Before the Cyprus Peace Operation, Varosha, despite being just a small corner of the island, single-handedly brought in 50% of the island’s tourism revenue with its fantastic beach and luxury hotels along its shores.
Devising strategies for the reopening of Varosha has been a long-standing subject matter between representatives of the TRNC and Turkey, a region frequented and invested in by many celebrities until 1974, including members of the British Royal Family and Sophia Loren. The reopening of Varosha is not the means to an end, but a fresh start for the inhabitants in the area and for investors.
There’s no denying that Varosha’s value and importance have made a name for the region worldwide. Thus, this news has grabbed the attention of many investors from around the world. All seasoned investors know very well that any investment in Varosha now will make a handsome profit in the near future.
While Cyprus’s growing population prefers living in Nicosia or Kyrenia, for holidays, Famagusta, İskele, and Karpaz have always been the preferred destinations. The value of property in Famagusta and Karpaz is always on the rise due to; its proximity to the seaside, ease of transportation and accessibility, and a more affordable cost of living when compared to Kyrenia and its vicinity.
Mindful investors know the value of the Famagusta and Karpaz region, which is why they invest in properties that are still under construction or incomplete, allowing them to buy properties for 30% cheaper. Once a house reaches completion and is ready-to-sell, it instantly increases in value, making more of a profit for the investor.
In Cyprus, property prices are often given in foreign currency. When talking about buying or selling a house, the currency in question is almost always the Great British Pound. Thus, it is unlikely that investments in Cyprus will be negatively affected by the increase in the value of foreign currency, and the exchange to Turkish Liras will certainly make a hefty profit in the local currency.
Despite there being no clear information regarding investments in Varosha, it is possible to invest in Cyprus and even the beautiful city of Famagusta that surrounds Varosha. These investments are more profitable than any other real estate investment made in any other country around the world, even Turkey.
If you want to invest in property or real estate in Cyprus, you must first conduct extensive research on the local company you wish to support you in your profitable endeavors. “Does the company you are thinking of investing in have unpaid cheques within the trade? “Do they have a history of court cases with their clients?” “Do they provide quality after-sales services in a reliable and regular manner?” are just some of the questions to which you’re going to want detailed answers before making your decision.