Why Invest in Northern Cyprus?

Why Invest in Northern Cyprus?

Northern Cyprus has become an heaven for investors within the last year (2004), because:

• World wide diplomatic sanctions are set to be lifted and trade travel embargoes removed.
  
  
• The EU has pledged 259 million Euros in aid for Northern Cyprus,to fund improving the country`s infrastructure ,enabling greater foreign investment, and preparing the country for the forecast growth in tourism.
  
  
• A new airport (Ercan) opened in May 2004 which will enable planes to fly directly to North Cyprus for the first time since 1974 once the travel embargo is lifted. This will conservatively lift the annual tourist numbers from 433,000 to 2 million people per year over the next five years. This is still below the current level of 2.3 million people visiting Southern Cyprus per year.

Comparison of the two sides of the island:

• According to UN estimates, Northern Cyprus needs to build a further 30,000 villas within the next three years. The current rate is 500-1000 per year, showing a large opportunity to meet demand.
  
  
• Current land prices in Northern Cyprus are approximately 25% and resale vill prices approximately 30-40% of those in the south of the island. Southern Cyprus property prices are, in turn, considerably cheaper (30-40%) than other major Mediterranean countries with similar climates such as Spain and Portugal.
  
  
• Business practices in Northern Cyprus are very similar to the UK, using the same legal system, currency and language.
  
  
• A superb Mediterranean climate, averaging 340 days sunshine a year.
  
  
• Sensible and forward planning strategy at government level including policies of banning planning permission on any development over two storeys high or within 100 metres of the beach.