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Submitted by: Martin Gavin
Property in Cyprus has been the very definition of real estate investing for several years now. The development of the island as a major hotspot for holiday makers has attracted major property developers to focus on the island and investors to take advantage of the range of investment properties available there. However, this expansion has, until recently, been entirely limited to the Greek Cypriot south side of the island.
Unlike property in the Republic of Cyprus, property in the north of Cyprus has not yet matured to the price levels of comparable Mediterranean locations. In fact, whilst a three bed house, with no swimming pool, would be expected to set the property investor back around 225,000 in Spain, a similar property in North Cyprus would be nearer 100,000.
Unlike Spain and the Republic of Cyprus where a comparable property would be expected to set you back around 210,000 North Cyprus is only now starting to experience major interest from property developers, meaning that the type of experience that it offers holiday makers is very different to many other destinations on the Mediterranean.
Whilst North Cyprus can offer the same sundrenched climate and the same relaxed atmosphere along with the warmest sea temperatures in the Mediterranean it also delivers a far less undeveloped, more unflustered holiday location than the resorts in other popular locations, resorts which some people claim have lead to an overdevelopment and a subsequent loss of character.
For the real estate investor looking to buy properties abroad north Cyprus offers unparalleled opportunities thanks to its increased recognition as a unique holiday location. Only last month the Sun newspaper dedicated the front page of its Saturday travel section to north Cyprus. For those looking into buying investment property abroad there are instant returns to be had thanks to a booming number of holiday makers choosing to spend their holiday time there.
Obviously any property investment especially during these days following on from the global credit crunch should be determined not just by the short term return that the investment would yield from rentals, but also from longer term forecast appreciations in value, and in this respect too north Cyprus shines out as a prime location for buying property abroad.
Since 2003, when the property market in north Cyprus opened to foreign investors, property prices jumped 20% in two years. In the 18 months following that, property prices slowed, not rising very much. The reason for this was concern spread by misinformation coming from both sides of the Green Line on the status of properties bought in the future, after reunification has taken place. At the end of 2006 a high profile case – lead by Cherie Blair ironed out any kinks in understanding and property prices once again rose around by between 10% and 12% in the following year. In 2008, due to the wide reaching global economic slowdown
The continuing talks between the leaders from both sides of the Green Line the left wing pairing of Mehmet Ali Talat and Christofias Demtris – further boosts the expected returns on investment property in North Cyprus, as property prices in the north would likely shoot up to meet comparable prices in the south. A consolidation in values between the two vastly different valued property markets would ensure a property investor an immediate windfall on their investment, making north Cyprus an unmatchable overseas investment location.
About the Author: If you want to read more about
buying investment property
in North Cyprus then visit www.whiterocksbafra.com, where news on overseas investment opportunities and property in Cyprus is regularly updated.
Source:
isnare.com
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