Property Market in Kyrenia, Northern Cyprus
The Turkish Republic of Northern Cyprus is a great place for those who are looking for an investment property at reasonable prices with the comfort of the best hotels. The northern part of the island can compete not only with the southern, but also with the European countries of the Mediterranean coast in terms of housing quality. Real estate in Northern Cyprus is much cheaper than in Spain, neighboring Greece, even the mainland Turkey, and the privileges and advantages of owning housing here will please many.
Untouched nature, historical sights of different eras, beaches stretching for many kilometers, hospitality of the local population are just some of the advantages of Northern Cyprus. The region is also known for international universities (the reason why it is chosen by students from Turkey, Europe, Middle East and other countries), developed tourism, casinos and nightlife.
The business environment of the region is experiencing a rapid growth as the inflow of foreign capital to Northern Cyprus has increased significantly in recent years thanks to the support of the European Union and the international community. This affected the development of the economy. Despite "cool" relations with the Greek part of the island, in recent years the government of Turkish Cyprus has held several important meetings with representatives of the United States, Great Britain and other countries, which has led to a reduction in the number of sanctions against the region.
Northern Cyprus is a place where you can really enjoy clean ecology: there are no large industrial enterprises on the island, and traffic is minimized, there are no traffic jams and dense, multi-storey buildings. The island also has a variety of flora, which is only found here. For example, about 30 species of orchids, not found anywhere else on the Mediterranean coast, grow here.
How to get to Kyrenia?
In 1974, the island was divided into northern and southern parts. You can get to Northern Cyprus from the Southern part of it by crossing the border on foot or by car in Nicosia simply by registering an electronic entrance form, from Turkey by plane through northern Ercan airport or by sea, arriving in Kyrenia or Famagusta.
Kyrenia (Kirinia or "Girne" in Turkish) is one of the largest settlements in Northern Cyprus. As the third largest city, Kyrenia preserved the charm of the fishing town, as it has been for thousands of years. Mediterranean dimensionality surrounded by mountains and the sea attracts guests from all over the world for a good holiday and permanent residence. The city is characterized by low-rise construction since there is a state ban on the construction of tall buildings. It takes only half an hour by car from Nicosia to Kyrenia, also, Kyrenia can be reached by ferry from Alanya or Mersin.
What to see in Kyrenia?
A small city with a population of 55 thousand people is one of the main tourist destinations of the island. There is a centuries-old history, resort atmosphere, developed infrastructure and active urban life. Initially, the city, bearing one of the names of the Greek goddess Aphrodite, was an ancient center of maritime trade. Despite the change of eras, civilizations and states, Kyrenia did not lose its strategic importance in the Mediterranean Sea.
The main attraction here, of course, is endless beaches with clean water, hotels that do not stand idle at any time of the year, and magnificent embankments. The Bay of Kyrenia, where you can spot ships, boats and yachts, reminds of the international importance of the city. The majestic Kyrenia fortress, built in the 8th century, recalls the reigns of the Venetian and Ottoman kingdoms.
The rule of different civilizations also affected the culture of the city: there are also historical churches and mosques, historical buildings of different eras. The history of Kyrenia can be studied closely in museums. The mixture of cultures has also affected the cuisine, there are many restaurants where you can taste dishes of both Greek and Turkish cuisines, as well as Western cuisine.
What to do in Kyrenia?
Kyrenia is known not only for casinos that gather Turkish and foreign elites, but also for golf clubs. Thanks to the landscape and climate of the region, Northern Cyprus has become a real golf resort, not inferior to world-famous places, popular among golf lovers. The area of one of the golf clubs in the Esentepe suburb of Kyrenia occupies 65 hectares and has 21 holes.
Fans of measured and delicate pastime can walk around the historical center of the city, drink coffee in one of the cafes or relax on the beach (the best beaches are Escape, Acapulco and Denizkızı).
In 1985, the most prestigious educational institution in Northern Cyprus, the Girne American University, was founded. While the status of the region is recognized only by Turkey, diplomas of GAU International University are accepted around the world. The university participates in many international educational programs. High quality of education and compliance with international standards are the advantages of the American University of Kyrenia.
What kind of property can I buy in Kyrenia, Northern Cyprus?
First of all, it is worth noting that after the division of the island's territories into northern and southern parts, the Turkish population of Northern Cyprus received the full right to dispose of the real estate of the Turkish part of the island. Despite the attempts of the Greek government to discredit the right of Turkish Cypriots to own and sell real estate in Northern Cyprus to foreigners, absolutely all real estate transactions in TRNC have full legal force.
The province of Kyrenia consists of several districts: the center of Kyrenia, Karşıyaka, Alsancak, Esentepe and Bahçeli. Each of the districts offers both secondary housing at affordable prices, projects and land plots. Land prices start from 14,000 euros and rise depending on the area and location. In Kyrenia itself, you can find studio apartments from 35-40 thousand euros, the price of one bedroom apartments starts from 50 thousand.
Last year, Forbes published the rating of the best countries for buying real estate by the sea (Live and Invest Overseas' 2021 Global Property Survey), in which Northern Cyprus became the leader, bypassing Brazil, Mexico, Colombia and Belize.
Due to the growing demand of foreign buyers, dozens of new residential complexes are already being built in Kyrenia. The cost of a studio apartment in a residence with many amenities (sauna, fitness, cafe and even a private beach) starts from 55-60,000 euros. Developers also offer installments up to six years (in Turkey, installments are usually for two or three years).
Project apartments in Esentepe / Northern Cyprus, the center of golf tourism in the region, start from 70 thousand euros, and you can become the owner of the villa by paying at least 300 thousand euros. At the same time, the price difference can rise up to 25% from the construction stage and to its delivery time. That’s another reason why investors are actively interested in the northern coast of Kyrenia.
It should be taken into account that only low-rise construction is allowed in the suburbs of Kyrenia as these places are considered protected.
The rental profitability of real estate in Kyrenia reaches 8%. The average payback period for real estate is about 10 years. This is an additional argument in favor of investing in real estate in the province of Kyrenia.
Real estate investment in Kyrenia, Northern Cyprus
Today Kyrenia and its entire coast are one of the most popular places to relax and buy real estate. The endless line of golden sand and developed infrastructure have already won the hearts of thousands of investors. Northern Cyprus, previously considered a holiday destination for pensioners, is becoming increasingly attractive for young people and families, as the island is facilitated by world-class educational and medical institutions.
Buying real estate in Northern Cyprus also makes it possible to obtain a residence permit and citizenship. Registration of a residence permit is a simple and transparent process, but the applicant is also asked to enclose an income document and a medical examination certificate to the list of required papers.