North Cyprus property outlook

By all indications the North Cyprus property market outlook is extremely positive. North Cyprus has been experiencing plenty of interest in its property market ever since the price of housing shot up all over the Mediterranean.

Given its ambiguous international status for the last thirty-odd years, North Cyprus was not always the hot market that it is today. The international community’s isolation of North Cyprus resulted in a nation that changed little since 1974. However, now that property markets all over Europe have become so saturated that investors can no longer expect much growth from them, North Cyprus’ property market has started raising a lot of interest – especially since property prices here are, on average, 30% to 40% less than they are on the Greek controlled side of the island.

Although investors have been buying property in North Cyprus for the better part of a decade, it is only recently that the wider investment community has realized the untapped potential of this unspoiled market. 2008 is looking to be another record-breaking year. Among the many reasons for this optimism are the increasing numbers of tourists flocking to the nation. In fact, from the 2nd quarter of 2006 to the 2nd quarter of 2007 tourism increased by 16.1% and the number is expected to rise again in 2008.

Furthermore, the North Cypriot government is encouraging foreign investment by lifting restrictions in all sectors, investing in the nation’s infrastructure and promoting the development of resort towns. With private property rights guaranteed for both citizens and foreigners and increasing occupancy rates there is definitely a very rosy outlook for the North Cyprus property market over the short to long terms.  

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