Cyprus and its new favorite among investors, the Poundla Kirada.

Cyprus Turk Republicasi (KCTR), one of the most correct addresses for real estate investment in 2021 according to Forbes, has become the preference of foreign real estate buyers.

In the last 3 years, property values on the island have increased by 40-50% relative to the currency, rental income is about 10% of the value in currency, foreigners as well as Turks have accelerated home purchases due to the quick return on investment. Around £1.5 billion is thought to have been invested in housing since the pandemic began.

Housing purchases by Turkish citizens are limited to 3-5%. The head of The Best Invest, Dara Altuniai, points out that hundreds of residential projects from local and foreign construction companies have begun to spring up on the island and says, "We are attracting residential investors from the East and West. "

Altunyay notes that the value of real estate on the island doubles in the two-year period from project start to completion and says, "If the price of a studio that costs 80-90 thousand pounds sterling (3.1 million Turkish liras) today continues to rise at the same rate, it could be sold at 140-150 thousand pounds sterling (5.05 million Turkish liras) in two years when the project is completed. "

Altunyay said there are about 100 companies on the island, of which eight to 10 companies have about 50 construction projects. He says, "We can say there are hundreds of projects. "

Altunyai points out that the island receives 5 million tourists with a population of about 400,000 and says the occupancy rate is 240 days, but they are looking at 200 days, saying, "Even then, the return on investment takes 9 to 11 years in pounds sterling. The projects we have taken on are rich in social activities. However, in single buildings in the city, in houses where there is no tourism, it takes 15-16 years. "

He says the cost is higher in the Southern part and points out that the cost of housing that costs £90,000 in the Northern part reaches £400,000 in the Southern part.

Altunyay emphasizes that in addition to foreigners, housing investment in North Cyprus also attracts Turkish nationals, saying: 'We attract buyers from the East and West. There are Muscovites coming into our neighborhood. You're standing in line at the sales office. The 2,450-apartment project will be launched on the 20th of this month. There are 6,000 applications now. It will end that night, sales will close.

Altunyai says that if a homebuyer wants a home in KCTR, the developer's construction company opens it up to tourism investment and says: "The property is managed. So, a firm sells you an apartment in tourist areas. They turn it over to you after two years. Then they ask you. "How do you plan to use your accommodation, can we manage your apartment?". If you become a tenant of the rental department of construction companies, your apartment will be designed for tourism through platforms. The £90k studio has a rental income of £850-900. Tourism will determine where it goes next. "

Altunyai also points out that housing values are rising rapidly, as well as rental incomes. He points out that an apartment that can be bought for £80,000 in 2024 could reach £117,000 by early 2025 and says: "We're not surprised at that" and points to rising costs.