We take a look at northern Cyprus, a new buying hotspot.
Northern Cyprus is emerging as one of the hottest foreign property investments according to Emerging Real Estate, one of the first UK companies to expand into the area.
The region is tipped as the next place to watch due to a combination of its climate, where the sun shines 340 days a year, its unspoilt nature, excellent property deals and low cost of living where eating out is half the price of the UK.
The construction boom is fuelling rapid economic growth in the north - confirming the destination’s potential for investment. Last year gross domestic product rose by 31 per cent when 5,000 new homes sold at prices that were 40 per cent less than those in the south.
Following Emerging Real Estate’s significant success in the Bulgarian market, where the number of British tourists visiting the country has increased by 42 per cent on 2004 - the company has released two new developments in Northern Cyprus - Golden Cove and Simogen Heights.
Golden Cove is a development of 12 luxury three bedroom villas with private beach near to the unspoilt town of Çatalköy. These spacious residences are set on the coast near the port of Kyrenia – hailed as one of one of the most beautiful sights in the world by the travel media. The villas, which have exceptional rental potential, boast a private pool, flat roof terrace, and stunning sea views across the Mediterranean.
The developer owns an affiliated property rental company and the anticipated gross rentals returns are about nine per cent per year. Priced between £250,000 and £395,000, the villas are due for completion by January 2007.
Simogen Heights comprises 13 luxury villas with panoramic sea and mountain views, situated at Çatalköy, a few minutes drive from the harbour at Kyrenia. The villas are detached with a plot size of at least 730 m². The three bedroom properties (with en-suite to master) feature a lounge with open fireplace, fully fitted kitchen, family bathroom, guest WC, carport, garden and private swimming pool.
Emerging Real Estate joint managing director, Robert Medd said: ‘After comprehensive research and first hand visits, we are impressed with the potential return on investment in Northern Cyprus. Property prices are slowly rising to reflect interest and we are confident of the tremendous benefits it offers.’
To register your interest in these properties visit emergingrealestate.com