Luxury villa on Cape Karpas in Erenköy with three bedrooms

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Real estate in Northern Cyprus aimed at wealthy buyers offers luxury, comfort, original design solutions, the best materials, a complete set of furniture and household appliances, a promising area, and a reasonably high price. The requirements for a potential buyer’s financial solvency increase even more if he wants to buy a villa near the sea as close to the coastline as possible. Plenty of such objects are listed in public catalogs, but targeting a limited target audience reduces their popularity.

The opposite pole, if we talk specifically about resort real estate, is budget properties. They are intended for less demanding buyers, so they are not without some drawbacks. Sometimes, they are immediately visible; the developer includes them in advertising brochures but places no particular emphasis on them. However, more often, the disadvantages are kept a secret, and the buyer finds out about them only after the deal is closed.

From this point of view, few real estate projects in Northern Cyprus can be described as neutral. Such properties are directed at a wider audience. Their main distinctive feature is a balanced set of characteristics and a relatively low price (about 500,000 GBP). But even in this case, buyers who purchase the housing (apartments, villas, etc.) included in regular offers usually have to pay 2-3,000 GBP per square meter – and such conditions are typically considered a good deal.

We are happy to recommend the following real estate projects in North Cyprus:

A villa in Erinköy, just a few minutes from a cozy and equipped beach right at the entrance to Cape Karpas, is an unexpected exception to the rule. Its most significant difference from similar offers on the Northern Cyprus real estate market is its unusually advantageous combination of characteristics.

The villa prices start from 450,000 GBP (at the time of writing). Buyers and investors can choose among several layouts. The cost per square meter is just over 1,700 GBP, which is below average for real estate of this class. The project has already been put into operation, so you can immediately move into the new home after completing the transaction.

We want to emphasize that this project shows no signs of cutting corners. The developer used only high-quality materials, and the design is impressive – discreet, thoughtful, stylish, and moderately original.

Thanks to this combination of features, villas in Erinköy deserve the attention of potential investors and buyers looking for comfortable modern property and lucrative investments in Northern Cyprus.

Description of the area

The residential complex is located in an affluent and promising area, just a few minutes from the coastline. Notably, the owners of the properties are spared the disadvantages typical of resort towns: noise, high risk of petty crime, low-quality food products, shortage of usual infrastructural facilities, and shortage of transportation options.

The area has yet to be particularly popular among tourists. There are plenty of foreigners here, but these people represent a type that is entirely different from ordinary vacationers. Usually, they are digital nomads, downshifters, freelancers, and creative professionals. In other words, they are those who avoid noisy areas, feel tired of the rhythm of life in a big city, and want to relax in silence, comfort, and coziness. If you are also one of those people, you will be sure to find what you are looking for in this area.

Erenköy is one of Cyprus’s historical centers, the cradle of ancient civilizations. It has many interesting monuments, ancient ruins, and medieval cultural sites. Some of the streets of small towns and villages have been preserved in their original shape, so you can travel back in time and experience what ordinary life was like many centuries ago.

But Erenköy is not only an open history book. The area is gradually becoming an important tourist and resort center. The infrastructure is expanding, and sizeable foreign investment is pouring in. As a result, a unique situation has developed in Northern Cyprus’s real estate market, particularly in Erenköy. The entry threshold remains relatively low, but this will change very soon. Prices for apartments and villas, especially in the coastal area, are increasing, so the window of opportunity is rapidly narrowing.

Walking distance to the infrastructural facilities and places of interest:

coastline, equipped beach – 1 minute.;
supermarket – 4 minutes;
pharmacy – 4 minutes;
several cafes, bars, and a restaurant – 7 minutes;
pier – 12 minutes.

Duration of a drive to the infrastructural facilities and places of interest:

Famagusta – 65 minutes;
Ercan Airport – 80 minutes;
Kyrenia – 87 minutes;
Larnaca airport – 150 minutes.

We want to dwell on the distance to the airports. It may seem that 80 and 150 minutes are too much. But this is not true if you try to imagine all the “benefits” of being closer to them. Deafening noise, 24-hour traffic, and polluted air – these are just the main disadvantages. If the purpose of buying a villa in Erenköy is permanent living or investment (both options should be considered), closer proximity to the airport would be a significant and obvious disadvantage.

Features of the residential complex

When designing and constructing the residential complex, the developer took into account the comfort requirements of future villa owners. When choosing the area, they had the same concerns: trying to find the place that is as green as possible, with convenient transport links, well-developed infrastructure, and a good investment potential. That’s why they chose Erenköy.

Very close to the residential complex is the modern and fully equipped Karpaz Gate Marina. There are few facilities on that level in Northern Cyprus, and those that exist are designed for clients with very substantial incomes. In Karpaz Gate Marina, you can rent a yacht, sail in the Mediterranean Sea, or look into buying your own vessel: the prices aren’t sky-high, and there are plenty of budget-friendly boat offers.

