Cyprus, the third-largest island in the Mediterranean region, after Italian Sicily and Sardinia, is increasingly attracting the attention of international property investors. There is a serious demand from Europeans, Balts, Iranians and Russians in the TRNC (Turkish Republic of Northern Cyprus).
The number of land plots for development in Northern Cyprus is limited, therefore, given the growing tourist flow and excellent climate, tourists rent short- and long-term housing, as there are no restrictions on obtaining a residence permit in the TRNC, unlike in Turkey. Therefore, many people move to the country with their family members, rent apartments, choose schools for their children, etc. So being a landlord is quite profitable.
So, Turkish developers have the opportunity to launch new projects in the TRNC. Turk Estate presented a large residential complex of 3,000 apartments. Buyers are in a hurry to purchase profitable residential lots, which are becoming more expensive by tens of percent per year.
Moreover, it is possible to buy not only cosy flats and lots in hotel complexes with upscale service, but also entire hotels.