A PART COMPLETED UPMARKET PROPERTY DEVELOPMENT FOR SALE
With most of the spadework already completed, this proposal offers a quick and potentially
very profitable route into the thriving North Cyprus property development business.
This most exciting business proposition will interest a single investor or possibly
a consortium of business people seeking an existing project to complete that offers
a genuine very high returns potential over a short timeframe.
Offers in the region of £5,500,000 stg are invited.
10 x Three bedroom villas
16 x Four bedroom villas
48 x Three bedroom luxury apartments
Various profit strategy options
The project on offer is a prestigious partly constructed property development on
a gentle hillside site on the outskirts of Bogaz Iskele, Northern Cyprus. The development
was suspended midway stage a few years ago due to the very negative market conditions
appertaining at the time. The business owner wisely decided to delay further activity
until a clear upturn in property sales in Northern Cyprus was apparent which would
enhance the profit opportunity.
That time is now.
With a very positive upward trend on property sales throughout Northern Cyprus, plus
some even more exciting developments taking place and planned for in the immediate
location of this site, the timing is right to progress the development.
The project is well advanced and was ahead of planned levels of construction when
the decision was taken to “mothball” and await more favourable market conditions
in order to maximize the profit potential. During this interim period, for business
and for personal reasons, the development owner found this project does not entirely
fit with his current portfolio and time availability, so, rather than complete the
project himself, he has decided to offer the entire project as it stands to the market.
This represents an excellent business opportunity and chance to springboard into
the thriving North Cyprus property market at just the right time. Interested parties
should contact us to register an interest at the earliest opportunity.
This offer is an opportunity to purchase a real estate project that was suspended
mid project stage. At that time the project had already far surpassed the levels
of construction planned. The project is highly marketable and a new and powerful
campaign will be no problem for the new project owners. It is estimated that completion
can be achieved in 10-12 months.
The project is now on the market offering a unique business opportunity.
*Here we present the rounded numbers that would illustrate the great opportunity
behind this offer to the potential purchaser:
1. Estimated Cost of Completion of Project £2,000,000
2. Purchase price of the part completed project. £5,500,000
3. Approximate total investment to purchase and complete the project.
Notes: The purchase price is calculated from the existing investment in land, building
work, design and other costs incurred by the owner to date. The cost of completion
is a broad estimate with the final figure depending upon the final specifications
to be decided by the new owner/s.
Projected revenues and profit forecast.
Sales of villas and apartments. Estimated using conservative 2017 values:
Gross profit forecast on sales £
Notes: Actual sales revenues will depend upon the mix of off plan and finished prices
decided by the new owner/s as part of their sales strategy. The numbers given here
to illustrate the potential are very conservative when compared to similar projects
and we would expect the actual revenues to be considerably higher with a percentage
return in about two years comfortably exceeding the 60% indicated here.
Operational annual profit opportunity-Holiday Village (Alternative plan)
An alternative strategy for consideration could be to retain ownership of all or
part of the project to operate as a holiday and rental village. Estimates from rental
income and the anticipated yield from self-catering tourism is in the region of between
£1.14 and £1.4 m STG annually. Again the new owners marketing strategy would determine
the actual revenues. These figures are believed to be very reasonable and are intended
as a guide for the investor and other options may well be available.
Factors that may render these numbers understated include the plans for the University
of Cukurova, also in Bogaz Iskele and very convenient for this location. The large
numbers of students and lecturers that will be seeking accommodation will not only
benefit the project holiday village option, they will also have a positive impact
upon the market values of the properties within the project.
Property Type Information
Please click on any of the property types to view information including floor plans
and the original specifications.
The site is close by the fishing village of Bogaz which lies between the town of
Famagusta and the Karpaz Peninsula which is known as the National Park of North Cyprus.
Bogaz is on the south facing end of Famagusta Bay and is a tourist attraction in
its own right. Many visitors are enchanted by this quaint fishing village with its
working harbour and numerous waterside tavernas and restaurants and a large number
have purchased property here as a result. The area is certainly not over-developed
however and there remains huge potential for a site such as this to capitalize on
There are some delightful beaches around Bogaz and a short drive takes you to the
Karpaz Peninsula which is home to some of the finest beaches in the world and is
known as the national park of North Cyprus.
Bogaz is well served for the day to day requirements of the resident or holiday maker
with a modern supermarket close by. The village is in the urban district of Iskele
and the nearby small town of that name offers a good range of services with shops,
banks, schools, medical facilities and so on, all close to hand.
This location is considered by many to be central to the new property hotspot of
North Cyprus and is ideally placed to benefit from value enhancing developments such
as new golf courses and the Karpaz Gate Marina. It is also close to the five star
resort at Bafra that is attracting serious money to the region, and with it, potential
property buyers. The international airport at Ercan is a comfortable drive of 40
minutes or so on good roads and the South Cyprus airport at Larnaca is also widely
used by property owners and holiday makers.
In our opinion the figures in this prospectus are likely to be quite accurate but
any prospective investor must confirm the costs and potential profits for themselves.
These are very much the big numbers that may influence a decision to invest but there
are other influencers that may be considered.
The sales numbers as suggested provide an indication of potential returns but other
factors exist that could strongly influence the actual results. We would expect this
influence to be positive.
*Consider that these profit calculations are based upon current pricing and future
projections in the present political climate in Cyprus. It is then obvious that the
one single factor that could easily transform this from a good deal to a super deal
is the future resolution to the North/South Cyprus political situation. Most believe
that such a resolution is on the cards and will have to happen sooner rather than
later. In that event, the existing price differential of up to 50% that exists between
North and South Cyprus properties on a like for like basis will force a period of
rapid price inflation in the North that would enormously increase the value of these
properties. As the pricing is assessed according to the current climate this would
appear to represent a big potential bonus to the investor and to future owners of
Another important consideration is the increasing interest in property in North Cyprus
from Turkey, the Middle East and other countries including Russia and the U.S.A.
This represents new money coming into the market over and above traditional sources
such as the U.K. Also buyers from the Scandinavian countries are becoming increasingly
active. The planned university facility in the immediate vicinity of this site is
another positive influencer.
Clearly there are some strong indicators suggesting that this could be an excellent
time to invest in the North Cyprus property market and this project being well advanced
offers a shortcut into this potentially highly rewarding market place. We have no
hesitation in recommending that interested parties should contact us immediately
to explore the possibilities further or arrange a site visit. Should you require
introductions to property professionals in order to independently assess or to to
help with this venture , we will be pleased to arrange.