Turkish North Cyprus emerges as the latest non-Eurozone luxury property hotspot.

North Cyprus Properties
15-01-2014

With the Eurozone crisis biting in traditional overseas property areas, non-Eurozone Turkish North Cyprus (or TRNC) is emerging as a surprise front runner in the race for a new investment and lifestyle hotspotA new high-end property market is emerging thanks to development companies such as LPS participant Evergreen North Cyprus whose low cost yet luxury portfolio is attracting huge interest globally.  Rapidly shedding its previous reputation as somewhat of a murky investment zone, the financial TRNC has avoided the current crisis in the European south of the island and now boasts rising property values in selected luxury property areas.  At the same time, private and government investment from mainland Turkey is providing the country with new infrastructure as well as undersea water and electricity pipeline and an upgrade of the north’s Ercan airport.  All this contributes to the increasing flood of both British and international investors, with Gulf News recently reporting a 400% increase in interest from both Middle East nationals and expat residents in the Gulf who are seeking a second home, retirement or luxury holiday retreat.  It seems, with its new marinas, roads and resorts, it is indeed emerging as a new offshore, Monaco-style, investment and luxury lifestyle haven with new tax-free zones and high interest rates of up 9.5%.

“Of course we would ideally like to see the whole of Cyprus in a positive financial situation” says Angela Henderson, British Marketing Manager for Evergreen North Cyprus, whose flagship beachfront site (Aphrodite Beachfront Village on the West Coast), is producing 10% p.a. capital growth for owners - with internationally recognised pre-74 Turkish Title Deeds eliminating any property ownership worries and where prices start at only £39,000. “But there is no doubt that an unexpected side effect of the unfortunate Euro crisis has been to create new awareness of the opportunities in the non-Eurozone north.   We are keen to educate the British public in particular that the north’s banking and property system has no link to the Greek South and that if you buy wisely you can get an excellent and secure investment.”  The message seems to be getting out, since booming sales have led to the virtual sell out of Aphrodite phases one and two – and the launch of a new tower as phase three. 

Offering a charming blend of former British colonial charm and exotic middle eastern atmosphere, Evergreen’s luxury properties in unspoilt Northern Cyprus offers luxury investors a huge range at only a fraction of what they would expect to pay in most other destinations – from Aphrodite Beachfront (with apartments ranging from £39,000 - £399,000 for the top floor penthouse of a unique 13 storey tower with panoramic mountain and sea views) – retirement mountain or sea view villas offering golf and marina access at Bellapais or Esentepe  (from only £109,950) right up to Evergreen’s most exclusive villa development at Horseshoe Bay in the Karpas Peninsula offering private bay, maid service and architect designed beachfront villas from only £295,000.

BACKGROUND

Turkish Northern Cyprus or TRNC was created following the 1974 Turkish army intervention in the conflict between Greek and Turkish Cypriots in the 1960s and 1970s. Since the much-publicised Orams Case where a property was reclaimed by the former Greek Cypriot owner, the Immovable Property Commission or IPC in Turkish North Nicosia (which exists to compensate former Greek landowners) has been given official recognition in March 2010 by the European Courts. This means that there can be no more cases such as the Orams and has led to improved security for the growing number of British property investors visiting the North of the island, which is generally seen as less commercial and where prices, rising in key areas, are still considerably cheaper than those in the South.

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