The choice of country for purchasing real estate abroad in terms of of investment attractiveness has always been based on the most important factors: security, which implies favorable political and economic stability; low crime rates; and, of course, the investment potential of the region based on return on investment in relation to the level of prices for residential and commercial real estate.
The global economic crisis of 2020, caused by the COVID-19 pandemic, has led to a total reassessment of priorities in the matter of choosing a country to buy resort real estate by the sea and commercial real estate abroad, especially when investments in real estate are planned for the purpose of a safe holiday and successful business.
Today, potential buyers of resort real estate abroad begin the process of searching for favourable countries for investment by monitoring the state’s security rating in the framework of the current situation with the coronavirus epidemic.
Northern Cyprus, little known to the general public, by the second half of April 2020 had completely defeated the spread of COVID-19 in the country.
Taking into account the fact that after 104 infected patients recovered out of the total number of 108 infected in the country, by May 2020, no new cases of infection were detected in Northern Cyprus, which turned the small island state into a completely safe country free from COVID-19.
However, you will not find the Turkish Republic of Northern Cyprus (TRNC) in any international ranking of relatively prosperous countries in terms of the number of people infected with coronavirus, and we will now tell you why.
The unique situation of the absence of Turkish Cyprus in various world ratings of prosperous countries is explained by the special diplomatic status of Northern Cyprus as a state partially recognized by the world community (the TRNC is recognized only by Turkey).
Due to generally accepted stereotypes, Northern Cyprus has been paid little attention by foreign investors for many years, but in the past decade, due to intensive economic development and general stability of the state, including the exceptional fact of the complete absence of crime in the country, Northern Cyprus has attracted more and more attention from foreign businessmen and real estate buyers who want to live and relax in an atmosphere of real peace and safety.
By the end of the first half of 2020, the absence of COVID-19 in a few countries of the world can be confidently considered the main priority when choosing real estate abroad.
In addition, if we take into account the results of monitoring the general investment preferences caused by the global economic crisis provoked by the pandemic, among large transnational corporations, there is a clear trend towards an increase in the investment portfolio for various types of real estate, which is explained by a sharp slowdown in industrial production on a global scale.
Today, it is becoming absolutely clear that in the short term over 2020-2021, real estate abroad and precious metals will turn out to be the main trends in reliable investments that have high chances of preserving investors’ capital.
Of course, in the current situation with the global pandemic, which may yet come back with another, more powerful wave in the autumn of 2020, island states like Northern Cyprus, free from COVID-19, and in which it is much easier to control the spread of the disease, will receive a very high quota of investor confidence even without taking into account the price factor.
If we take into account all of the above factors of global economic trends in 2020-2021 and add to this the complete absence of coronavirus in the country and the low level of property prices in Northern Cyprus, the conclusions that can be drawn are self-evident. The pricing policy of the TRNC real estate market also deserves special attention, as it is formed by a large number of construction companies offering the best conditions and prices for resort real estate in the Eastern Mediterranean.