- Welcome Guest |
- Publish Article |
- Blog |
- Login
Despite the international isolation of Northern Cyprus since 1977, there has been a slow but steady economic growth. Today the country's economic progression is considered one of the fastest growing in the Mediterranean region. Given that South Cyprus is a member of the EU, the prices of most commodities, including real estate, are much higher than in the North. And that is only a matter of time when TRNC will be part of the European Union or the economic blockade will be lifted and allowed direct non-stop flights to the airport TRNC.
Analysts predict a rapid rise of property prices in the northern part of Cyprus in the near future, although the first movement of the price growth is seen today. Prices for apartments in North Cyprus, especially close to the coastline, were the first to respond and increased significantly only in the last season.
Today, North Cyprus is a country with a stable political environment, developed infrastructure, new roads, developed tourism sector and legal system, large number of international universities, colleges and schools. The free economic market of Northern Cyprus and the country's laws make it an ideal place for foreign investment. Recognizing the importance of "inflow" of foreign capital and investment, the Government of North Cyprus develops and improves tourism industry and welcomes foreign investments.
During the years 2006-2011 EU supplied 317 million Euros for economic development of Northern Cyprus and is continuing to invest large sums for development and attracting foreign direct investment. "Green light" was lit for the development of resorts: Bafra, Bogaz and some areas of Karpaz peninsula.
Investing in property of North Cyprus is one of the best ways to ensure a high profit return. Booming property market in North Cyprus, growing cities, significant increase in the tourists numbers - these are the first signs of a country that is a excellent for profitable investments - short and long term. Indeed, with its pristine beauty, exceptional location and a growing economy, North Cyprus has taken its rightful place among the popular foreign property markets and is a lucrative place to invest. North Cyprus offers excellent investment opportunities for individual, corporate and institutional investors.
North Cyprus is one of those rare countries that are attractive for everyone – international schools and universities, warm weather all year round, secluded beaches, untouched nature, clean Mediterranean Sea, absence of traffic jams, developed cities, safe environment, low property prices – make TRNC one of the best countries to live in. Despite the property boom in North Cyprus, excessive construction, which destroyed the beauty and economy of many Mediterranean islands, did not happen in Northern Cyprus. Nature in many areas of the country remained untouched, where you can enjoy the beauty of wildlife, forests and fields, pristine beaches.
Northern Cyprus is an independent republic. The country is not under the control of Southern Cyprus, as well as not part of the European Union. European Economic Directive does not apply to Northern Cyprus, so investors can count on complete confidentiality of their capital investments in North Cyprus.
By the way don't buy Pre 74 Turkish Title if you are not a Turkish Cypriot as you will not get Permission to Purchase. Obviously they won't tell you this until you have fully paid for the property ,as their very good at letting you pay for a property in full and then denying you legal title in your name.
Obviously you had a very bad experience purchasing property in North Cyprus. Yes, there are dishonest estate agents in North Cyprus ( as there are everywhere in the world) , and I assume by 'they" you mean estate agents. Anyhow, our estate agency is always honest with our customers and let me assure you we do tell them about Pre 74 title deeds. A lot of people purposely buy Turkish Title and set up trust companies. This service is especially designed to suit the needs of non-Cypriots wishing to purchase property in North Cyprus and who do not want their names to appear in any official document for tax reasons or otherwise. The service is also available and most favored by foreign purchasers whose "permission to buy" has been somehow rejected by the Council of Ministers. Also, foreign investors who wish to purchase more than one property are most welcomed to use this service. Besides, nobody hides the truth about North Cyprus and it did earn a bit of reputation, but, as i stated in my previous comment, that there are good construction companies in North Cyprus, who never had any trouble with title, mortgage or quality of the property. The same with lawyers of North Cyprus.
In your dreams! There will be no settlement because neither side will agree the way forward. This means they will remain in a state of nonrecognition with the current embargoes in place. This also means direct flights will not happen. Not all Greek Cypriots wish to use the option of the Immovable Property Commission, some want their property back. I suspect Turkey will also struggle financially in repaying all claims. It is also very difficult to buy safely in the TRNC. Mortgaging of fully paid for properties and memorandums are a real problem. Prospective buyers might want to read what has happened to K5 residents, Boyat, Amarcon, Victoria Homes, Sarcem and Santa Fe and if you need further information just visit HPBG web site and read the many other bad experiences. Unfinished builds, no services or blackmail from builder for more money. Study the buying procedure and you will see that you have no protection if things do go wrong. It is within the TRNC law for sellers to run up debts and to leave the buyer responsible for them. I admit that some have bought with few problems but many are thousands of pounds out of pocket and without their home. Listen to the advice on the Foreign and Commonwealth Website and only make a decision to buy if you are prepared to gamble with your money. Further more Advocates do not have a duty of care so just make the problem worse. Do a literature search, there are some very unhappy bunnies who have bought in the TRNC. Construction Industry is all but destroyed and will not pick up until more robust laws are introduced to safeguard buyers. The truth is out there, just search.
Northern Cyprus is not recognised by any other country than Turkey. It has a very poor reputation as a result of the many property scams perpetrated and the Government does nothing to stop this fraud and corruption. It is certainly not a sensible investment opportunity. Builds are of an extremely poor quality and most are built on Greek Cypriot land so you will never legally own the home. Hence the very very cheap prices.
Dear Sue/Andrea, For the past year the intensive talks between the Greek/Turkish sides under the guidance of UN have been going on. The deadline for current talks have been put on July 2012. A decision will be made for the future destiny of North Cyprus - either it will join EU or all the embargoes will be lifted, hence the country will be recognized by all the world, not just Turkey. As the result the property prices will rapidly increase, reaching the prices in the Republic of Cyprus (which are 2-3 times higher). In March of 2010, EU officially recognized the immovable property commission of Cyprus. The Immovable Property Commission examines claims for restitution, compensation and exchange according to the provisions of the law no 67/2005.b. There are many good construction companies in North Cyprus, who have a great reputation and impeccable quality of the buildings. Perhaps their houses are more expensive than average but at least you will never have a trouble with it. If the buyer knows from which construction company to acquire property there will never be a problem with the quality or title deed of the house, there will not be any fraud or corruption. Also, a person wishing to purchase a house in North Cyprus, should only contact REGISTERED estate agencies.
Article Views: 2573 Report this Article