Kyrenia : The Jewel of the Mediterranean for
Real Estate Investment

Kyrenia, often referred to as Girne in Turkish, is a picturesque port city on the northern coast of Cyprus. With its captivating harbor, historic castle, and a backdrop of jagged mountains, Kyrenia is not just a tourist hotspot but also a prime location for real estate investments.

Historical and Cultural Significance:

Kyrenia‘s history is as deep as the blue waters that surround it. The city’s harbor has been in use since the Bronze Age, and the Kyrenia Castle, which dominates the harbor, has Byzantine, Venetian, and Ottoman influences. The city is also home to the ancient shipwreck museum, showcasing a ship from the Hellenistic period.

Why Invest in Kyrenia’s Real Estate?

  1. Prime Location: Kyrenia’s coastal location offers properties with breathtaking sea views. Its proximity to both the mountains and the sea provides a unique setting that few places in the world can boast.
  2. Diverse Property Options: From luxurious villas on the outskirts to modern apartments in the city center, Kyrenia offers a wide range of properties to fit different investment goals.
  3. Tourism Hub: Being one of the most visited cities in Northern Cyprus, there’s a high demand for rental properties, especially during the tourist season, ensuring a steady rental income for investors.
  4. Growing Infrastructure: With continuous development in infrastructure, amenities, and public services, Kyrenia promises a comfortable and modern lifestyle.
  5. Cultural Events: Kyrenia hosts various cultural and arts festivals annually, attracting artists and performers from around the world. Such events boost short-term rentals and increase the city’s global appeal.
  6. Educational Institutions: Home to several universities, there’s a consistent demand for student housing, making it a lucrative segment for real estate investors.

Popular Areas for Investment:

  • Kyrenia Center: The heart of the city offers a blend of residential and commercial properties. The harbor area, in particular, is a prime spot for cafes, restaurants, and boutique hotels.

  • Bellapais (Beylerbeyi): Known for the historic Bellapais Abbey, this area offers luxury villas with panoramic views of the city and the coastline.

  • Ozanköy & Çatalköy: These neighborhoods are sought after for their serene environment, sea views, and proximity to the city center.

  • Esentepe: Located east of Kyrenia, Esentepe is popular for its golf courses and beachfront properties. The area has seen significant real estate development in recent years, making it a hotspot for investors.

Conclusion: Kyrenia, with its enchanting beauty and strategic location, stands out as a top choice for real estate investment in Northern Cyprus. Whether you’re eyeing a vacation home, a rental property, or a long-term investment, Kyrenia offers promising returns and a Mediterranean lifestyle that’s second to none.

Kyrenia Real Estate Statistics for 2023

  1. Average Property Price: €2,300 per sq.m.
  2. Yearly Price Change: +5.4% (compared to 2022)
  3. Rental Yield: 4.8%
  4. Average Monthly Rent: €1,100 for a 50 sq.m. apartment
  5. Most Popular Areas: Bellapais, Esentepe, and Lapta
  6. Least Expensive Areas: Karaoğlanoğlu, Alsancak, and Çatalköy
  7. Types of Properties in Demand: Villas and apartments with sea views, especially those near the harbor.
  8. Foreign Buyer Interest: High, particularly from the UK, Russia, and Scandinavian countries.
  9. Factors Driving the Market: Tourism growth, improved infrastructure, and increased foreign investments.

Kyrenia, with its picturesque harbor and historic sites, continues to be a major attraction for both tourists and property buyers. The demand for properties with sea views, especially near the harbor, is particularly high. The city has seen a steady increase in property prices, driven by tourism growth, improved infrastructure, and foreign investments.

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