North Cyprus property outlook

The key to investing in international property is to get in at ground level in areas that are set to boom, thereby allowing maximum capital growth, this is one of the reasons over 6,000 British people have already invested here. During the past couple of years North Cyprus has been transformed from an unrecognised small state to a world of investment opportunities. With a luxurious 18 hole European standard championship golf resort set to open in 2006, the proposed new marina in the Esentepe area, combined with future proposals for unification of the island, direct flights to Ercan airport and the overall lower cost of living with the added bonus of unspoilt natural beauty basked by year round warmth of the Mediterranean sun means that the country is currently attracting a wider property investment market, making property in North Cyprus the number one strategy for a lot of overseas property investors.

The government in Northern Cyprus has legislation in place to ensure that the unspoilt natural beauty is preserved. There is no construction permitted along the coastline, within the mountain ranges and ravines as well as greenbelt protected areas. Construction is also limited to 20% of the total land area with a restriction of two storeys. The attraction to North Cyprus will never change and it will maintain its charm and character unlike other over developed countries in Europe.

The prices of property in North Cyprus represent fantastic value for money; with the equivalent property in Spain, France and the Algarve being up to three times the price. It is therefore not a shock to learn that both foreign and local investors are eager to buy in the newly flourishing property market in North Cyprus , with expectations of high returns.

In addition, the process for buying property in Northern Cyprus is uncomplicated with a comprehensive legal system allowing foreign purchasers to buy property hassle free, these factors considered, combined with the stunning location means that the opportunity for making money is continually increasing.

A liberal economic system has been adopted in the TRNC. Under this system the promotion of the private sector with limited government intervention, the rational use of natural resources, the encouragement of investments that generate high value added and employment preserve their priority and importance.

Development activities in relation to properties are carried out according to economic planning in accordance with the constitution. In North Cyprus tourism plays a large role followed by tertiary studies, industry, agriculture, transportation and health sectors respectively.

In conclusion it can be easily seen that the economic trend in the Turkish Republic of North Cyprus has been demonstrating a gradual but continuous growth and improvement since 1977. In spite of high rate of inflation and economic and political difficulties and many deprivations, the realisation of 4.4% annual average rate of growth should be assessed as a significant achievement.