The year-round temperate climate, friendly people, gentle pace of life, unspoiled nature and recently grown exceptional opportunities in the property investment makes Cyprus attractive for a second and/or investment home location, where 1.5 % of its population is already British, Due to the previously depressed economy, property prices in Northern Cyprus have been very low for years. However, as the island’s planned membership of the EU moves nearer (the Greek side joined the EU in 2004), and a boom in, mostly British, foreign buyers caused the prices to move progressively upwards.
EU leaders had pressed for a united island to join the European Union in 2004, but in the referendum, only the Turkish side in the north of the island welcomed the UN plan for a federation of the two communities. The ‘yes’ vote for the plan in the Northern Cyprus was applauded by the EU, which now looks set to end the long lasting isolation of the northern part of the island.
Currently, property prices start from £25,000 for one-bedroom apartment to £150,000 for a large detached house with its own swimming pool and landscaped garden in a new development. VAT of 5% is levied in the purchase of a newly-built property. For investors looking to buy-to-let, North Cyprus’ growing tourist trade makes it a popular choice, with low capital outlays and high rental yields. Northern Cyprus is less populated than many parts of the Mediterranean region. It has the island’s best beaches including the world-famous Golden Sand Beach in the east. The standard of living is high but the cost of living is low with a crime rate of almost zero. The Turkish quarter of Nicosia is the capital. Kyrenia, where its historical harbor is considered to be the most beautiful harbor in the world, is the center for tourism. |
