The move from Europeans to the Mediterranean for housing has made the Turkish Republic of Northern Cyprus (KKTC) the most preferred country.

The pandemic and the Ukraine-Russia War have caused significant changes in the global real estate market. Buyers from Northern Europe have shifted their preferences to Mediterranean countries. The Turkish Republic of Northern Cyprus stands out as a preference in housing purchases, with the depreciation period for real estate in the country decreasing to 10-12 years.After the pandemic, as in many sectors, property purchasing preferences have changed. The impact of the Russia-Ukraine War has led global buyers to show intense interest in Mediterranean countries. Especially Russian and Ukrainian investors have accelerated property purchases in warm and economically favorable regions like Turkey and the Turkish Republic of Northern Cyprus (KKTC).

Interest in Foreign Real Estate among Turkish Investors

Foreign property acquisition has attracted the attention of Turkish investors in recent years. Dara Altunyay, the CEO of The Best Invest, a company bringing investors from Turkey, KKTC, Azerbaijan, the Netherlands, Germany, Belgium, Iran, and the Russian Federation together with construction firms since 2016, emphasized that the interest of Turkish investors in foreign real estate investment is increasing every day, motivated by the desire to earn rental income in foreign currency.

Shortened Depreciation Period

Highlighting the decrease in the depreciation period to 10 years, Altunyay said, "In KKTC, where 10,000 homes were sold last year, the real estate market amounts to a total of 400 million pounds. While the normal depreciation period for a property is 18-20 years, we can see that this figure has decreased to 10-12 years in Northern Cyprus."Altunyay, in a statement to a group of journalists, mentioned that the region where more than 40 nationalities have purchased homes has seen a 40% increase in property value in comparison to the previous year, with the construction of 20,000 new homes.

Rapid Increase in Rental Values

Altunyay stated, "In addition to rental values, property values are also experiencing rapid growth. We anticipate that a property purchased for £80,000 in 2024 could reach £117,000 by early 2025. The region's advantage of increasing both rental income and property value year after year attracts the interest of many Turkish and foreign investors."Altunyay noted that investors from Europe and Asia, in addition to Turkish investors, have shown significant interest in the region. He also mentioned recent discussions regarding a study on 'property-land sales to Jews.' Altunyay highlighted that they connect foreign investors with properties in Turkey and pointed out that investors from abroad particularly buy real estate in Antalya, Istanbul, Mugla, and Izmir.

The Best Invest is Growing

Altunyay stated that their company consistently shows an average growth rate of 50% each year and that they have maintained this rate in 2023. He expressed their goal to elevate the investor network they reached in 2024 without experiencing any losses. Shaping their vision to expand into different geographies based on the results obtained, Altunyay mentioned their plans to expand the sales network and open offices in Europe, West Africa, and the Middle East in the near future. In this context, he revealed their plan to be active in the region with the opening of a new office in Montenegro shortly.