Why is North Cyprus so Affordable?
Why is North Cyprus so affordable. If you have dreamed of owning your own place in the sun, but thought it was out of your reach, you may well be astounded when you discover just how affordable property is in North Cyprus.
There are now over 10,000 Brits who have realised their dreams, and who safely and legally own their own little slice of paradise in the North of Cyprus.
But perhaps you have not yet realised your own dream of owning property here because you have been wondering if the cheaper prices may indicate a higher risk?
Well, we know you will be pleasantly surprised to discover the real reasons why land and property still remain so affordable here.
North Cyprus is a “hidden jewel of the Mediterranean”
Because Northern Cyprus is not a part of the EU, it has remained virtually unspoilt by the development boom in South Cyprus, and unaffected by the woes of the Euro. This has enabled North Cyprus to remain a largely undiscovered, “hidden jewel” of the Mediterranean.
And because many British investors did not really consider investing in North Cyprus property until the north and south of the island started to hold reunification talks in the year 2000, the investment property market here is still relatively young.
So not only is buying property in North Cyprus an affordable and attractive option, it also makes financial sense as the increasing levels of foreign investment prove that it is a great time to invest in North Cyprus property.
Investors think that they cannot fly direct to North Cyprus
Northern Cyprus is easier than ever to get to. You can take your pick from a variety of airlines and routes, choosing the option that is most convenient for you.
You can actually fly ‘direct’ to North Cyprus, remaining in the same plane seat for the entire journey; you just have to go via Turkey.
Here are the four different ways of getting from the UK to Northern Cyprus.
The most direct option is to fly to mainland Turkey, remain in your seat on the plane for 45 minutes, then continue on to fly directly to Ercan (the main airport in North Cyprus).
Another option is to change planes at Turkey and arrange a connecting flight to North Cyprus from Istanbul, Izmir, Ankara, Adana or Antalya.
You can also catch a ferry from Turkey, which can take as little as 2 hours.
Finally, you can fly from the UK to Larnaca airport in Southern Cyprus and then travel by car to Northern Cyprus.
Investors still assume they have to be cash buyers
Traditionally North Cyprus was considered a cash buyer’s market because there are no ‘official mortgages’ from banks. However, with increasing numbers of international investors looking to purchase their dream Cypriot home here, there are now other options available.
One option that is increasingly popular with many British investors is to release equity from their existing UK property. When you re-mortgage your UK house you can take advantage of UK mortgage rates, enjoy the protection of the British legal system and you can often release enough funds to buy your North Cyprus property outright!
At North Cove Estates we also have now partnered with several large developers, who are able to offer long-term finance options direct to our buyers. So not only can you customise your villa to fit your specific requirements, but you can now make payments in staggered installments through the construction period. And because your property will most likely have increased in value over the time it takes to build, your investment can start growing before you’ve even moved in!
So even if you don’t have a spare wad of cash, at North Cove Estates we can now offer you the chance to own your own little piece of paradise in the sun.
You can rest assured that cheaper prices do not equate to higher risk
Your dreams of building a villa in this beautiful part of the world might just be a whole lot more viable than you initially thought.
Why wait until the rest of the world has discovered this secret paradise? We can help you make your investment a reality, while it still offers great value for money and UK investment in the country is still relatively new.
Now really is the ideal time to invest in North Cyprus.