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North Cyprus Property Investment, North Cyprus Estate Agents
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North Cyprus Estate Agents
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EMAIL: info@stringerestates.com - TEL: 0090 392 8158844, UK Office 01279 870083

Northern Cyprus Investment Opportunity

 

Stringer Estates, Northern Cyprus Investment Opportunity for 2008 – 2009.

Northern Cyprus, one of the Mediterranean’s few remaining secrets, is proving to be one of the most exiting markets in Europe for property investment. Significant property price growth is predicted for the medium term, and impressive levels of investment and the number of potential investors looking to enter Northern Cyprus are at an all time high.  The country indicates promising potential as a lucrative property investment destination.

Tourism figures have accelerated in Northern Cyprus since 2000, with the number of arrivals rising from 173,130 in Q2 of 2006 to 200,936 in Q2 of 2007, representing a 16.1% increase, according to the Central Bank, and with arrivals between 2002 and 2006 registering an average annual increase of 6.2%.  Occupancy rates increased from 17.5% to 23.8% in the first quarter of 2007, as reported by the Central Bank of the Turkish Republic of Northern Cyprus (TRNC).  Tourism balance of payments was US$274.5 million in 2007 registering a 6.3% rise compared to 2006 tourism balance of payment of US$258.3 million, according to the State Planning Organisation.

The tourism and rentals sectors have been identified as principle drivers for the improvement of Northern Cyprus economic growth, which today employs approximately 11.4% of the islands workforce.

Northern Cyprus tourism and rentals sectors have been identified as principle drivers for the improvement of Northern Cyprus economic growth, which today employs approximately 11.4% of the islands workforce. The government announced its commitment to grant all the necessary incentives to attract prospective investors into the sector.  Northern Cyprus attracts approximately 200,000 visitors per annum, but currently, the country has limited capacity of just 10,000 hotel beds, of which only 25% are of five star quality.  With government support to increasing tourism capacity, it is estimated that a minimum of 30,000 hotel beds are needed within the next two to three years, and 50,000 will be required by the end of the decade. These figures represent an impressive 500% increase on current availability, and this new level of demand will undoubtedly affect property prices in the North of Cyprus. 

A 259 million Euro pledge was made to Northern Cyprus by the European Union in 2004, to fund improvements to the country’s infrastructure, with the aim of attracting greater foreign investment and in preparation for the forecast increased tourism growth.  Additionally, the Turkish Government invested $550 million into large scale improvements in the country’s infrastructure and tourism sector between 2003 and 2006.  In 2004, a £15.1 million ($30.5 million) investment was made to Northern Cyprus by the United States, for assistance with the country’s economic development.

This massive investment along with future proposals for the islands unification, the lower cost of living and the attraction of the North’s untouched natural beauty make this destination an interesting consideration for any serious overseas investor. Furthermore the North of the island is yielding many new developments in areas that previously offered limited investment potential. Esentepe a beautiful yet once isolated region now has the infrastructure to support new homes and also boasts a state of the art professional 18 hole European standard championship golf resort as well as a new marina which is currently under construction. This alone emphasises the prediction that North Cyprus property will increase in value at an incredible rate in the coming years.

Northern Cyprus has seen impressive economic performance in recent years, with growth recorded at around 10.6% in 2006.

Northern Cyprus has seen impressive economic performance in recent years, with growth recorded at around 10.6% in 2006.  During the period 2003 to 2007, the country’s economic growth averaged between 10% and 15% per annum; with 11.4% in  2003, 15.4% in 2004 and 13.5% in 2005, according to Turkish government figures.

Services represent a significant proportion of the economy, primarily the public sector, trade, construction, tourism and education.  Imports reached US$301.9 million during the first quarter of 2007 up from US$300.7 million during the first quarter of 2006, reported the Central Bank of the TRNC.  In 2006, real growth of the construction sector increased by 7%  and property ownership was up by 7.2%.

Foreign investment is actively encouraged with no restrictions in any sectors.  Private property rights are guaranteed by the government with equal rights for both natural residents and foreign nationals.  Northern Cyprus second largest trading partner, the European Union, comprises 21% of total imports and 27% of total exports, and the country’s closely linked financial system to Turkey’s strong economic presence has shown a stimulating effect on foreign property investors.  During the period 1977 and 2005, Gross Domestic Profit increased significantly from $209.4 million to 1977 to $2327.8 million in 2005.

Investment into Northern Cyprus property markets has been consistently strong with all indications forecasting a long term upward trend.

Investment into Northern Cyprus property markets has been consistently strong with all indications forecasting a long term upward trend.  Property prices have been significantly augmented during the past 3 years due to the influence of the increasing numbers of foreign investors present in the property market.  However, prices still remain as much as 50% below property values in the south of the island, presenting incredible capital growth potential as the North converges with the South.

This promising growth in terms of return on property investment, particularly when compared to other property markets within the EU and UK, is increasingly attracting significant attention from the overseas property investors.  The country is currently enjoying a boom in property investment as prospective growth indicated significant return on investment over the next decade.
Capital appreciation in Northern Cyprus surpassed an annual average of 25% over the last two years, with rental returns exceeding 10% per annum. 

Capital appreciation in Northern Cyprus surpassed an annual average of 25% over the last two years, with rental returns exceeding 10% per annum.  It is expected that capital appreciation will continue to accelerate as the country receives increased exposure from the world area, with rental returns to receive growth as a result of the forecast expansion of the tourism industry.

Both apartments & villas offering excellent returns from the rental market.

Due to the country’s unique political situation, property price increases will remain steady providing investors with consistent long-term capital yields, with both apartments & villas offering excellent returns from the rental market.

The country is also proving to be a popular destination for overseas retirement, with substantial growth of the private holiday home developments, noted recently, due to the easing of travel arrangements between North & Southern Cyprus, the relatively low cost of living, and the superb climate.

Overall, the Turkish Republic of Northern Cyprus is showing impressive performance in all arenas and is proving to hold all the necessary requirements normally sought by discerning property investors.  Those investors that have already entered the main markets of Northern Cyprus, primarily real estate and tourism, are now beginning to see the benefits of their investment, and look forward to a prolonged period of forecast sustained growth as the country comes into line with Southern Cyprus.

 
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