Cyprus Investment: Economy
If you plan to buy in Northern Cyprus, you need to bear in mind the country’s economic situation. Northern Cyprus has a growing economy and reports healthy annual growth figures. The Northern Cyprus economy grew around 10.6% in 2006, fuelled by growth in the construction sector, as well as increased employment of Turkish Cypriots in the Republic of Cyprus. Import figures have increased remarkably and Northern Cyprus strongly encourages foreign investment. There are very few restrictions on land and property investment in Northern Cyprus.
The services sector in Northern Cyprus is strong with tourism at the forefront and the government, together with the EU and Turkish authorities, investing vast sums of money in improvements to tourism infrastructure. As well as communications, investments are being made in golf courses, marinas and hotels, all of which will vastly improve Northern Cyprus’ tourist potential and add to the attraction of owning a home in Northern Cyprus, increasing Northern Cyprus property investment opportunities.
Cyprus Investment: Tourist Industry
The tourist industry in Northern Cyprus is still in its infancy, but despite its relatively recent arrival on the tourist map the island is showing impressive increases in its tourism figures. Visitor numbers to Northern Cyprus increased by 16% between 2006 and 2007. Northern Cyprus currently receives over 200,000 tourists a year and these figures are expected to rise steadily over the next few years, confirming that property investment in Northern Cyprus is a wise acquisition.
Cyprus Investment: Property Market
The choice to buy in Northern Cyprus also offers competitive property prices and this applies to all property types including construction in Northern Cyprus, off-plan development in Northern Cyprus and Northern Cyprus apartments. Land in Northern Cyprus is currently up to 50% cheaper than Cyprus real estate generally. Property in Northern Cyprus is booming and price rises have been spectacular with increases of around 25% annually over the last two years. This tendency is expected to continue over the short and medium term throughout the Northern Cyprus real estate market. For more information, download the Investment Guide to Property Northern Cyprus.
