by Esther Howard
According to the Live and Invest Overseas 2021 Global Property Survey, an annual index that details what it costs to own property in the world’s top locations for living or retiring overseas. Northern Cyprus, Colombia, Brazil, and Mexico are the world best buys beachfront properties. These locations were identified based on factors such as affordability, property options, and rental investment opportunities.
Iskele and Karpaz area in Northern Cyprus ranked as the top choices for affordable beachfront property. Northern Cyprus offers beautiful beaches, a warm climate, and a lower cost of living compared to some other beachfront destinations. Investing in beachfront property in Northern Cyprus not only offers the potential for a desirable retirement spot but also presents opportunities for generating rental income in the local currency when you’re elsewhere.
Northern Cyprus, located in the Mediterranean Sea between Europe and Turkey, is not at the top of most Americans’ list, but this former British colony has a lot to offer. This is the best of the Mediterranean at a fraction of the cost of living the Med life elsewhere. Northern Cyprus is also a safe, welcoming destination with a developed tourism infrastructure, including clubs, casinos, and luxury hotels, all more affordable than Greece, Malta, or Italy.
In addition to the low cost of everything, the main attractions are the sand and the sea. It’s possible to own an ocean-view condo with direct beach access for as little as £75,000 at current exchange rates (real estate in Northern Cyprus trades in British pounds). It’s also possible to buy with developer financing, meaning low capital requirements up-front.
Look specifically along Iskele (pronounced ee-skeh-leh), on the eastern coast. This region is known for the nicest and longest stretch of beach on the island, as well as its seafood specialties. Retirement in Northern Cyprus would mean life outside the more familiar comfort zones of Europe and the Americas. If you’re up for an adventure at this stage of your life while stretching your retirement budget to buy you a bonafide luxury standard of life on one of the world’s most beautiful stretches of coastline, Northern Cyprus should be at the top of your list.
Why are the property prices rising so fast in North Cyprus?
According to Forbes Magazine, North Cyprus is experiencing a significant boom in the real estate market. The region has gained substantial international publicity, including positive reviews from Forbes Investment magazine, attracting new nationalities to make the Turkish Republic of Northern Cyprus (TRNC) their home. Additionally, the global financial situation has contributed to an increase in building costs. Consequently, property prices have been rising rapidly, and it has become essential to be a cash buyer to secure one of the limited key-ready properties available. Understandably, this has led to disappointment among some property seekers.
At Senilk Real Estate, we have dedicated 10 years of tireless work to matching as many of our clients as possible to find suitable homes in the TRNC. However, due to the recent price hikes, we sometimes face challenges in finding properties that precisely meet the buyers’ requirements.
Who is buying property in North Cyprus?
Historically, British nationals were the majority of property buyers in the TRNC. However, in recent years we have noted some demographic changes in the people who frequently buy real estate in North Cyprus. The government incentive for foreign investment has opened up the North Cyprus property market to new nationalities, particularly Scandinavians, Germans, Russians, Ukrainians, and individuals from the Middle East, who had not previously considered purchasing a villa or apartment in the TRNC. Moreover, the relatively easy North Cyprus residency costs for British (now non-EU) individuals, compared to EU destinations, have further increased demand from all non-EU passport holders.
With such high demand, key-ready resale properties are becoming scarcer, and both resale and new-build property prices have seen significant increases. This situation naturally disappoints those who have been diligently saving, including many British buyers whose average salaries are lower than those in some EU countries. The prices of key-ready “resales” (pre-owned properties) rise in parallel with the higher-priced new-build properties, which are also affected by increased building costs due to the global financial markets.
What can you afford to buy in North Cyprus?
Let’s explore the positive aspects of buying property in North Cyprus and discuss the options within your budget. When considering ready-to-move-in or resale properties, such as villas, townhouses, and apartments, there are various starting prices to consider. For example, if your initial preference was a detached villa with a private pool, you might want to explore the possibility of a villa or townhouse with a shared pool or even a spacious ground-floor apartment.
Occasionally, you may come across genuine bargains that are available for a quick sale, although it’s important to note that many properties may be priced higher than the starting prices mentioned. The price of a property can be influenced by factors such as location, views, proximity to the sea, age, and condition of the property, type of title deed, as well as the available facilities and furnishings. It’s worth mentioning that the current real estate market in North Cyprus is favorable for sellers, and buyers making cash buyers more appealing.
If you’re interested in exploring excellent property options in North Cyprus that meet your requirements and budget, I recommend reaching out to Senilk Real Estate. They can provide you with a free real estate consultation and guide you through the process of buying property in Northern Cyprus. Their expert team can offer valuable insights and help you find the ideal property that aligns with your needs and financial goals. Feel free to contact Senilk Real Estate for personalized assistance and embark on your journey to owning a property in Northern Cyprus.
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