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Why to invest in North Cyprus?

North Cyprus house prices have been predicted to double over the next 3 years by sources giving the following reasons as market drivers:
1.North Cyprus is a great holiday and investment destination and is already very popular with British holidaymakers. It has an English Legal system (all contracts will be in English) house prices are in Pounds sterling and English is widely spoken throughout. You drive on the left hand side and do not need an adaptor for your plugs.
2. Recently North Cyprus has seen a sharp increase in the number of golf properties available.3. You can easily receive your UK pension, tax free in North Cyprus.
4. 340 days of sunshine a year make it a comfortable and enjoyable place to live.
5. North Cyprus enjoys a high standard of living, with good facilities, including top-class golf course. There is a comparatively low crime rate in Cyprus and friendly people.
6. A low cost of living, which makes Cyprus a very attractive area for tourists and those considering retirement in Cyprus.

Investors
7. Excellent medical facilities, education and offshore business advantages make it all the more attractive.
8. A comparatively low property buying tax rate.
9. North Cyprus is a booming holiday rental market with huge increase in tourism. The property prices are still low, when rental income from holiday properties is very high.
10. Highly developed infrastructure and excellent telecommunications.
11. Fast growing tourism market - North Cyprus is currently undergoing the Strategic Plan for Tourism 2010, which plans the upgrade of its facilities and resorts in line with changes in tourism trends. This will be achieved through increasing the amount of tourist arrivals, per capita tourist expenditure, length of stay and repeated visits. We see an increase in theme parks, agro/nature tourism, marinas and golf courses to cater for the many interests of today’s tourists. Between 2003 and 2006, the Turkish government declared an investment into Northern Cyprus of $550 million to improve infrastructure and tourism.
12. North Cyprus has Free market economy with fast growing per capita income. In North Cyprus, per capita income has risen from $5,000 to $11,000 in just the last two years thanks to a boom in the construction industry. Growth has averaged 12 percent but there is no way that such growth can be sustained.
13. Strong political indications that direct flights will be allowed to the newly built Ercan International Airport within 18 months – British governments and America earlier this year gave a clear signal by flying 2 congressmen directly there for talks with the TRNC government (who were met by the US ambassador at the airport) much to the dismay of the South side.
14. Title insurance also likely in the near future which will fuel the market even further. 15. Prior to either of the above embargo likely to be eased or completely lifted. 16. Possibility of political settlement with South as Turkey needs to resolve the North Cyprus situation to enter the EU and America and UN are bringing strong pressure on to the Greek side to accept an Annan Plan based solution.
16. Strong likelihood that if the Greek side continue to drag their feet (they have been wrong footed since they rejected the Annan plan which the Turkish side accepted) there will be independent recognition of North Cyprus from the USA and then the rest of world. America helped finance the renovation of Ercan Airport and has its eye on Getickale Airport in the North (with runway long enough for B52’s) and a sea base in the Karpas peninsular in exchange for recognition.
17. Only a matter of time before first mortgages available which in itself will send what is currently a cash buyers market into orbit.
18. Prices are currently half the price of the South and less than a third of the price of Spain.

 

 


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