Northern Cyprus: Europe’s current hot spot
If you’re looking for Europe’s current hot spot to make your home in, then you’ll need to head to Northern Cyprus, which boasts over 300 sunny days a year. Cyprus itself is a fairly large island in the Mediterranean Sea and does not seem to have felt any effect from the current economic crisis affecting the rest of Europe. Investment in villas in Northern Cyprus continues as it stalls in the rest of the continent and ‘buy to let’ seems to be the answer as people love Cyprus and it has almost perfect weather all year round.
You’d be hard-pressed to find a better vacation spot in Europe at such great prices. This popular destination in Europe also boasts one of the oldest cultures to explore and today’s local population is very friendly. With those blue skies in mind, property investment in Cyprus has become one of the safest places to invest. You will also find a very safe environment to live in, as it has the lowest crime rate in the entire EU.
Northern Cyprus is ideal for short and long term gains so you need look no further for your next property investment. I was in Spain recently and was surprised at how many developments have come to a standstill, while in Cyprus you will see new cranes being installed every week. For “quick wins and I’m out of here” investors, I would recommend simply buying off plan and selling on completion, and this would result in net gains of up to 25%.
I had a mortgage in the UK until recently and I’m very glad I managed to pay it off, otherwise I would have been in trouble by now. You may be wondering how I did it and you won’t believe how easy it actually was. I invested in some villas in Cyprus about 3 years ago and then I was able to rent them an average of 15 weeks a year. This covered the mortgage payments and I was able to invest in 2 more villas over the next few years. All the extra income has helped me pay my mortgage in the UK and I also have 3 villas which have almost doubled in price.
As the new construction market takes off and continues to grow, the resale market gets a bit of flak, so be prepared to score some bargains as a good long-term investment option. An average 3-bedroom, 2-bathroom villa with pool and sea views can be had for as little as £120,000. Always offer around 15% below the asking price and you’ll be surprised how many people will take it.
