Background To North Cyprus

Category: Finance, Real Estate.

Northern Cyprus having been off the international map for 30 years has returned to the fore- front of smart investor minds since the UN s attempt to re- unify the island on May 1st 200Despite the fact that re- unification attempts failed to unite the island Northern Cyprus hit the press and people started to realize there was a whole different side to Aphrodite s island. The North which is the more beautiful of the two regions now poses a real opportunity for investment enthusiasts.

The southern part of Cyprus is far better known by British holiday makers and investors but is often criticized for having become over commercialized and very expensive. It still remains an undiscovered secret, retaining natural beauty and Cypriot character with beautiful sea and mountain views stretching along the coast. Expected returns can give up to 30% or more in one year from plans to completion in the surrounding Kyrenia district with healthy rental returns should you wish to keep the property for holiday lets during the summer duration. 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. The new up and coming area is East of Kyrenia, Bacheli and Tatlisu, Esentepe where the island s first golf course is under construction and a large marina at planning stage. Property Development. All the projects in this area are located close to the sea with the most stunning mountain backdrop and at a fraction of the price of more developed Mediterranean countries.

Property is no longer considered an alternative investment but a way of reaching excellent returns on initial capital. Investment in property is now widely recognized as an excellent way of achieving outstanding 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. North Cyprus is just embarking upon its property boom, and thus constitutes a prime opportunity for investors to enjoy a very high return on investment in a relatively short period of time. However keeping reliable relationships with some of the most widely- used developers and construction companies on the island is essential in order to kept abreast of the best investment packages and high- value projects available at any given time. Villas and apartments for sale in North Cyprus can provide many unique and lucrative investment opportunities for budding property investors.

Background to North Cyprus. Currently this money is being blocked by Greek Cyprus in the EU courts, Britain, however s foreign affairs committee released a white paper( February 2005) urging Europe to grant monies as soon as possible and take steps to end the trade sanctions and embargos being imposed on the North. The EU is keen to reward the Turkish Cypriots for their efforts in trying to unify the island and immediately pledged 259 million euros in grants post referendum. Ascension talks are due to start this October to discuss Turkish ambitions to join the EU. Tourism. The Cyprus problem is now again high on the agenda as it will need to be resolved before Turkey will be able to proceed in these talks.

Due to the ongoing International air traffic restrictions, all flights in and out of the newly refurbished and modernised Ercan airport in the north have to go via Turkey. In order to cope with growing demand the airlines are increasing their fleets to cope and smart travellers are also finding the new opportunity of flying via Larnaca in the South and crossing the border into the North a viable route of travelling. As there are only three airlines, that have permission, all Turkish Owned to fly these routes there is a low limit on the number of people that can be transported in and out daily. This is increasing tourism and providing new routes to put the North on the map. Negotiations to lift the International air embargo are, underway in Europe, however. In addition some travel agents are now offering dual holidays in the North and South part of the island. This is supported by both the UK foreign affairs committee and the US.

Tourism developments are actively encouraged by both the local government and the government of Turkey and therefore many incentives, funding assistance and tax breaks are available. Tourism Investments. An INTEREST FREE LOAN is available from the government. The loan can be repaid over a TEN YEAR period with an initial TWO YEAR repayment deferral. A percentage of the total development cost can be borrowed from the development bank which has annual funds of 100 million dollars at its disposal to aid such projects. ALL PROFITS made by the tourist developments are VAT and TAX EXEMPT for a period of TEN YEARS. There are no restrictions on how much foreign currency can be brought into and removed from the country.

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