What’s new in Kyrenia Property?

As many international investors move away from cities such as Istanbul and other Middle eastern property investment areas, peaceful and secure Kyrenia has become a hot property, boom town – with most new off plan projects selling out well before completion and new property prices soaring. In addition, new luxury restaurants, casinos and spa hotels, as well as shops and new schools and businesses, are fast appearing, both in the centre of Kyrenia and nearby. The new Elexus Hotel with luxury international restaurants to suit all tastes is really worth a visit just 20 minutes’ east of the city.

Love it or hate it, as a result of this demand there are some really interesting and unusual new city centre apartment complexes being created, offering a completely new standard of excellence, luxury and facilities for a Kyrenia apartment owner. Many of these now rise to 10 storeys with fabulous panoramic views from the upper levels. One example is the fabulous new Pearl Apartments, Pre-74 Turkish Title complex, set in the heart of Kyrenia close to the well-known Pia Bella Hotel and a walking distance to the harbour. The prices are much higher than even a year ago – with one bedroom units starting at £68,500 and two bedrooms at £90,000 – a price which a year ago would have purchased far larger “older style” properties. Yet included in the new price is video intercom, close circuit TV, onsite staff, private parking, children’s area, swimming pool, gym, the highest standard of construction and much much more. When viewed, one realises that just searching by number of bedrooms on Rightmove simply does not do justice to the huge variations of quality currently available in the Kyrenia property market.

Your investment – is Kyrenia property for you? If you are not a lifestyle property buyer, but are an investor who wishes to receive rental income in the immediate or longer term future, then there is no doubt that you need to purchase a city centre, or close to city, property. Your future tenants will most likely need easy access to work in the city OR be close to a North Cyprus University, as there is great letting potential to students in one of the 9 English speaking North Cyprus Universities. One option for you is to purchase a Kyrenia apartment or villa – or a Kyrenia property in a village right next to the city.

You may be wise to consider buying in the developing villages close to Kyrenia – where prices are still more reasonable but are likely to rise soon and where apartments are still in walking distance to shops and restaurants. Our brand new Ottoman style apartments in Ozankoy, as well as the fabulous Olive Mills apartments in Alsancak are two options in the immediate “central belt” area around Kyrenia, which can still let out to tenants working in Kyrenia or nearby, yet still offer lifestyle value too for vacation or holiday lets.