Forbes, a prominent American business magazine, has once again featured Northern Cyprus as the leading destination in its recent article titled “5 Affordable Places to Buy Property Abroad in 2024.” This recognition comes as part of Forbes’ ongoing acknowledgment of Northern Cyprus as an attractive location for property investment.
The report advises potential buyers to explore opportunities beyond U.S. borders, highlighting dynamic markets that offer residency permits and incentives for investments surpassing certain thresholds. These markets are particularly appealing due to their affordability in comparison to the U.S., where the average listing price per square foot can reach highs of $221.
Northern Cyprus is specifically highlighted in the report for its extensive sandy beaches, abundant sunshine, exquisite cuisine, and welcoming locals. The historical tension between the north and south of Cyprus had previously led to a focus on tourism and development in the southern region. However, improved relations have now resulted in thriving business on both sides of the border.
This shift presents a promising opportunity for real estate investors and those seeking to purchase a home abroad, as property prices in Northern Cyprus remain affordable despite the booming real estate industry and the potential for massive profits. The region is on the brink of a tourism boom, leading to the emergence of new hotels, casinos, golf courses, and luxury marinas.
It’s noteworthy that this is not the first time Northern Cyprus has been featured by Forbes, further solidifying its status as a recurring highlight in the magazine’s coverage of attractive property investment destinations. Currently, property in Northern Cyprus, especially in pre-construction developments, is highly affordable. Additionally, real estate transactions in Northern Cyprus are conducted in British pounds, and with the pound predicted to depreciate against the dollar in 2024, U.S. dollar holders may experience increased bargaining power.
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