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Famagusta : History, Culture & Property in North Cyprus

Famagusta (Greek: Αμμόχωστος Ammohostos), located on the eastern coast of the island of Cyprus, is a city of significant historical, cultural, and economic importance. It is not only an administrative center for both the Famagusta District of the Republic of Cyprus and the Gazimağusa District of the Turkish Republic of Northern Cyprus, but also a strategic link between the Near East and Europe.

Famagusta is distinguished as one of the most fortified ports in the Mediterranean region, reflecting its long and complex history that has witnessed the succession of various civilizations and empires. The city's founding dates back to the 3rd century BC by Ptolemy I, who named it "Arsinoe" in honor of Queen Arsinoe II. Strabo mentioned this name in his writings, but the Greek name "Ammohostos," meaning "buried in the sand," quickly became established and widespread. This name evolved over the centuries into "Famagusta" in Western languages and "Mağusa" in Turkish. In 1974, the Turkish Cypriot administration added the title "Gazi" (Victorious Warrior) to the name, in recognition of the city's role in the events that the island witnessed.

Famagusta reached its peak during the Lusignan dynasty, when the city welcomed immigrants from the Near East who brought with them their cultures and values, giving the city a new vitality and dynamism. During that era, the city was referred to as the "city of 365 churches," due to the abundance of churches that adorned its streets, with each day of the year having its own dedicated church, according to accounts.

Today, Famagusta is a vibrant city with a population of approximately 40,920 according to the 2011 census. The city is home to the prestigious Eastern Mediterranean University and is famous for its golden sandy beaches, considered among the best in the world. The city also hosts the annual Famagusta International Art and Culture Festival, organized by the Gazimağusa Municipality and the Eastern Mediterranean University, reflecting the city's interest in culture and the arts.

Famagusta Under Ottoman and British Rule:

After falling into the hands of the Romans, Byzantines, Latins, and Venetians, Famagusta was conquered by Turkish forces on August 6, 1571, during the Cyprus campaign under Sultan Selim II (1566-1574). The city remained under Turkish rule until 1878, when the administration of Cyprus was transferred to Britain.

Famagusta in the Modern Era:

After Cyprus gained its independence in 1960, Famagusta became one of the most important tourist destinations on the island. During the events of 1974, Turkish forces seized the city. In 1975, Famagusta became part of the unilaterally declared Turkish Federated State of Cyprus, and then became part of the Turkish Republic of Northern Cyprus, which was established in 1983. Today, the city is an important center for ports, tourism, and university education in Northern Cyprus.

The Promising Real Estate Market in Northern Cyprus:

Northern Cyprus enjoys a special political status, as it is considered a de facto state. All state apparatuses function fully, and the elected government oversees the organization of daily life. In 1974, Turkey, as a guarantor power, exercised its rights to stop the violence and unstable situation in the country. Currently, the northern part of the island does not enjoy diplomatic recognition from the vast majority of countries worldwide. For this reason, all flights land first in Turkey before heading to Ercan Airport. However, there are countries planning to recognize Northern Cyprus in the near future, making the real estate market very promising.

Recent years have witnessed a significant influx of foreigners buying property in Northern Cyprus, especially from Germans and Britons looking for holiday homes. The following are the most prominent points that distinguish the real estate market in Northern Cyprus:

• Affordable Properties and High Return on Investment: The affordability of real estate in Northern Cyprus is one of the most important factors attracting investors. Compared to their counterparts in the Mediterranean region, Northern Cyprus offers properties that are three times cheaper than the southern part. This factor, along with the potential for high returns on investment, represents a significant incentive for foreign investors, especially those looking for a holiday home or a second home. In addition, some countries' plans to recognize the state diplomatically and open direct flights enhance the attractiveness of real estate investment in the region.
• Mild Climate and Popular Tourist Destination: Northern Cyprus enjoys a mild climate and a long summer, making it a popular tourist destination. The occupancy rate of short-term rental properties is high, and the return on investment for a property is currently 10 to 12 years, due to low purchase prices and high rental income.
• Peaceful and Beautiful Island: Northern Cyprus is known for its low crime rates, ensuring a safe living environment for its residents. A sense of community and a cohesive society enhances the feeling of security. Cyprus is ranked as one of the safest countries in the world. In addition to this tranquil life, the island offers enchanting natural beauty, forests, and golden sandy beaches. Many properties in Northern Cyprus feature stunning ocean views.
• Tax Advantages: Many European citizens prefer to buy property on the island because it is not a member of any institution such as the European Savings Tax Directive or subject to the FACTA law. This allows investors to legally keep their savings in offshore bank accounts in Cyprus.