Cyprus (Turkish) » Market Report

The island of Cyprus is quite an amazing anomaly it is unarguably one of the most beautiful places in the whole world in which to live the cost of living is low, the pace of life is slow, there are job opportunities, retirement communities, the climate is perfect and it’s on the Mediterranean Sea and yet because it remains divided to this day as a result of a long running dispute between the Greek and Turkish Cypriots, one entire third of the island remains totally unexplored and undiscovered. But all that is beginning to change and it might just be that the time is right yes, right now to invest in property in Northern Cyprus.

Right now Northern Cyprus is on the very edge of emerging from the black cloud of embargos and oppression that it’s suffered under since 1974; a few direct flights to the island have tested the waters (or skies) and have paved the way for regular direct flights to the US and UK and the Turkish Cypriot people have begun to see and enjoy the potential of their island. As a result of all of this and the UN’s continued and unrelenting pressure on the Greek Cypriots to make a peaceful resolution with their Turkish Cypriot neighbours, property development has begun in earnest in Northern Cyprus.

But right now there are not the right numbers of buyers coming to the North to buy the properties being built. Yes the market is buoyant but it isn’t yet as buoyant as it could be and supply is outstripping demand which can only mean one thing it is most definitely a buyer’s market right now. If you were wondering whether now was the right time to invest in property in Northern Cyprus then it probably is because you will have the power to negotiate with the developers, builders and estate agents and you may get fees reduced, get extras thrown in and maybe even get the overall price of your dream home discounted a little.

With property prices in South Cyprus up to 4 times more expensive when you compare like for like with the North there is obvious room for massive capital growth potential from property in Northern Cyprus when the island reaches a resolution point. There is also room for yet more and sustained capital growth potential in the South as prices there are not yet on a par with those in the other dream Mediterranean destinations in Spain and Portugal for example. As the South comes in line with Spain and Portugal and the North comes in line with the South you can just begin to see quite how much room there is for capital growth via equity from the right properties bought now in Northern Cyprus.

International Property Brokers forecast that the property prices will rise in next coming years. Cyprus is going to be a leading rental investment hotspot for 2007.