Cyprus Turkish Republic (KTR) offers many opportunities for investors in the real estate market. Turkish investors' interest in this region, where house prices have increased by 40% year-on-year, is growing by the day due to the motivation of generating foreign currency income through rentals.
Cyprus TR, which has recently become one of the hottest destinations in the global real estate market, is impressing its investors with the opportunities it offers. Due to the limited amount of land, the island nation of KTR cannot meet the demand, which allows it to tip the balance of supply and demand in its favor. In addition, the region has attracted attention for its economy based on higher education and''tourism. The country, where real estate is traded in pounds sterling, is at the top of the most preferred regions by foreign investors. In KTR, 10 thousand residential houses were sold last year, and the total value of real estate amounted to 400 million pounds.
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The average price of housing in the area starts at £90,000 and prices per square meter range from £2,000 to £4,000. Particularly low rents for new residential developments are leading to shorter depreciation periods for properties in the area, as well as faster investment returns thanks to foreign currency rentals. The Best Invest's CEO Dara Altunayai, who has significant exposure to real estate development in the North''Cyprus, notes: "Turkish investors' interest in investing abroad is growing day by day due to the motivation of earning foreign currency income through rentals. We are seeing the results of this interest, especially in KTR. Typically, the payback period for real estate is 18-20 years, but in
NorthernCyprus this figure is reduced to 10-12 years. This advantage that the region offers, where both rental income and property values are rising, is attracting many Turkish and foreign investors." Altunayi notes that the value of housing in the region has increased by 40% compared to last year and 20,000 new residential units have been built, and notes the interest in the region from investors from Europe and Asia.
