Forbes article on North Cyprus property market
In February 2021, Forbes magazine published an article entitled -5 Best Beachfront Buys For 2021. North Cyprus came in 1st on the grounds that it is a safe country with a developed tourism infrastructure including clubs, casinos and luxury hotels, all of which are more affordable than their counterparts in France, Spain or Italy. The lower capital requirement due to interest-free property developer financing was also identified as an essential part of the attractiveness of an investment in North Cyprus. Since this article, the demand for real estate in North Cyprus has never stopped. The current economic and political situation in Europe is also causing a huge rush of families looking for a safe haven in Northern Cyprus.
The regional differences in North Cyprus
The infrastructure in the Girne region, including the outskirts of Lapta, Alsancak, Ozanköy and Catalköy, is very well developed. There is a wide range of international schools, universities, hospitals, restaurants, hotels, bars and casinos locally and everything else that is needed for life. The region is characterized by its mountain landscape and the beautiful green nature. Real estate prices here are slightly higher than in other regions of Northern Cyprus. However, considering the fact that the infrastructure here is more developed and the beautiful green mountain landscape in this region, the prices are absolutely in relation to what you get here.
Approximately 40 minutes drive east of Girne are the districts of Esentepe, Bahceli and Tatlisu, which have been experiencing high demand for new construction projects for some time. Projects with an attractive facility and a fantastic view, with everything that is needed, are guaranteed here! The infrastructure here is not as developed as, for example, in Girne or in the Famagusta region. Families with children should take this fact into account in their planning.
Famagusta, with the districts of Bogaz, Long Beach and Yeni Bogazici, is located south-east of North Cyprus and has kilometers of beaches with excellent water quality. The infrastructure is very well developed here, there are many universities, schools, hospitals, restaurants and shops. Property prices in this region are relatively cheap and there is a wide range of apartments and penthouses to choose from.
10 facts that speak for North Cyprus
1. Water quality
North Cyprus is on the Mediterranean Sea and has the best water quality in all of Europe.
2. Food/Kitchen
There is a wide variety of fresh fish, quality meat and organic produce.
3. Security
Northern Cyprus is among the safest countries in the world. A great place to raise children.
4. Property Prices
Real estate prices are relatively cheap. Due to the high demand, an increase in value is guaranteed.
5. Historical Places
Here you dive into the history of the last 4000 years.
6. Freedom of religion
Any religion can be practiced freely.
7. Education/Schools/Universities
There are 16 internationally recognized universities and international schools from kindergarten to high school.
8. Healthcare
The health system meets international standards. One can choose between public and private healthcare.
9. Climate
North Cyprus enjoys the benefits of the Mediterranean climate. There is a long, warm summer and short, mild winter days. Out of 365 days, about 330 days are sunny ☀
10. Liberal banks and low tax rates
A tax haven for entrepreneurs and the self-employed. Low tax rates, liberal banks, little bureaucracy and low employee costs.
VALUATION CRITERIA FOR REAL ESTATE IN NORTH CYPRUS
At BelleReve Immobilien we carry out an internal valuation of your property for our customers. In doing so, we take into account a large number of criteria that are important for the value of a property, such as location, condition of the building, size and equipment of the apartment/house, energy efficiency, possible future developments in the area and price comparison with similar properties in the area Area.
The added value for our customers lies in the fact that our comprehensive valuation gives them an accurate and realistic picture of the actual value of their property. This allows them to make an informed decision when making a sale or purchase and gives them the confidence that they are getting or paying a fair price.
At BelleReve Immobilien we use the Balance Scorecard described above to create a comprehensive analysis of our clients’ properties and the projects we market. With the help of this scoring we can evaluate the financial, customer, process and growth perspective of the property and provide our customers with an accurate assessment of the value of their property. This analysis enables us to offer our customers a well-founded basis for making decisions about the sale or purchase of their property. In addition, we can evaluate our own projects better and, if necessary, make adjustments to achieve better marketing.
The Balance Scorecard takes the following criteria into account:
- Location (e.g. in an attractive residential area, close to shopping, schools and the sea)
- Condition of the building (e.g. need for modernization, age of the building)
- Size and equipment of the apartment/house (e.g. number of rooms, garden, garage)
- Energy efficiency (e.g. insulation, type of heating)
- Possible future developments in the area (e.g. planned construction projects, development of the real estate market)
- Price comparison with similar properties in the area.
- transport connection
- Parking in the area
- State of the communal facilities (e.g. pool area, spa area)
- Opportunities to expand or change the property (e.g. expansion of the attic, addition of a winter garden)
- Recreational opportunities in the area (e.g. parks, lakes, sports facilities)
- any property encumbrances (e.g. soil pollution, contaminated sites)
- any restrictions imposed by the development plan or other laws.
- distance to the sea
- Quality and condition of the beach in the area
- Opportunities for water sports activities in the area
- Tourist infrastructure in the area (e.g. restaurants, bars, shops)
- Possible seasonal rentability of the property
- Possible restrictions due to local building regulations (e.g. development plan, monument protection)
- Possible accessibility and availability of medical facilities in the area.
