Historically, in this country of 1.2 million inhabitants, there are two regions, the Turkish region to the North, and the Greek region to the South. The Northern and Southern regions of the island possess quite different dynamics. While the south of Cyprus enjoys the advantages of being a member of the European Union and is long established as a popular holiday location, especially for UK tourists, the North of Cyprus is an investor’s haven with highly affordable housing prices.
Intensive talks are now underway via the United Nations with the goal to unite the country. Unification talks have spurred a burgeoning property boom to the North, where prices are almost 50% lower than in the South. All indicators are that home prices are poised to increase in the North with the potential reunion of the island.
As investors look deeper, they will learn the Northern Cypriote coast (renown as the birth place of Aphrodite, the goddess of beauty and love!) offers an array of stunning locations from the Golden Beach of Alagadi, home to the famous Caretta turtles, to unique beaches from Bafra to Cıkartma bay in Kyrenia, all enchanting sites that must be discovered. The low cost of living here coupled with a significant growth potential makes investing in this housing market worth serious consideration. The North is primarily a cash market for now, as the mortgage system is not yet well established. Foreign investors are welcomed, though buyers need to be aware of the investment parameters. Access is easy to Cyprus via two international airports and there are no visa requirements.