The peculiarity of the residential complex is the competent zoning of the premises of the residential complex and the adjacent plot of land performed in such a way that the owners of each of the 24 villas that make up the residential complex do not disturb their neighbors. The residential complex includes 12 townhouses (houses sharing one wall), and the architects tried their best to ensure the owners did not feel any inconvenience or discomfort.

The main features of the residential complex:

the adjacent plot of each villa is 176 m²;
the total area of the residential complex – 14,860 m²;
area of green spaces – 9,500 m²;
private pool of each villa – 24 m²;
terrace area – 74 m²;
balcony – 6 m².

The residential complex has several walking paths and many shady areas with comfortable benches where you can relax, admire the sunsets, and drink coffee. What it does not have is the feel of a typical hotel in a small provincial town. It offers all the necessary services to eliminate as many everyday problems as possible.

Layouts and features of the villas

Considering the low price of the villas (properties with similar features are usually much more expensive in EU countries), one would expect that the developer was forced to save on the housing’s consumer characteristics. In some cases, this approach may make sense: to reduce costs, a developer can exclude thoughtful design, use especially durable, if not best-looking, materials, or choose more basic furniture or household appliances. If the developer is experienced, significant inconveniences can still be avoided even with this approach.

However, in the case of a residential complex in Erenköy, there are no signs of corner-cutting. Each villa is equipped with the necessary appliances and furniture, features thoughtful design, includes the best materials in the middle segment, and shows remarkable attention to detail. The villas are unlikely to win architectural or construction competitions, but living in them is guaranteed to be convenient and comfortable.

Three-bedroom villas:

total area – 256 m²;
main terrace – 74 m²;

Three-bedroom villas on the ground floor (covered area of 69 m² + terrace):

living room/kitchen – 53 m²;
corridor/stairs – 10 m²;
guest bathroom – 6 m²;
terrace – 35 m².

Three-bedroom villas on the ground floor (covered area of 72 m² + balcony):

three bedrooms – 17 m², 16 m², and 15 m²;
corridor/stairs – 18 m²;
bathroom/toilet – 6 m²;
balcony – 6 m².

Special design features:

dominant colors – gray, marble, black;
emphasis on point lighting and backlighting (no oversized chandeliers);
large flat-screen TV;
a complete set of furniture (including upholstered furniture);
large panoramic windows (total height of both floors);
successful use of the open-plan studio format (the living room on the ground floor is combined with a kitchen);
large refrigerator;
all kitchen appliances are built-in;
quiet but effective exhaust fan;
several bar stools;
minimum external design elements;
comfortable sunbeds on the veranda;
several lovely street lamps;
transparent terrace fencing.

Finances

It would be wrong to say that investing in real estate in Northern Cyprus is available to everyone. However, we have to admit that the financial threshold here is reasonable, especially considering the consumer properties of the residential complex. They are attractive and impressive here and now – there is no doubt about that. But will they remain so if we analyze a more extended period – for example, several years? They definitely will!

Firstly, prices for real estate in Northern Cyprus are steadily rising. A situation where a newly purchased apartment will become cheaper in 2-3 years is entirely impossible here (unless you chose it from our catalog). The analysis of various scenarios of generating passive income through renting out a villa confirms that the financial outcome of your decision will not change: your investment will remain promising in any turn of events.

Calculation of ROI (return on investment)

* The table contains an example property price

Scenario	Rental Period, days	Daily Rate, EUR	Gross Rental Income, thousand EUR	Net Profit (70%), thousand EUR	Property Price, thousand EUR	Net Annual Rental Income, %	Estimated Payback Period, years
Negative	180	250	45	31.5	525	6%	17
Realistic	230	225	51.75	36.225	525	6.9%	14
Favourable	280	200	56	39.2	525	7.5%	13

Investment scenarios (rental term):

Negative – renting out only during the high holiday season but at the maximum price.
Realistic – renting out during the high season plus a month (or a bit less) before and after it.
Favourable – high season + mid-season.

The ROI calculation table requires some explanation. The payback period for the worst-case scenario will still be within seventeen years. In a more optimistic and yet realistic turn of events it will take fourteen years. That is the minimum time during which you can get their money back in full. In addition, you will have a villa that will continue to generate income.

If we compare real estate investments with bank deposits, we can clearly see that investing in real estate property is more profitable. The maximum yield from bank savings in the European Union is at most 5% (according to PickTheBank data for Italy). If you set up a bank deposit of 450,000 GBP, after seventeen years, you will earn an interest of less than 360,000 GBP. These earnings can increase only with the use of annual capitalization, providing 532,370 GBP interest. It should be noted that with the rise in property prices in Northern Cyprus, rental payments will also increase.

Bank deposits are a working and safe option for protecting assets. But if your priority is increasing your assets, investing in Northern Cyprus real estate appears more profitable and the least risky. And if we take into account the consumer characteristics of a villa in Erenköy, then there should be no problems finding tenants.

Additional information is available during an individual consultation.