Forbes magazine, a very prestigious business magazine of America, in its news advisory entitled “5 affordable places to buy property abroad in 2024”; noted that Northern Cyprus was again at the top of the list.
"Look Beyond the Borders of the USA"
Instead of waiting for the frozen market to thaw, the author advises those to purchase real estate in other countries for permanent living or for investment purposes. “You should look beyond the United States for where the best opportunities lie,” says a Forbes article. Many foreign countries encourage foreign investment by offering residency and other benefits in exchange for investments above specified thresholds.
“These are places that offer incredible value at affordable prices, especially compared to the United States, where the average list price per square foot reaches $221.”
“Northern Cyprus is an island state in the Eastern Mediterranean. It is known for its long sandy beaches, abundant sunshine, excellent cuisine and friendly locals. Historical tensions between the north and south of Cyprus have meant that until recently tourism and development were concentrated in the south. Today relations are comfortable and business continues as usual on both sides of the border.
This situation creates an opportunity for property investors and those looking to buy a home abroad as prices in Northern Cyprus are affordable and approaching the tourism boom. As the world wakes up to this appeal, new hotels, casinos, golf courses and luxury marinas are opening.
For now, property in Northern Cyprus remains incredibly affordable. The best offers are unfinished projects, where you can buy a property even cheaper than the average per square foot offered by Alliance-Estate specialists.
In addition, real estate transactions in Northern Cyprus are carried out in British pounds. “With sterling forecast to lose value against the dollar, trading for US dollar holders could intensify in 2024.”
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