The positive developments experienced in the past months after the announcement of the opening of Varosha greatly increased the demand for Famagusta houses for sale. While the surrounding lands and houses for sale around Varosha became high in demand, the developments are affecting the city as a whole with a general increased interest in Famagusta house for sale ads.
Why is the Opening of Varosha an Important Development?
Varosha, located in the city of Famagusta, was the most important tourism center of Cyprus before the Cyprus Peace Operation in 1974. The area of Varosha used to earn 50 percent of all tourism revenues on the island alone in its golden days. Varosha, which is 45 minutes away from Ercan Airport and 3 minutes from Famagusta Port, is still a very important location for Cyprus. Last month, the positive developments regarding the opening of the Varosha coastline by the joint efforts of the President of TRNC and the President of Turkey intensified the interest of the investors in Famagusta. With its 8-kilometer coastline and uniquely beautiful coast, Varosha will once again be a candidate to be one of the most important holiday destinations in the Mediterranean.
How did this effect real estate demands in Famagusta?
This situation, has also greatly mobilised the Famagusta real estate for sale market with increased interest from both domestic and foreign investors.
Land and real estate prices, especially those in close proximity to Varosha, increased in a short time. While large investors who want to buy land for tourism investment were interested in Famagusta land for sale listings, medium and small-scale investors began examining the Famagusta flats for sale listings.
Although the announcements only suggest the opening of a portion of the Varosha coastline, it is still estimated that Varosha will be fully opened after the necessary political agreements are made. The demolition and rebuilding of the idle buildings in Varosha is among the most major topics discussed by political parties involved.
The potential of Varosha regaining its tourism potential is a very important development for Northern Cyprus, especially for Famagusta.
Real Estate Investment in Famagusta
Famagusta is also the home of Eastern Mediterranean University, where 18 thousand students are currently enrolled. The real estate turnover time is quite low in Famagusta varying between 8-10 years due to the high demand for rentals throughout the year due to the large number of students living in the city. Famagusta is also flourishing with an increased number of new construction projects and new housing types such as residences.
Famagusta has many real estate options such as flats suitable for everyone’s budget, villas with gardens, residence flats where work and life come together.
