In general, buying property abroad is often a relatively inexpensive enterprise, and it can bring with it high profit margins.But North Cyprus in particular has been singled out in recent months because of the vast investment potential there; as overseas investment goes, North Cyprus is Europe’s new property hot spot. Experts predict that property prices could give annual appreciations of 7%, and unprecedented 17% yields.
At the moment, too, property prices in North Cyprus are a third of what they are in the Republic of Cyprus, which has traditionally been given more coverage than its northern counterpart, but is now being superseded by the low buying price and high yield of property in North Cyprus and the ever growing presence of the North Cyprus property boom in overseas investment.
In 1974 Turkish troops invaded Cyprus and the tension that followed led to the partitioning of the island into the Republic of Cyprus and North Cyprus, with the north being officiated by Turkey as the TRNC in 1983.
The European Union refused to recognize the declaration of the TRNC’s independence, and North Cyprus relied almost solely on Turkey for aid, until it came to the Annan Plan Referendum in 2004, when both sides of the island were encouraged to vote on unification.
North Cyprus voted ‘yes’ and even then, it was marked out as a potential hotspot for overseas investment, as prices saw steady rises. The referendum was quashed by Greek Cypriots and unification could not be reached, but the potential effect of reunification on property in north Cyprus was apparent for all.
Current leaders Mehmet Ali Talat and Dimitris Christofias have set a 2009 as their reunification deadline and are holding weekly meetings. Just as it did in 2004, it is the North Cyprus property boom that is set to prosper; when the partition is lifted and the island is unified, overseas investment is expected to pour into the island.
The Whiterocks development is the first luxury development in North Cyprus. It is fully supported by government and is perfectly set to take full advantage of the vast scope of the North Cyprus property boom; its partnership with the RCI rental property group strengthens the already numerous benefits of overseas investment in North Cyprus. With yields of 17% on their properties, and almost guaranteed rental property opportunities through the RCI Group, Whiterocks shows that overseas investment is not only one of the best investment opportunities out there, but North Cyprus and the Whiterocks Resort are making buying property abroad a sound and worthwhile investment indeed.