As housing prices in the UK slow down, and the mortgage applications decrease, property investors are increasingly investing in property overseas. 54% of the respondents believe that the overseas property presents the greatest opportunity for investors and 22% of property investors are planning to invest in property overseas.
Investing in Northern Cyprus has become far more attractive due to rising interest rates, which have made UK properties more expensive, and exchange rates which allow UK investors to get more for their money. As a retirement option, overseas property not only provides potential capital gains and a regular source of rental income but also somewhere to look forward to which boasts a better climate and cheaper cost of living.
Many sources in Northern Cyprus admit the “sky is the limit” for the island's prospects. They feel that “the boat has not left the harbour yet”, our advice is “don't miss the boat”. The current television trends in the UK are “Relocation Relocation”, “Place in the Sun” and “Grand Designs abroad” 59% of Brits declared a desire to emigrate from UK (Property Overseas) Circ. A further survey took place to reveal that one in eight Brits are considering purchasing a home in the Sun in the next five years.
The southern part of Cyprus is far better known by British holiday makers and investors and receives approximately three million tourists per year, it has however been criticised for having become expensive and over commercialised. In contrast Northern Cyprus creates a real opportunity for investment and property enthusiasts. Combined with the forthcoming unification it still remains an undiscovered secret, retaining natural beauty and Cypriot character with beautiful sea and mountain views stretching along the coast of Aphrodite’s island. Although there is something of a property boom in progress in the North it is still highly undeveloped offering prices approximately 50% lower than their equivalents in the South and at a fraction of the price of more developed Mediterranean countries.
Expected returns have provided up to 30% or more, in one year from plans to completion in the surrounding Kyrenia district with healthy holiday rental returns. New up and coming areas are Bafra and East of Kyrenia, Esentepe, Bacheli and Tatlisu. There are discussions underway regarding the proposed islands first 18 hole international golf course, a shopping complex and a large marina at planning stage. Projects are nearly always located close to the sea combined with the most stunning dramatic mountain backdrop.
|Total annual rental |
(1.19 exchange rate as at 27 July 2008)
|= 22,769 Euros ||(£19,136) |
|Owner will receive 70% of total rent ||= 15,938 Euros||(£13,393)|
|Based on a property cost of £78,800 |
|Based on 100% occupancy||= 17% yield|
|Based on 70% occupancy ||= 11,156 Euros |
= 12% yield
|Based on a property cost of £95,000 |
|Based on 100% occupancy ||= 14% yield|
|Based on 70% occupancy ||= 10% yield |
Our rental and exchange partner are the biggest in the World. You can be secure in the knowledge your property will be in very good hands ensuring unprecedented returns year on year.
With reunification becoming a real possibility the combination of high capital growth and high yields ensures Whiterocks will achieve excellent investor returns.
Property is no longer considered an ‘alternative investment’ but a way of reaching excellent returns on initial capital. Northern Cyprus is at the beginning of the growth potential spectrum and therefore can provide excellent returns in a very short period of time. Property investors who have invested in North Cyprus, confidently reveal that their pledge to invest, was based on affordable properties both in terms of potential growth and rental income.
One further reason to invest in the North - especially in Bafra - is that soon it will be one of the most sought after locations with the introduction of the Whiterocks luxury resort.
To find out more information on the available property and services, please see the Availability section of this website or contact us on Freephone (UK): 0800 328 0126 or N Cyprus: +90 392 8155 272, alternatively you can register for updates to be kept informed of special offers and progress in the development.