The Cypriot economy is on the upswing thanks to the activity in the real estate market, which is growing every day.

The consulting firm Tumen reported that real estate investment in Cyprus continues to grow year on year. Among the most active investors in the region are the UK, Russia, Iran and Scandinavian countries. Their interest in Cyprus is driven not only by a desire to relocate, but also to gain a return on investment. Completion of projects in Northern Cyprus could increase their value by 55% or more. The region is attracting attention as it offers many opportunities and promises higher returns compared to Europe and the UK.

It has also become very easy to get residency permits, invest and earn high rents in currency. The income tax is exempt and the tax rates are low.

According to a Tumen representative, in Cyprus, rents are managed by real estate agents, while in Turkey this is usually handled by the owners themselves. Rental prices in North Cyprus increase by 50% or more within five years, while in Turkey rents are kept in Turkish lira and pay off in 20 years. In Cyprus, this process takes between 10 and 12 years. The average annual rent in the region is 315,000 Turkish Liras and in Turkey it is around 110,000.

The Tumen Company works to provide higher returns on international real estate investments compared to other investment instruments. They offer consultancy and present information about their projects in Northern Cyprus both in their offices in Istanbul and online. When clients decide to invest, they help them with the buying process and legal issues free of charge. They also aim to help Turkish investors take advantage of the benefits of real estate in Northern Cyprus.