Northern Cyprus, one of the Mediterranean's few remaining secrets, is proving to be one of the most exciting markets in Europe for property investment; significant property price growth is predicted for the medium term, impressive levels of investment and the numbers of potential investors looking to enter the country are at an all time high, income tax, import duties and corporation tax are all exempt, and there is little or no council tax. The country indicates promising potential as a lucrative property investment destination.

Tourism figures have accelerated in Northern Cyprus since 2000, with arrival numbers rising from 146,142 to 164,783 during the first three months of 2006, representing a 12.75% increase, and arrivals between 2002 and 2006 registering an average annual increase of 6.2%. Occupancy rates increased from 17.5% to 23.8% in the first quarter of 2007, as reported by the Central Bank of Turkish Republic of Northern Cyprus (TRNC).

Northern Cyprus has seen impressive economic performance in recent years, with growth recorded at around 10.6% in 2006. During the period 2003 to 2007, the country's economic "Property prices have significantly augmented during the past 3 years"growth averaged between 10% and 11% per annum; with 11.4% in 2003, 9.6% in 2004 and 10.6% in 2005, according to the CIA World Factbook.
Foreign investment is actively encouraged with no restrictions in any sectors. Private property rights are guaranteed by the government with equal rights for both natural residents and foreign nationals. Northern Cyprus second largest trading partner, the European Union, comprises 22% of total imports and 27% of total exports, and the country's closely linked financial system to Turkey's strong economic presence has shown a stimulating effect on foreign property investors.

Investment into the Northern Cyprus property market has been consistently strong with all indications forecasting a long-term upward trend. Property prices have significantly augmented during the past 3 years due to the influence of the increasing numbers of foreign investors present in the property market. However, prices still remain as much as 50% below property values in the south of the island, presenting incredible capital growth potential as the North converges with the South.

This promising growth in terms of return on investment, particularly when compared to other property markets within the EU and UK, is increasingly attracting significant attention from overseas property investors. The country is currently enjoying a boom in property investment as prospective growth indicates significant return on investment over the next decade.

Russian Billionaire Roman Abramovich Invests 30 Million Dollar project In North Cyprus. Sources close to The Russian Entrepreneur inform us that Roman Abramovich has been screening the property market for a while now with a view to viable property investments. On top of his list it seems is now Northern Cyprus! He has recently acquired a stake in a beautiful coastal development some 30 minutes to the east of the picturesque town of Kyrenia. Unconfirmed figures put this North Cyprus investment at $30m
ANKARA, August 21 (RIA Novosti) -- Russian billionaire Roman Abramovich, also owner of the Chelsea football club, is building a 225-villa "Chelsea village" worth $30 million in north Cyprus for wealthy Russians, a Turkish business paper said.
The paper said Abramovich began showing interest in the unrecognized Turkish Republic of Northern Cyprus three years ago. Last year, he bought a land plot in Arapkoy for $5 million and began building a cottage village there. The project is to be completed by the end of 2007.
The Turkish paper said Abramovich seemed interested in investing in the tourism business. In 2005, he bought the posh Istanbul Safisa Hotel in Antalya, which will be inaugurated later this year.

Last week, the businessman travelled around the Turkish mainland resorts of Bodrum and Marmaris, on the Aegean Sea, and Istanbul, the Turkish paper said.
The Turkish press also said Abramovich has bought an unfinished hotel, the Keyland, in Marmaris, and is interested in a land plot in the resort town of Kushadasy, on the Aegean Sea, which he is ready to buy for $350 million.
He is also planning to acquire a villa in the Bosporus Strait.

Couple win battle over Cyprus villa

The Orams bought the plot for their villa with savings of GBP160,000 A British couple have won a High Court battle over their dream holiday home in Cyprus.

David and Linda Orams successfully appealed against the registration for enforcement of two judgments of the District Court of Nicosia in the Republic of Cyprus. The judgments had been obtained by the dispossessed owner of the plot on which their villa was built in the Turkish-controlled north of the island.
The couple claimed they risked losing their home in Hove, East Sussex, if Mr Justice Jack's ruling had gone against them.

Mr Orams, 61, and his wife, 59, spent their GBP 160,000 savings on buying the plot in Lapithos and building the villa and pool.
They bought the land from the registered owner in accordance with the laws and land registry system of the Turkish Republic of Northern Cyprus (TRNC).
Cyprus, a former British colony, has been divided since 1974, when Turkey invaded the north in response to a military coup on the island backed by Athens.
Their counsel, Cherie Booth QC, had argued that the case raised a matter of fundamental importance for people who lived in the Turkish-controlled north in relation to property dealings.
Meletios Apostolides had insisted the plot of land was rightfully his

Afterwards, a statement issued on behalf of the couple said the judgment was a "total vindication" of their position.

It said: "It is a substantial victory in a battle by them to maintain and retain their retirement home and their home in England.
"The judgment allows others in the same position to invest in TRNC without the threat of enforcement of judgments rendered in the Republic of Cyprus in the EU."