Forbes recommends Americans invest in real estate in Northern Cyprus

The American magazine Forbes has included Northern Cyprus in the top 5 affordable places to buy real estate in 2024 outside the United States. According to the publication, the real estate market in the United States is currently at its lowest level in the last 13 years. In which countries do Americans recommend buying property?

The magazine features advice from the publisher of Live And Invest Overseas, which has been recommending foreign real estate investments to its readers for over 30 years.

"Throughout the world, there are dynamic markets that welcome foreign investments and even encourage them, in some cases offering residency and other benefits in exchange for investments exceeding a certain financial threshold," quotes the publication from the expert.

As an example, the author compares the cost of a 1000-square-foot house in five countries to the cost of similar-sized real estate in the United States, where the average price per square foot is $221.

According to the publisher, Northern Cyprus tops this ranking. Here, the average cost per square foot is $118, resulting in a 47% savings compared to the U.S. Thus, the estimated cost of a 1000-square-foot apartment in the TRNC is $118,000.

According to the author, Northern Cyprus is known for its long sandy beaches, abundant sunshine, excellent cuisine, and friendly locals.

"Historical tensions between the north and south of Cyprus led to tourism and development being concentrated in the south of the island until recently. However, 'today relations have softened,' providing good opportunities for investors and people looking to buy a home abroad. Prices in Northern Cyprus are more affordable, and the country is expecting a tourism boom," says the publisher.

The author also emphasizes that currently, real estate in Northern Cyprus "remains fantastically affordable," with the best deals found in unfinished construction projects, where properties can be purchased even cheaper than the mentioned average price per square foot.

"Real estate in Northern Cyprus is also traded in British pounds. Benefits for U.S. dollar holders may be improved in 2024, as forecasts suggest the pound will fall in value against the dollar," concludes the author.

In addition to Northern Cyprus, the ranking includes Brazil - $138 per square foot (38% savings compared to the U.S.), Colombia - $145 per square foot, a 34% saving, Montenegro - $151 per square foot, a 32% saving, and Greece - $171, which is 23% cheaper than the cost of real estate in the United States.