Villas in North Cyprus

When the building boom really began in North Cyprus back in 2004 there was an influx of those buying apartments and villas in North Cyprus off plan for property investment purposes. Now that these properties are finally coming to completion, 2006 has seen a surge in the numbers of tourists visiting the island seeking villas and apartments with pools to rent out.

Car hire businesses have reported that the majority of those they are renting to are staying in private homes, and even Northern Cypriot hoteliers have begun to complain that the numbers choosing to stay in hotels in North Cyprus has dwindled – so what does this mean for the island?

For those with investment property in North Cyprus this is obviously excellent news. As the demand grows for villas to rent so the potential client base they have to tap into broadens increasing their potential for profit and potentially increasing rental yield as well in the medium term. For tourism related businesses such as car hire firms etc., it has had no dramatic effect at all and businesses such as garden and pool maintenance companies have begun to see an increase in demand for their services

Naturally enough hoteliers are suffering and are having to price their accommodation packages more competitively and work harder to attract business.

The range of apartments and villas in North Cyprus to rent is vast with luxury grade property available and very basic accommodation possible to find as well. There have been a number of companies establishing themselves offering to manage investment properties and also companies working as agents and villa finding services for those hunting for a place to stay when they visit the island. Having tested a few on their response to both a simple and a complicated request for a villa to rent we can report that some are definitely better than others and it’s worth shopping around rather than committing to one company to either find you a place to stay or to find you visitors for your investment property.

Anyone thinking about buying a villa in North Cyprus with a mind to renting it out in the future should be mindful of the fact that while North Cyprus still awaits direct flights there will be a natural restriction in the numbers of those travelling to the island and that as more and more people buy investment property and in particular villas in North Cyprus to rent out there will come a time when even villa owners are fighting over tourism business!

Alternatives exist for villa and apartment owners such as renting properties out long term to those waiting for properties to be finished or to those who choose to live and work in Northern Cyprus but who for one reason or another do not own property here, or even letting a property out to the growing student base on the island. The latter prefer cheaper apartments to share while the former two groups of people tend to pay lower monthly rates than tourists but potentially provide a home owner with a more consistent income throughout the year.