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Encouragement for property investors in Cyprus

5th December 2005 | back to article listings BACK    print this article PRINT

Property investors are being drawn to Cyprus on the back of the work that began two weeks ago on the demolition of the roadblock that has divided the capital Nicosia for 40 years.

It has been reported by AmberLamb that the move has led to a surge in property investor confidence in northern Cyprus, with the area around harbour Kyrenia attracting specific attention.

The Esentepe region to the east of Kyrenia has been the centre of much of the recent interest with the completion of an 18-hole golf course attracting property investors from around Europe. The popularity of property near to golf courses makes Esentepe an ideal location in the current market and the granting of planning permission for the development of a 400 berth marina and a five start hotel resort has intensified the interest.

Kyrenia itself has been described by www.999today.com as "one of the Mediterranean's most picturesque towns" and it is now the most popular resort in north Cyprus. It is only in recent years, however, that property investors have acknowledged its potential.

Research carried out by S. Platis Economic Research recently showed that land prices in the north had risen 172 per cent in the last two years and house prices had increased by 36 per cent. This compares with figures in the south of Cyprus of just 14 per cent and ten per cent respectively and this trend has been instrumental in drawing investors to the north in recent months.

The research also discovered that land prices in the north are around 22 per cent of prices in the south, while house prices stand at 46 per cent of their corresponding figures, all of which has contributed to the recent developments around Kyrenia and Esentepe.

One of the key findings of the research was that much of the land in the north is extremely large and currently undeveloped. Many have suggested that this quality will make the area one of the most profitable in Europe, because of the potential to transform it into multiple units.

Cyprus has not previously been known for its golf courses and sporting potential, but it has also been announced that Lanitis Development will be introducing the country's first ever fully integrated golf, leisure and real estate development in the next two weeks.

Since joining the EU in 2004, such projects have become increasingly viable, with Cyprus able to reinvent itself and appeal to sections of society that may have never considered it in the past.

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