North Cyprus

Property Management

Investing in property in North Cyprus is well suited for this task need for Property Management. The economy of Northern Cyprus is dominated by the services sector (69% of GDP in 2007) which includes the public sector, trade, tourism and education. The revenues gained by the education sector in 2011 was $400 million and Industry (light manufacturing) contributes 22% of GDP and agriculture 9%. The economy of Northern Cyprus is based on a free market approach that it became the top country in Europe in entrepreneurial intent to start a new business in 2014.

Economy

Tourism is considered as one of the driving sectors of the Turkish Cypriot economy. The country received over 1.1 million tourists in 2012 when hotels and restaurants generated an income of $328 million and constituted 8.5% of the GDP. Accommodation and catering created more than 10,000 jobs in the same year. The tourism sector has seen great development in the 2000s and 2010s with the number of tourists more than doubling, increased investment and hotel construction; official estimates of income derived from tourism were around 700 million US dollars in 2013 and the total bed capacity was estimated to be around 20,000.

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Kyrenia

Kyrenia is considered the capital of tourism in Northern Cyprus with its numerous hotels, entertainment facilities, vibrant nightlife and shopping areas.In 2012, 62.7% of the visitors in Northern Cyprus stayed in the Girne District during their visit.Out of the 145 hotels in Northern Cyprus, 99 were in the Girne District in 2013.

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Famagusta

Famagusta has long been famous for its miles of sandy beaches that Some beaches are owned by hotels and have an entrance fee. There are various beaches with beach bars, sunshades and sun loungers. The beaches are safe with some great spots for swimming and snorkeling.

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Tourism

Northern Cyprus has traditionally been an attraction for beach holidays that partly thanks to its reputation as an unspoiled area and Its mild climate, rich history and nature are seen as sources of attraction. A significant sector of ecotourism has been developed in Northern Cyprus, as tourists visit it for bird watching, cycling, walking and observing flowers in the wild.It is praised for its relative safety and especially for the Karpass Peninsula, its well-preservation.

The peninsula is home to several sorts of tourism: it hosts the Bafra Tourism Area as a center for beach-goers, where four luxurious and large hotels were built until 2014, several facilities and regular festivals that highlight its rural qualities and exhibit local traditions, a remote natural park, the Kantara Castle attracting sightseers and a marina that was built to host international yachts and boats, along with large facilities.

Casino tourism has also grown to become a significant contribution to the economy in Northern Cyprus. They were first opened in the 1990s, and have since become very popular with visitors from Turkey and the rest of the island where casinos are banned. This has led to huge investments in the casino sector.

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Investment

Property Management

Non Cypriot Europeans have been investing in real estate in Northern Cyprus for many decades – ever since the British took over as the colonial rulers of Cyprus in the 1890s!   The British stamp on the whole of Cyprus is still unmissable: cars drive on the left, English is an official language, all the road and street signs are in English as well as Turkish (in the north).  There is generally a charming ex-colonial atmosphere at every turn – from the local Anglican Church to the legacy of charming former colonial buildings.  The pound sterling is the unofficial international currency with British pound notes being accepted currency in all shops and restaurants and all property is priced in pounds sterling.

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