Hi all,

Just thought I d post a recent atricle of many about the boom in north cyprus thats been happening!!

Northern Cyprus: Investment Potential 2007
Northern Cyprus, one of the Mediterranean’s few remaining secrets, is proving to be one of the most exciting markets in Europe for property investment; significant property price growth is predicted for the medium term, impressive levels of investment and the numbers of potential investors looking to enter the country are at an all time high, income tax, import duties and corporation tax are all exempt, and there is little or no council tax. The country indicates promising potential as a lucrative property investment destination.

Tourism figures have accelerated in Northern Cyprus since 2000, with arrival numbers rising from 146,142 to 164,783 during the first three months of 2006, representing a 12.75% increase, and arrivals between 2002 and 2006 registering an average annual increase of 6.2%. Occupancy rates increased from 17.5% to 23.8% in the first quarter of 2007, as reported by the Central Bank of Turkish Republic of Northern Cyprus (TRNC).

Northern Cyprus has seen impressive economic performance in recent years, with growth recorded at around 10.6% in 2006. During the period 2003 to 2007, the country’s economic "Property prices have significantly augmented during the past 3 years"growth averaged between 10% and 11% per annum; with 11.4% in 2003, 9.6% in 2004 and 10.6% in 2005, according to the CIA World Factbook.
Foreign investment is actively encouraged with no restrictions in any sectors. Private property rights are guaranteed by the government with equal rights for both natural residents and foreign nationals. Northern Cyprus second largest trading partner, the European Union, comprises 22% of total imports and 27% of total exports, and the country’s closely linked financial system to Turkey’s strong economic presence has shown a stimulating effect on foreign property investors.

Investment into the Northern Cyprus property market has been consistently strong with all indications forecasting a long-term upward trend. Property prices have significantly augmented during the past 3 years due to the influence of the increasing numbers of foreign investors present in the property market. However, prices still remain as much as 50% below property values in the south of the island, presenting incredible capital growth potential as the North converges with the South.

This promising growth in terms of return on investment, particularly when compared to other property markets within the EU and UK, is increasingly attracting significant attention from overseas property investors. The country is currently enjoying a boom in property investment as prospective growth indicates significant return on investment over the next decade.

See ya D