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Budget investment in Northern Cyprus’ property


Belief, that real estate investors in property abroad markets are multimillionaires is deceiving. Nowadays, people with 35-50000 Euros can easily become owners of property abroad. Moreover, the correct choice of property, even small budget purchases can be smart and profitable. The first question that must arise when purchasing foreign property must be for which purpose this or that property is being purchased. If the property is bought with sole mission of renting, then will the income from lease cover the initial cost of property?

Choosing a country for property buying is subject to personal preferences and budget limits. To make the right choice of the country to invest in, excellent knowledge of the market is needed as well as professional help and advice of specialists working in the field. If you have made a decision to invest into foreign property market, investment attractiveness of the property is essential. Developing countries will always have price growth of the property. Turkey and North Cyprus, for example, offer large selection of reasonably priced properties that enjoy high demand from foreign buyers and holiday makers. Northern Cyprus is enjoying heightened attention to the property market these days. In teh light of recent world events, numerous investors view the country as potential for rapid price growth in the property market. Many of the outstanding projects in Northern Cyprus have already been built on full or partial use of foreign capital (Karpaz Gate Marina, Bafra 5 star hotels, resort developments in Famagusta).

Low prices of the property in Northern Cyprus can be easily explained by the current political situation, resulting in non-recognition of the state. However, potential price growth in property market is more than possible. Highly covered by media banking crisis in the Republic of Cyprus did not affect Northern Cyprus economically, as two countries have no economical ties. However, as the result of the crisis and people losing some of their income, many have stopped buying property there, and focused on property in Northern Cyprus instead.

For any buyer who thinks of investing small sum of capital, Northern Cyprus offers a wide range of economy class properties – studios, apartments, townhouses in various regions of the country – Famagusta, Kyrenia, Guzelyurt. A number of developers in Northern Cyprus, in order to attract more buyers, are offering guaranteed rental income for the purchased property at 5-7% per annum of the original purchasing price. These are great conditions for those who want to receive stable income straight after the purchase without any further delays or worries.

Also, it should be noticed, that not only apartments or villas are greatly demanded in property market of Northern Cyprus. Land is becoming more and more valuable each day. Land prices are rapidly increasing in Northern Cyprus, therefore new developments and properties built are also more expensive.

22.05.2013

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