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Investments in foreign real estate

The question of preservation and multiplication of capital today is more acute than ever. Events and changes taking place in the world affect not only the price level, but also the confidence in the future. Against this background, investing in real estate is a reliable option for investment, allowing you to create a kind of financial “safety cushion”.

At the same time, investment in foreign real estate is considered by many as more stable and profitable, which is generally confirmed by statistical data.

The North Cyprus real estate market is rapidly gaining momentum. With the growth of infrastructure and construction, real estate prices are growing. Even 7 years ago buyers could buy a studio apartment for only 22 900 pounds, and now the same apartments cost a minimum of 89 000 pounds. Accordingly, for 7 years, buyers who had time to buy real estate in North Cyprus won more than 250% of the original cost. Especially this rise in prices has a positive impact on investors who have already turned their attention to North Cyprus and its potential.

It is worth noting that this is not the limit and prices continue to rise, so new buyers still have a chance to buy an apartment and later resell it profitably or rent it out. The average payback of real estate through rent from 11 to 13 years. For comparison in Spain, the payback of apartments more than 15 years.

Below we give real statistics and analysis of the real estate market in Northern Cyprus

 

Statistics on the value of real estate and its profitability in the long-term rentals

Alsanjak 2 +1 (85 m2)

Year Cost (GBP) Rent (GBP)    Payback (years)
2015 51,000 300 13
2016 53,000 340 13
2017 56,000 380 13
2018 60,000 400 12
2019 64,000 430 12,5
2020 64,000 450 12
2021 65,000 480 11
2022 77,000 600 11
2023 82,000 700 10

Iskele 2 +1 (85 m2)

Year Cost (GBP)   Rent (GBP)  Payback (years)
2015 49,000 320 13
2016 53,000 350 12
2017 57,000 380 12,5
2018 62,000 410 13
2019 65,000 430 13
2020 68,000 450 13
2021 72,000 500 12
2022 77,000 800 8
2023 89,000 1000 7,5

The UAE real estate market, like the country’s economy as a whole, has in recent years overcome its dependence on the dynamics of oil prices by developing other industries such as tourism, transportation, finance and services. Between 2002 and 2008, residential real estate prices in Dubai almost quadrupled, then fell sharply due to the impact of the global financial crisis. In 2012-2015, the UAE market actively recovered – housing prices rose by an average of 20% per year. Then the real estate market entered the growth phase again.

With the onset of the global COVID-19 pandemic in 2020, housing values in Dubai declined as a result of a significant decrease in tourist arrivals as well as the departure of skilled expats working in the hospitality, airline and marine transportation industries. Since the borders have reopened, the UAE real estate market has been actively recovering.

Real estate value graph:

According to Turkish real estate valuation analytics platform Endeksa, as of the end of July 2023 in Turkey, the annual increase in housing prices is 90% in the national currency, the Turkish Lira. The average price per square meter of housing in Turkey was 19,500 Turkish Liras ($723 as of July 2023 at an exchange rate of $ 1 = 26.7 ₤), the average price of one residential property was 2.535 million Turkish Liras ($ 94 thousand), and the average return on investment in housing – 16 years.

 

The growth rate of rental values is increasing following the housing prices: in July 2023, rent in local currency rose by 8.9% in July 2023 compared to the previous month, and relative to July 2021, the increase amounted to 141%.

Comparison of real estate prices in Turkey

Location Median value of the property Average price per m²
Turkey €269 000 €3 116
Istanbul €343 000 €3 564
Antalya €189 000 €2 729
Alanya €176 000 €2 550

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How the cooperation will take place

We receive a request from the client to select a property according to all their wishes and budget. We send the client all detailed information on each property.

Once the client has decided on a property, we organize an online viewing of the property and negotiations together with the developer. During this meeting we discuss all detailed questions about the amount of payment, payment terms and so on.

The client has chosen an apartment or villa and is determined to buy it, the property needs to be booked. For this purpose, a corresponding contract is concluded. The object is not put up for sale for a certain period of time, the price of the object is also fixed, so the price will not change in the future. A deposit is paid, the amount depends on the object and the developer.

If the client buys an apartment at the construction stage, the payments are made gradually, usually 30% of the first installment, then according to the schedule established in the contract.

A deposit can also be arranged, and after arrival in North Cyprus, the client will be able to execute all the documents for the purchase of the property in person.

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