perfect destination for long-term investments.
If you are also planning to make a real estate investment, make sure to learn the legal procedures beforehand. You can check out this property buying guide in North Cyprus to get detailed information.