The housing market in North Cyprus has boomed

25 December, 2014

The housing market in North Cyprus has boomed, reports say, with over 17,000 foreigners making house purchases in the North over the last three years.

Russians, Scandinavians and Germans are the main property buyers with around twenty five thousand houses sold.

The Turkish Cypriot Real Estate Agents’ Union says that 2014 was the “brightest” for the property sector during the past seven years.

It is said that Russians started investing in the real estate sector in North Cyprus after the Russian government’s decision providing that its citizens should declare their property.

Thanks to state incentives offered to German tourists as of 2014, the number of Germans who purchased property in the North exceeded the number of Russian purchases in one year.

About Salahi Misal 551 Articles

Was born and raised in London and first came to North Cyprus as a child where he lived for two and a half years. The Island left a long lasting impression on him, for after travelling the world and experiencing many different cultures and ways of life, Cyprus was always there. Sal, as his friends call him, has always had a passion for Art & Design and studied the subject for over ten years and resulted in him specializing in the design and production of contemporary furniture. He has worked in this field for twenty years now. After not having visited the Island for fifteen years he followed his heart back to North Cyprus, where he’s lived for the last four years. Now Sal works on a creative basis for NC Magazine.