According to Forbes, in an era where property prices in the United States are skyrocketing, finding affordable real estate investments can feel like an insurmountable challenge. However, if you’re on the hunt for an affordable haven for housing investment abroad, look no further than Northern Cyprus. As reported by Forbes 5 Affordable Places To Buy Property Abroad In 2024, this hidden gem offers an astonishing 47% savings compared to the exorbitant US market. Let’s delve deeper into what makes Northern Cyprus an exceptional choice and how it effortlessly outperforms other options.
Northern Cyprus—Your Gateway to Affordable Living
- Average cost per square foot: $118
- Estimated cost of a 1,000-square-foot apartment: $118,000
Nestled within the enchanting Mediterranean Sea, Northern Cyprus beckons with its long stretches of sandy beaches, abundant sunshine, mouthwatering cuisine, and hospitable locals. Historically, tourism and development favored the southern part of the island, but today, a spirit of unity prevails on both sides of the border, creating a unique investment opportunity.
What truly sets Northern Cyprus apart is its unparalleled affordability. The region is on the brink of a tourism renaissance, characterized by the emergence of new hotels, casinos, golf courses, and luxurious marinas. Real estate prices remain remarkably accessible, especially in pre-construction developments where you can acquire property for even less than the quoted per-square-foot average.
Furthermore, the use of British pounds as the primary currency in Northern Cyprus could further enhance the deals for US dollar holders, particularly considering the projected depreciation of the pound in 2024.
Comparing Northern Cyprus to the Competition
To illustrate the exceptional value of Northern Cyprus, let’s juxtapose it with other countries on our list:
|Savings Relative to the U.S. Market
Without a doubt, Northern Cyprus stands as the front-runner with a staggering 47% savings, positioning it as an irresistibly attractive option for astute investors.