Why property in North Cyprus is so cheap?
North Cyprus is the most beautiful part of Cyprus, it has miles and miles of unspoilt sandy beaches and breath taking mountain views. North Cyprus is Spain 30 to 40 years ago. Anyone buying now is getting into the North Cyprus Property market in its early stages. The properties are so affordable at the moment. If you compare the price of property with that in South Cyprus you find that properties sometimes only a few miles from each other, one on the South side of Cyprus the other on the North have a price differential of 3 or 4 fold. Yes, that is correct; property on the North side is 3 to 4 times cheaper than on the South side. Even though UK or EU passport holders can travel freely around any part of Cyprus. So you can fly direct to Cyprus and stay or live on the North side.
The big question is, how has this situation arisen? The answer is not a simple one, but continue reading and you will learn all the facts.
Why North Cyprus Property is so Cheap - You Cannot Fly Direct to North Cyprus.
Well this is true, at present you cannot fly to Ercan, North Cyprus’s main airport. You fly to Turkey, land, wait on the airplane for 30 – 45 minutes and then continue your journey to Ercan, North Cyprus. This adds about 90 minutes onto the flight time. However, you can fly direct to Larnaca or Paphos on the South side and as you can pass freely through any of the checkpoints between North and South Cyprus it in practice means that you can fly direct to North Cyprus. The South side tries very hard to keep this a secret, there are no signs anywhere on the south side giving direction to any of the checkpoints. You should also know that companies like Monarch and flyglobespan have introduced cheap flights to Larnaca
Why North Cyprus property is so cheap – Mortgages in North Cyprus
This is probably the single most important reason as to why property in North Cyprus is so cheap. Can you imagine what the UK property market would be like if there was no mortgage system? In North Cyprus there is no well established mortgage system. However in April 2008 the situation improved and a new lender entered the market. See under the heading mortgages for more details.
Why North Cyprus property is so cheap – North Cyprus is a emerging property market
The North Cyprus property market was not ready for the boom in property that took place in 2004. Mistakes were made and the legal system was not ready for it. However, since then the Turkish Republic of Northern Cyprus is getting its act together. As an example take the passing of a law that meant as from 2nd January 2008 it became compulsory to register you contract against the deeds, this gives a great deal of added security that was not possible before.