Real estate in Northern Cyprus has risen in price by 40% in one year
Northern Cyprus, October 9, 2023 - Real estate in Northern Cyprus continues to surprise investors and buyers with its rapid price growth. Over the past year, the average cost of housing in the Turkish Republic of Northern Cyprus...
Average prices already start from 90 thousand British pounds.
Northern Cyprus, October 9, 2023 - Real estate in Northern Cyprus continues to surprise investors and buyers with its rapid price growth. Over the past year, the average cost of housing in the Turkish Republic of Northern Cyprus (TRNC) has increased by as much as 40%, which causes excitement and interest in this market.
One of the key reasons for such a sharp increase is the limited amount of land for development. Northern Cyprus is a small island with a limited territory, and most of the land has already been built up. This factor leads to a shortage of real estate, and as a result, to an increase in prices.
Increased demand also plays a role in the increase in property prices in Northern Cyprus. The island attracts both tourists and investors due to its pleasant climate, beautiful beaches and diverse opportunities for outdoor activities. This surge of interest puts additional pressure on the real estate market.
Foreign investors are also involved in the growth of real estate prices in Northern Cyprus. Turks, Europeans and Asian investors are showing considerable interest in buying real estate on the island, which contributes to an additional increase in demand and, consequently, prices.
According to market expert and CEO of The Best Invest, Dara Altunyai, the average payback period for real estate in Northern Cyprus has now decreased from the usual 18-20 years to only 10-12 years. This makes investing in real estate on the island more attractive to potential buyers.
Despite the increase in prices, real estate in Northern Cyprus continues to be an attractive object for investment. The island offers beautiful landscapes, rich history and many opportunities for those who dream of a second home on the Mediterranean coast.
If you are considering investing in real estate abroad or dreaming of buying a home in Northern Cyprus, this may be a great time to explore opportunities in this growing market.