For the lowest beachfront prices in the Mediterranean, look no further than Northern Cyprus, ranking #1 on our list of 2024’s Hottest Property Markets…
With an average cost per square foot of $241, this corner of the Mediterranean has been one of the best market performers in terms of appreciation, price point, and cash-flow potential for the past half-decade.
Today, you could snag your own home here for about $140,000 and pay the equivalent of only about 4 cents per square meter on it in annual taxes.
My husband and I made our first ever property purchase after visiting the area a couple years ago, and we look forward to the pre-construction unit’s construction being finalized by the end of this year. We haven’t yet decided if we’ll cash out for the immediate capital gains or rent it out to add to the profits before we sell…
Why Cyprus?
The island is blessed with year-round warm weather, clear blue waters, and over 400 miles of coastline. The summer here is the longest in Europe, beginning in March and lasting until October, even November, with over 300 days of sunshine a year. It’s also climatically safe, with few natural disaster risks.
English is so commonly spoken in this former-British colony that you’d never have to learn the local language (in fact, the locals even speak English among themselves).
It’s also incredibly safe, with low crime rates overall and less violent crime than other European countries of similar size. It was ranked in 2023 as the third safest country in the world for tourists.
The food is light and fresh, most recipes an exotic mixture of Greek and Turkish heritage, with fish and salad served at every meal. Local farming ensures fresh produce, plus cheese, bread, olives, olive oil delivered to market daily, translating to a healthy and affordable life. After all, the Mediterranean diet is scientifically proven to be the healthiest in the world.
The traditional Turkish teas and strong Greek coffees are aromatic and enjoyed with relish at every opportunity, and the tradition of tea or coffee breaks several times a day is both alluring and refreshing.
There are festivals and events all throughout the year, celebrating everything from food and drink to history and culture to endangered sea turtle hatchlings. The most famous music events, for example, include the International Bellapais Music Festival, the North Cyprus International Marathon, and the Kyrenia Jazz Festival.
And with the vast Mediterranean on all sides, water sports are plentiful, with scuba diving, boating (with marinas never far), and fishing among the top pastimes. On the island, enjoy hiking, biking, and golfing in addition to the sun-sand-sea combo the local beaches offer.
Aside from hiking the famed mountains here, you can tour the ruins of historic castles throughout the hills, among them Buffavento, Kantara, and St. Hilarion, said to have inspired Disney’s “Snow White” castle.
To top it off, life—and real estate—is as affordable as it gets in Europe. Enjoy a healthy meal and a cold glass of wine for just 10 euros a person, for example…
Rental properties in the region project returns of around 8% to 12%, with close to 90% occupancy, and capital gains have shown to be a 100% increase in average property costs over the past three years.
We’ve identified a couple of exciting turn-key opportunities that have just come on the market from a trusted developer we’ve been working with for the last few years…
In East Kyrenia on the northern coast, two sprawling residential developments just minutes’ walk from the beach offer the height of luxury, with restaurants, breathtaking views, and pretty much any amenity you could imagine wanting from a Mediterranean island resort. One offers a championship 18-hole golf course, the other a host of spa features, including a meditation and wellness center.
The location of these residential resorts is super convenient, just about 15 minutes from Kyrenia, a charming Byzantine harbor city with a fortified castle dating to the 7th century. Said to have been founded by two veterans of the Trojan War, this is the tourism capital of North Cyprus, offering spas, casinos, and beach resorts for all demographics.
With its old harbor and seafront castle, the old town is one of the most charming destinations in the region.
And they’re only about 30 minutes to Famagusta, perhaps my favorite city on the island.
Famagusta is spectacular. This walled city is as much a sightseeing haven as a residential district, with a lively nightlife as well as lots to keep you busy with during the day. It reminded me of Valletta’s old town in Malta, but was much more of a “real city.” Valletta’s walled city doesn’t have a whole lot going on once business hours have passed, but Famagusta is a walled city that is as contemporary as it is ancient.
Famagusta dates to the Medieval era and gained wealth over the centuries to the point that by 1300 it was one of the richest cities in Christendom. By the mid-14th century, Famagusta was said to have the richest citizens in the world.
Back then, wealth was measured by the number of churches you had, so the city built churches. Sometimes called the city of 365 churches, legend has it that at the city’s height, it had a church for every day of the year. To this day the old town is known as the church district.
Famagusta owes its historic wealth to having the deepest harbor in the region, one of the reasons the British singled the city out during their reign, as well. From the start, it had been targeted for development with the Famagusta Development Act, and after WWI, the city’s shipping traffic had increased and it began to rival Larnaca.
Famagusta is now the most important port in Northern Cyprus, accounting for much of its shipping and travel, as well as a significant amount of tourism.
Nicosia, the capital, is also about 30 minutes inland.
All of these cities offer first-class hotels, restaurants, casinos, marinas, museums, and shopping, along with excellent medical care and all modern conveniences.
Along with my own family, many LIOS readers have already purchased in Northern Cyprus, and if you’d rather not navigate the market for yourself, these completely hassle-free developments offer an easy foothold in the market, whether for personal use or for pure investment. I was sold as soon as I toured the sites in person… Find out more here.
Bonne route,
Kat Kalashian
Editor, In Focus: Europe
