More about North Cyprus

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North Cyprus is the new Mediterranean property hotspot! With buyers from the UK, East and West Europe, Scandinavia and the Middle East increasingly lining up to buy a North Cyprus villa or apartment.

The Turkish Republic of North Cyprus (TRNC) is a state occupying the northern third of the island of Cyprus. Visa is not needed to visit the island.

The capital is Nicosia (Lefkoşa). The main cities and resorts are Famagusta (Mağusa), Kyrenia (Girne), Morpho (Güzelyurt). The conditions for travelling in this part of the island are no different from the service in Turkey or Greece, and the kindness and hospitality of Turkish Cypriots are well known. A large number of tourists from Europe, Israel, British bought a significant part of the island, and after the launch of direct flights, the Italians and Germans became frequent, not to mention the Russian-speaking (Ukraine, Russia, Kazakhstan...), which every year become more and more.

The currency of Northern Cyprus is the Turkish lira, yet you can pay everything by Euro, Dollar and Pound.

The TRNC offers an ideal climate, great airport connections, brand new state-of-the-art marina and golf facilities and fabulous unspoilt beaches and scenery. Investors can benefit from a massive demand for North Cyprus property rentals, earning up to 10%.p.a.

In North Cyprus, the Mediterranean climate, with dry hot summers and a fairly warm winter. Humidity is low. In June-August the average temperature is 30ºC-32ºC, in January 12-15ºC. At night it is 8-10ºC cooler. The beaches are mostly sandy.

Why North Cyprus?

1. The growing real estate market
The real estate market in North Cyprus, active and exciting, is one of the fastest growing and lucrative markets in the Mediterranean, new construction is being intensively carried out, the objects are being sold at the stage of primary development, and this does not cover the deficit of demand. The experts from "Red Fenix Agency" says that the market housing in North Cyprus is experiencing the same as in the 80 years experienced the real estate markets of neighbouring countries. Rising prices for real estate in Turkey and North Cyprus for the year account for about 10-15%, the possible rental income is 7-12% per year, which means that this situation is an excellent opportunity for profitable investment.

2. Safe deal
The new Compensation Act was enacted on behalf of the European Court of Human Rights and states that any deal with land or real estate concluded by a foreigner or a citizen of the TRNC after 1974 is 100% legitimate and risk free. Any compensation to the claiming south side (if it will need) will be paid out of the Fund provided by Turkey, established on behalf of the European Court of Human Rights and intended specifically for this purpose. No one property owner in North Cyprus (whether a TRNC citizen or a foreigner) will not pay any compensation. The process of buying property in North Cyprus is simple, transparent and reliable, as the legal system here is structured by analogy with the British legal system, one of the oldest and most tested legal systems in the world. The whole procedure of the transaction is accompanied by a lawyer who provides legal support.

3. Affordable prices and payment plan
To date, the value of real estate in North Cyprus is approximately 30-40% lower than the price of a similar property in the South, in turn, property prices in South Cyprus are significantly lower (by 30-40%) prices for similar properties in other countries of the Mediterranean, such as Spain, Italy, Greece and Portugal. Residents of the former CIS countries are attracted by the opportunity to buy real estate in the Mediterranean Sea, the cost of which is lower than at home in large cities. In North Cyprus, you can also use instalments without interest for 2-5 years.

4. International support
The European Union has provided assistance amounting to 259 million euros in support of North Cyprus and the development of its infrastructure. The international community significantly softened its position towards North Cyprus after it was submitted by the majority of citizens of countries voted "yes" the UN resolution in 2004, known as the "Annan Plan", while the Greek side rejected the proposal for a peaceful settlement of "the Cyprus question". US Secretary of State Condoleezza Rice and British Foreign Secretary Jack Straw met with President of the country Talat in North Cyprus, and this meeting was of immense political importance for both Cyprus and the world community.

5. Reliable banking and economic system
A high degree of reliability (rating level - AA +) marked the banks of North Cyprus. When the banking crisis broke out in neighbouring states and the European real estate market slowed in development, the country demonstrated GDP growth, and investments flowed to the northern part of Cyprus. The cost of living in North Cyprus is one of the lowest among all Mediterranean countries. Recently, the Wall Street Journal noted that North Cyprus has avoided all the crisis and received the status of a stable territory.

6. Developed social sphere
15 international universities, an advanced healthcare system, and very mild migration policies help attract young people (the number of foreign students has increased by 50,000 over the past five years) and people of mature age who want to move to a warmer mild climate. Over the past 5 years, the tourist destination in North Cyprus has grown by 30%.

7. Safety of life
Low crime, no corruption, favourable business environment and a favourable attitude to the Russian-speaking. Northern Cyprus leads the list of the safest countries in the world.

8. The best climate on the planet
340 sunny days a year, excellent beaches, ancient sights, an interesting culture, a wide range of entertainment. On the Mediterranean there is no more such place which can brag of more than 30 kinds of wild orchids! Olive and carob trees grow luxuriantly throughout the territory, along with citrus trees - oranges, lemons and grapefruits. The mountains are covered with fragrant pine forests, and acacia and eucalyptus grow wildly along the coastline.

Perhaps, somewhere in the world there are still such "hot spots" for investors, but on the Mediterranean it is North Cyprus that is the only remaining place of this kind.

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