Cyprus holds a strategic location as the third largest island in the Mediterranean Sea, positioned at the crossroads of Europe, the Near and Middle East, Asia, and Africa. It has been a center of successive civilizations and trading nations for over 2000 years.
The economy of Northern Cyprus shows growth
The real GDP growth rate in 2022 was 13.3%. By the end of 2023, GDP growth in Northern Cyprus was 2.3%. The gross national product per capita in 2022 reached $14,636 (the highest in recorded history).
For comparison, GDP per capita in other regions in 2022:
- EU: $33,962
- UK: $45,850
- Republic of Cyprus: $31,459
- Russia: $14,665
- Northern Cyprus: $14,636
- Turkey: $10,655
- Iran: $4,388
- Global average: $13,330
The population of Northern Cyprus is steadily growing
By the end of 2022, the permanent population of Northern Cyprus reached 400,000 people. At the same time, according to independent estimates, the actual number of residents, whether temporary or permanent, living in Northern Cyprus is around 700,000 people.
Key factors contributing to population growth:
- High net migration: The country is chosen for permanent residency by residents of other countries.
- High life expectancy: 79 years for men and 83.1 years for women.
- Higher birth rates compared to most European countries.
- Low mortality rates.
Why choose Northern Cyprus for living or investment?
- Climate: 330 sunny days per year, favorable year-round with a winter duration of just 2 months. Winter daytime temperatures average 15-17 degrees Celsius.
- Nature: Sun, beautiful landscapes, fresh air, and clean sea.
- Legalization: Easy path to obtaining residency through property purchase or rental. Additionally, legal residency is possible with a work or student visa.
- Easy adaptation: Majority of the population and civil servants speak English; Russian is also widely spoken.
- Affordable real estate: Options include apartments starting from £39,000 with unique installment plans.
- British/American education: 23 international universities offer various programs at affordable prices.
- Safety: Almost zero crime rate; no refugees, and financial solvency must be proven for residency. Offenders may be deported from the island for theft or other offenses.
- Iskele Long Beach: Ranked #1 for waterfront property purchases by Forbes 2021.
- Northern Cyprus: Ranked #4 among the best places in the world for retirement.
The residential real estate market in Northern Cyprus in 2024 is characterized by:
- 80+ developers
- 220+ residential complexes under construction
- Over 80 complexes launched in 2023, with more than 15 since the beginning of 2024
- 30,000+ units under construction, of which 37% are expected to be completed by 2026
- 9,000+ units available for sale
- Annual price growth dynamics of 10-25% depending on the residential complex
- Rental yield of 5-7% per annum