REAL ESTATE POTENTIAL IN ISLAND OF CYPRUS
Cyprus is an island where all the cities have two names, if not more. Because the Mediterranean gem was divided into two different countries: Republic of Cyprus and Turkish Republic of North Cyprus. You might be wondering the unique story that is hidden behind these names. We will enlighten you on that in another article, meanwhile this article will predominantly be focusing on the desirable real estate potential of Northern Cyprus.
There are many excellent reasons why someone should consider North Cyprus as a place to live and invest in. Desirable neighborhoods and towns, luxurious villas and apartments for sale with sea view, the reasons vary depending on the individual.
North Side: Turkish republic of North Cyprus
Northern part of the island is only recognized by Turkish Government. The total population of North Cyprus is estimated to be 400,000. But thanks to international students studying on the island, the population easily doubles up.
There are only 6 small cities and these are: Lefkoşa, Girne, Gazimağusa, Güzelyurt, Lefke and Iskele. Lefkoşa, also known as Nicosia in greek, or Lefkosia in english is the capital of the island. The capital city is divided into two as the Turkish side and the Greek side.
Security: 5th safest country on the planet
Cyprus is a great place to raise your children in overall. According to an article published on Express.co.uk, the island was ranked the 5th safest country in the World, placed after Switzerland, Norway, Luxembourg and Singapore. Security-wise and in terms of its invisibly low crime rate, it is one of the safest places to live, enjoy your retirement and settle your family.
Cyprus is an amazingly safe place for women, too. Gender-based crime rate is extremely low on both sides of the island. Women are respected and given the freedom they deserve in all aspects of life.
International Education Institutions
The island is home to multiple international universities which offer scholarships to students from all around the World to protect the diversity that already exists within the country. There are 27 universities, 19 high schools and colleges. Additionally, there are more than 80 institutions that offer primary education for students below the age of 14.
Since the country is highly populated by students, the demand for property and new real estate sites never stop. From luxurious, high end quality, unique villas on hills or by the seaside to complex apartments with security and social facilities such as pool, gym are abundant on the island. There are also rather ancient homes which date back more or less than 100 years ago.
Cyprus’ rich historical sites and a long past
The island was dominated by Egyptians, Hittites, Achaeans, Phoenicians, Assyrians, Persians, Romans, Arabs, Lusignans, Genoese, Venetians, Ottomans, and British since B.C 1500. Therefore, it is typical to run into some of the ruins of dominant empires of the time.
Churches turned into mosques, mosques turned into churches. Ottoman taverns which used to be the stop for traders and travelers 470 years ago now serving as touristic attractions where you can shop souvenirs and enjoy a cup of tea and smoke shisha.
The ancient streets of Cyprus also offer different versatility of real estate if you are into antiquated properties that were once built by the Greeks. Although some of these properties might require a serious renovation, they are very unique and have an ancient aura that is mesmerizing to the beholders.
Wide property range
As touched upon above, the wide real estate property range is very desirable for the newcomers. The construction companies offer a great deal of diverse portfolios for everyone from all walks of life. As the population of the island is only 300,000 something, there is a great land potential on the island. The cities are not dense in terms of urban planning and there is room for cozy duplexes with garden, playground and swimming pool. This is a common type of property for Gazimağusa.
There are luxurious hill top villas with Mediterranean architecture style. These villas are usually very detached so they make a perfect fit for those who value privacy. Some of these villas have a great view as you can see the city lights at night and a breathtaking landscape in the morning. This type of properties can usually be found in Girne and Güzelyurt.
Cyprus is surrounded by one of the cleanest waters in the World. You will be surprised how clean the ocean looks like on the beaches of this beautiful island. Naturally this increases the demand for seaside Cyprus homes model. Sea view properties offer their own variety from 5 to 7 floor apartments, villa villages, duplex compounds and resort-like complexes. In order to Buy home in Cyprus, you won’t need a crazy amount of investment. The good news is that you can always benefit from a mortgage, flexible payment plans with installments and so on.
Night life and casinos
Cyprus night life is absolutely amazing. There are 5 to 7 star super luxurious hotels with great service. Moreover, these hotels usually own their casinos. Yes, it is %100 legal to gamble in Cyprus. The income generated from the casinos brings about 20% of the economy so it is a highly prestigious business in Cyprus. They take it very seriously, therefore, they have more than thousands of European, Asian and Russian visitors every year.
This lively environment convinces many from the UK, Europe and Middle East to invest in property market in Cyprus because this is one of the few places in Europe where casinos are a legal business.
Things to know before moving to North Cyprus
There is a place called Maraş, also known as Ghost Town. As the name refers, the town is completely abandoned and now being protected by Turkish Army due to some political disagreements between Turkey and South Cyprus. No sides can claim this part of the island. It is completely deserted and it’s forbidden to enter here.
North Cyprus speaks their own dialect of Turkish language while South Cyprus’ official language is Greek. Many people on the island know how to speak English because of the previous British rule over the island.
People on the island doesn’t really practice any religion but according to official records the dominant religion in the North Side is Islam. While the South Side is predominantly practice orthodoxy and roman-ism.
Northern Cyprus currency is Turkish Lira. But it is possible to shop using US dollar, Euro and British pound. But it is important to be informed that for sale and rental property prices are usually said in British pound. Southern Cyprus uses Euro as currency as it is an EU country.
All cars in North Cyprus are right hand drive just like in the UK. If you need to overtake the cars parked or driving in front of you, you need pass them from their right side. It might take some time to get used to it so give yourself a few hour test drive before you dive into traffic.