The history of property development in North Cyprus

The history of real estate development in North Cyprus is marked by political and social changes. Since World War II, North Cyprus has become a popular destination for real estate development and investment.

In the 1950s and 1960s there was a wave of immigration movements from Turkey to Northern Cyprus. This created a demand for housing and many new housing areas were built to accommodate the increasing population. This housing boom led to the emergence of districts such as Lefkoşa, Girne and Famagusta, which are now considered the largest cities in Northern Cyprus.

The 1970's saw the start of the development of holiday apartments and houses in North Cyprus. This was due to the increasing popularity of North Cyprus as a tourist destination. This development led to the creation of popular resort areas such as Alsancak, Esentepe and Bellapais, which today attract many tourists and second home owners.

During the 1980s more hotels and resorts were also built in North Cyprus to meet the increasing demand for tourism accommodation. This led to the emergence of popular resorts such as Kyrenia and Famagusta, which are now considered the centers of tourism in North Cyprus.

The 1990s and early 2000s were marked by political changes that affected real estate development. The imposition of sanctions by the EU and the US led to restrictions on investments in Northern Cyprus. Nevertheless, real estate development in North Cyprus has continued and more and more residential and holiday properties have been built.

The recent history of real estate development in Northern Cyprus has been marked by an increase in investment by foreign investors. There is an increasing demand for property in North Cyprus, particularly for residential and holiday properties. This has led to an increase in property prices in certain areas. While some areas like Kyrenia and Famagusta are still considered very popular and therefore expensive, there are also areas like Iskele and Bogaz where property prices are still affordable.

Property development in North Cyprus has also resulted in an increase in the number of resorts and residential complexes being built, offering luxury facilities and amenities. These developments are particularly attractive to foreign investors and buyers looking for quality property in North Cyprus.

Another important element of property development in North Cyprus is the regulation of holiday rentals. In recent years the Government of North Cyprus has taken steps to improve and control the regulation of holiday rentals. This has contributed to some stability in the real estate market and improved the quality of the accommodation on offer.

Overall, the history of property development in North Cyprus has shown that despite political and societal challenges, there has been progress and growth. Thanks to the natural beauty, pleasant climate and affordable real estate prices, North Cyprus remains an attractive place for real estate investment and development. BelleReve Properties, as one of the leading real estate agents on the island, offer their clients a full range of property options and assist with all questions and concerns related to property in North Cyprus.