Real Estate in CyprusAphrodite's Island. Island of Love. Jewel of the Mediterranean. Cyprus has as many sobriquests as it has faces, but now recent changes to border restrictions between North and South have given rise to another: Island of opportunity. The year round temperature climate, friendly people, gentle pace of life and an old-world charm rarely found elsewhere in the Mediterranean have always been among the many attractions of Northern Cyprus Real estate prices in Northern Cyprus is low compared to prices in Southern Cyprus. The cost of purchasing a home there has always been less than anywhere else in the Mediterranean. Now, property prices are enjoying a major upswing.Investing in Northern CyprusThe future looks increasingly promising for residential property investment. Recently, deelopers and real estate agents report that property prices are enjoying an increase. Property investors looking for bargains are now seriously considering buying a new villa or other property in the north of the island, at significantly lower cost than in the south. The north boasts some of the best beaches and is certainly less commercialised than the south. Investors can choose from variety of locations. To the south of the island, large modern villas with their own swimming pools in a village developent are on sale for £1 million. Across the border in the TRNC some new 3-bedroom villas, with swimming pools, in Kyrenia are selling at a range of £100,000 - £155,000 and 2-bedroom villas in a development in Kyrenia can be bought for £55,000. Northern Cyprus - some factsNorthern Cyprus Property: Properties are significantly cheaper thean in the south, and probably the cheapest in the Mediterranean. Prices of properties for sale are expected to rise at an estimated growth rate of around 30%. VAT tax of 6% is levied on a newly-built property purchases. |