New property developments in North Cyprus
Three key areas have emerged in the North Cyprus real estate landscape, in Esentepe, bogaz and bafra. The Esentepe/Tatlisu area has always attracted visitors for its natural beauty, however the area has recently gained popularity with the opening of the only 18-hole international standard golf course at the Korineum Golf and Country Club. This new golf course has been the catalyst for a wide variety of developments, all within easy reach of the manicured greens.
Just as the golf course has been integrated into the landscape, the best real estate agency in Esentepe does the same. The Serenity apartments in Esentepe are nestled amongst a pine forest, but also enjoy good views of the Mediterranean coast just 500 meters away. Each apartment block is offset from each other by the hillside so that each apartment has a clear view from its balcony.
North Cyprus property specifications are generally high, so you can really move in once the apartment is ready. Most properties have fitted kitchens, double glazing, ceramic tiles, fitted wardrobes and provision for water storage, plus shared use of on-site facilities. (The Pine Villas complex, for example, has a large community pool and a children’s pool for the 65 villas on site.) The property package includes white goods but no air conditioning, a must in the North Cyprus summer heat. Some properties offer only the plumbing or only install air conditioning in the master bedroom and living room. The elegant Art Deco apartments at Turquoise Bay Golf and Spa Residence feature air conditioning and standard appliances, plus all plumbing for central heating, another essential for year-round rental potential. The site boasts a range of amenities that are fast becoming ‘must haves’ in any new development in North Cyprus, including a choice of swimming pools, a gym and saunas, plus a restaurant (or, elsewhere, a house resident club).
Bogaz was once a sleepy fishing village on the east coast of Northern Cyprus, enjoying a sheltered position just below the Karpaz Peninsula. It is now one of the most active development areas in the whole of North Cyprus. The Caesar Resort aspires to be one of the best comprehensive vacation resorts in the area. The list of on-site facilities should keep any vacationing family busy for hours; swimming pools, tennis courts, outdoor Jacuzzi, playground, fully equipped gym, spa and beauty salon, game room, outdoor movie theater and the list goes on. Bogaz’s proximity to the ancient ruins of Salamis and the historic walled city of Famagusta ensures that non-sun worshipers will enjoy their stay in the area, especially with easy access to the rugged terrain of the Karpaz Peninsula.
New properties for sale in Bogaz also have huge potential for year-round rentals thanks to the Eastern Mediterranean University, just a few minutes’ drive away, with 15,000 students and 400 teachers looking for a place to live. For those looking to invest in a new build villa in the Bogaz area of Northern Cyprus, Monarga Resorts offers spacious villas with terraces and luxury features such as Jacuzzis.
The third major real estate development area in North Cyprus is centered on the town of Bafra, north of Bogaz. Located right at the start of the Karpaz Peninsula, development here has been spearheaded by the Kaya Artemis Resort Hotel. This giant reproduction of the Temple of Artemis in Ephesus is an iconic five-star resort and casino, offering a massive 2,400-bed capacity for international conferences and tourists.
The ripple effect of this huge investment is already being felt throughout the Bafra region. The Thalassa Beach Resort in Bafra is being heavily marketed by one of the UK’s leading estate agents, Savills, and aims to cater to the luxury segment of the North Cyprus property market, a sure sign of confidence in future growth and area stability. Advanta Investment’s Bafra Beach Resort offers stylish apartments in elegantly designed blocks right next to the Artemis Resort itself, so rental clients are close to facilities without paying resort prices.
New property developments in North Cyprus are much more geared towards a holiday rental market than the retired expat market that villa developers formally favour. Leading property developers have moved into the North Cyprus property market with experience selling in Spain and other established resorts, bringing a more professional and skillful approach to selling. Turkish and foreign investment firms are investing heavily, including several from Israel, Cyprus’s closest northern neighbor to the east.
So, if the time is right to invest in foreign property, it is the right time to invest in property developments in North Cyprus, before prices rise to South Cyprus levels.