by Cenap Turgut
North Cyprus, nestled in the eastern Mediterranean, boasts miles of pristine sandy beaches and breathtaking mountain views, making it a hidden paradise for those seeking beauty and affordability. Often referred to as Spain 30 to 40 years ago, this region is witnessing a surge in interest from property buyers. The properties here are exceptionally affordable, with a stark price difference when compared to its southern counterpart. In this blog post, we’ll unravel the factors contributing to the surprisingly low property prices in North Cyprus and why now might be the perfect time to explore this emerging real estate market.
The Beauty and Affordability of North Cyprus
North Cyprus stands out as the most beautiful part of Cyprus, offering a blend of unspoiled beaches and mesmerizing mountain vistas. Despite its allure, the properties in this region are remarkably affordable, reminiscent of Spain in its early stages of popularity. This presents a unique opportunity for those looking to invest in a burgeoning property market and secure a slice of paradise without breaking the bank.
Property Price Disparities Between North and South Cyprus
A striking aspect of North Cyprus’s affordability is the significant price difference when compared to its southern counterpart. Properties situated just a few miles apart, with one on the northern side and the other on the southern, exhibit a staggering price differential of 3 to 4 times. This raises the question: why are properties in North Cyprus so much cheaper than those in the South? The answer lies in a combination of factors that shape the real estate landscape in this region.
Flying to North Cyprus – A Quirk in Accessibility
One of the peculiarities affecting North Cyprus’s property market is the indirect nature of air travel. Unlike traditional direct flights, reaching North Cyprus involves a stopover in Turkey, specifically at Ercan, the main airport. While this adds about 90 minutes to the overall flight time, it doesn’t hinder accessibility. Additionally, tourists and residents can fly directly to Larnaca or Paphos in South Cyprus and seamlessly cross the checkpoints to access the North.
Mortgage Dynamics in North Cyprus
The absence of a well-established mortgage system in North Cyprus plays a pivotal role in keeping property prices low. Unlike more mature markets, the limited availability of mortgages has kept demand and subsequently prices in check. However, the landscape is evolving, with the introduction of a new lender in April 2008. Understanding the nuances of the mortgage system provides key insights into the affordability of properties in North Cyprus.
North Cyprus as an Emerging Property Market
The property boom in 2004 caught North Cyprus off guard, leading to mistakes and unprepared legal frameworks. However, the Turkish Republic of Northern Cyprus has been making strides to rectify this. Legal reforms, such as the compulsory registration of contracts against deeds, demonstrate a commitment to establishing a secure and stable real estate environment. The region is positioning itself as an emerging property market with the potential for growth and stability.
Seizing the Opportunity in North Cyprus
In conclusion, the affordability of properties in North Cyprus is a fascinating confluence of factors. From its natural beauty and unique accessibility to the dynamics of the mortgage system and the region’s emergence as a property market, North Cyprus presents a compelling case for investors and homebuyers alike. As the Turkish Republic of Northern Cyprus evolves and establishes itself, those considering property investment may find this hidden gem an opportune destination to explore.
