This renovation project sits on a one donum plot, (1338m²) of Turkish title land. On the edge of the Karpaz village of Kaleburnu on the South side of the Karpaz Peninsula. Much of the land in this area has strictly enforced restrictions on building in order to protect this area of outstanding natural beauty. For this reason it is very rare that an opportunity such as this becomes available. The existing building was built in 1946 and is in need of total renovation. There is a road to the property and electricity supply close by, this, coupled with its Turkish Title Deeds, makes it an extraordinary buy and we expect strong interest in this one off investment opportunity. This really is an opportunity that should be high on the shortlist for any serious investor.
The Region
The Turkish Republic of Northern Cyprus is one of the few remaining “undiscovered” places of the Mediterranean. It has a diverse abundance of outstanding and unspoilt natural beauty from the crystal clear waters and golden sandy beaches to the heights of the pine clad mountains and Crusader Castles. With exemptions on income tax, import duties, corporation tax and very low council tax North Cyprus is a property investors’ haven. The past three to four years has seen an increase in foreign investment where we have seen investors from Russia, Israel, Turkey and the UK buying into land and large scale developments. With prices around half of that in the south of the island the potential for growth is considerable and real.
Although there is an increase in the amount of development going on it is being strictly regulated by the government which is wary of degrading the coastlines and natural beauty of the country with ill-conceived construction projects. Developers are being forced to take the natural surroundings into consideration in order to maintain the integrity of the natural setting. Despite the recent price hikes in the North Cyprus property market, it still offers investors great opportunities to buy real estate at very competitive prices.
One such area is the Karpaz region. The Karpaz Peninsular is at the northern most tip of Cyprus, pointing out towards Syria and Turkey. The region has strict regulations on development and is a protected wildlife sanctuary where rare turtles lay their eggs on the golden sandy beaches, in excess of 300 species of birds pass through every year as they fly along one of the main migratory routes. Wild flowers are in abundance and the landscape is distinct from the rest of the island. It offers a haven of tranquillity for those who wish to explore the ancient monuments, walk or cycle on the mountain tracks or just relax on the beautiful beaches.

If any single addition could add value to an investment here it would be a yacht marina and that is exactly what has been approved and is under construction on the north coast close to Yenierenkoy. Due for completion on mid 2011 it is designed to offer over 300 berths as well as the capacity to moor 65m super yachts. Coupled with the developments at Bafra this area does offer excellent investment potential