THE PROPERTY MARKET IN NORTH CYPRUS

North Cyprus Property Market

  
  
 
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The Property Market in North Cyprus

 

North Cyprus remained undiscovered for many years after Cyprus became a divided island in 1974 and as a result it was protected from the less aesthetic mass development that blighted the rest of the Mediterranean coastal regions during the 1970's, 80's and 90's.

Architects and town planers the world over have learnt from the mistakes their counterparts made during these years and in many parts of the world you see redevelopment taking place where they are trying to claw back some of the original beauty that was destroyed.

Property developers in the North Cyprus property market already understand the need to build sympathetically and to construct complimentary buildings and homes. The town planers in North Cyprus have seen the way the south of the island has been spoilt in places with high-rise, low-quality apartment blocks and hotels and they have placed a blanket ban on such construction even being considered in North Cyprus.

JEPA North Cyprus Property Estate Agents

There is no way now that anyone will be allowed to do anything to degrade the harbour area in Kyrenia. In fact slowly the harbour area is being further improved through the money that is being invested into it and spent on it. The old town of Kyrenia is being improved and the beauty of the jewel that is North Cyprus is being polished up to glint and glitter in the Mediterranean crown.

Official statistics reveal that Southern Cyprus to cater for its two and a half million annual visitors has over 100,000 hotel beds of which approximately 75% are 5* with the other 25% being 4* or below. In stark contrast, Northern Cyprus entertains approximately 200,000 visitors a year for whom it can only offer about 10,000 hotel beds of which a mere 25% are of 5* standard.

 

A number of factors are now contributing to a significant increase in the number of visitors to the North. Since the border restrictions were relaxed last year the North has become more accessible. The publicity surrounding the referenda on the Annan Plan has brought the North to the public's attention and this has encouraged more visitors and investors to want to come to the North. There are also indications that the ban on direct flights to Ercan may be relaxed - countries as diverse as the United States and Azerbaijan have already approved some direct flights to the North and the general approach of the European Union is to encourage an ending to the thirty year long isolation of Northern Cyprus.

The Government of Northern Cyprus is now predicting that there will be substantial increases in the number of visitors to the North over the next few years. A major concern is the lack of hotel beds. Indeed, the government is now suggesting that there is a need for at least 30,000 hotel beds within the next two to three years and as many as 50,000 by the end of the decade - that is a 500% increase in the present availability.

Of course in many tourist regions of the world, the need for more hotel rooms tends to be met by the multinational hotel chains. Thus far they have not been tempted to open up in Northern Cyprus - this is partly because of the uncertain political and legal situation, partly because of the difficulties of financing development in the North and, in many cases, a real fear that by developing in Northern Cyprus they will suffer repercussions for their existing hotels in Southern Cyprus and Greece and its islands.
 
The North Cyprus Property Market