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The Colony: The Project

The development's location, adjacent to other new projects including one $100 million development, allows ideal access to a range of facilities such as golf courses, spas, bars, restaurants and a casino. Furthermore, it is 10 minutes on foot to a marina that has planning approval for 140 berths (boat mooring space).

The site is ideally located as it provides an opportunity to be involved in a real estate investment project at very competitive prices, and that is already situated in a popular and expanding region of Northern Cyprus, close to all the amenities.

The Colony will comprise 87 3 bedroom, 2 bathroom villas. All villas are detached, are of the same size, have terraces on all floors, and come complete with all bedrooms benefiting from fitted wardrobes. Each plot has the option of a private pool.

The site will enjoy complete privacy due to its restricted access, and will feature landscaped gardens throughout the complex.

The following information is based on a property with a build area of 155 square metres, inclusive of balcony space.

Cost (£)
Land cost	£22,975
Build cost	£62,020
Infrastructure charges	£5,000
Total cost	£89,995

 

As a consequence of the duality associated with the TRNC and land titles, definition of clear title and clear ownership is an integral part of any investor's decision making process. As part of Obelisk's extensive due diligence procedure and in collaboration with the developer Aston Lloyd & Partners, and their lawyers, clear title has been established for The Colony development. Further to this The Turkish Republic of Northern Cyprus enjoys prerogative and jurisdiction over Northern Cyprus and is the issuer of any title and registration thereof. Private ownership of land, including land that was previously owned by a Greek Cypriot, comes under article 159 of the constitution, and as such is under constitutional guarantees of the TRNC, a situation which has been praised by the European Court of Human Rights in several recent judgments.