Participation of Turkish investors in the Northern Cyprus residential market reached 8 % .

Real estate in Turkey, especially in Istanbul and coastal areas, is skyrocketing in value, forcing investors to look for homes in foreign markets.

In the search for investment, the Cyprus Northern Republic of Turkey (KKTR) has begun to attract attention as a leading investment locus. Cyprus, which attracts homebuyers from many countries including Germany, Scandinavian countries, Russia and Iran, has become an attractive destination for investors from Turkey due to its mild climate and extensive beaches.

Particularly attractive factors for investing in Cyprus have been buying homes in sterling, generating rental income in sterling, speaking Turkish, a short payback period and affordable house prices.

The proportion of purchases made from Turkey is 8%. House prices in North Cyprus start from £62k for a one-bedroom apartment and from £65k for a two-bedroom apartment in projects under construction. At the seaside studios cost from 90 thousand pounds, one-bedroom apartments - from 120 thousand, two-bedroom - from 180 thousand. Smaller apartments are recommended for investment. Unlike Cesme or Bodrum, Northern Cyprus is favored.

Sanem Orgey, co-owner of RGY Inevest

Sanem Orgey, co-owner of RGY Inevest, assessing the real estate purchases of Turks, said that instead of Bodrum and Cesma, they are buying summer houses in Cyprus as they have the thought of moving to Cyprus in the future. He also said that they often buy during the construction phase so that prices will go up in 1-2 years or to get high rental profits. He also noted that the attraction is the income generation in pounds sterling and the attraction is the opportunity to generate investment returns on new projects, which can be as high as 35% -200% per annum in pounds sterling. Sanem Orgey pointed out that prices for studios in North Cyprus start from 60-65 thousand, while in South Cyprus they are 3 times higher due to EU membership. He noted that the current projects are the last available sites on the coast and new projects in the hinterland will be initiated in the future. He said this growth trend will continue for another 5 years. Sanem Orgey also said that the share of purchases made from Turkey is 8% and noted that Germans, Russians and Iranians are the most active buyers.

Zühre Emin Bilgeç, regional distributor of Goldmark Estates in Turkey

Zühre Emin Bilgeç, Goldmark Estates' regional distributor in Turkey, said Turks have recently been looking for investments in foreign countries. She noted that Cyprus is very close and Turkish is spoken, which has an impact on the choice. Renting and selling of housing is done in Cyprus in pounds sterling. Therefore, house prices are rising and there is an opportunity to earn rental income in pounds sterling.

Pelin Eileen Er, owner of Coldwell Banker Maximum

Pelin Aileen Er, owner of Coldwell Banker Maximum, said Northern Cyprus has more than 300 days of warm and sunny weather, and said that a burgeoning tourism sector as well as developed educational opportunities and rental income make Girne a particularly attractive investment location with a payback period of 10-12 years. Pelin Eileen Ehr noted that Girne is a cosmopolitan and international area that has long been an important investment area. She said that especially in Girne, the Alsanjak, Edrimit and Esentepe neighborhoods are in demand. Quality housing and high quality services are offered at affordable prices, which is an opportunity for many people. She also noted that Iskeli, listed by Forbes, is becoming one of the rising places to live thanks to private residential projects parallel to the coast. She noted that international demand is increasing after the pandemic and production is limited, leading to a rapid rise in prices.

(News source: Leyla İlhan - Paramevzu.com)