‘Las Vegas of the Middle East’ The Secret to a Steady Flow of Cash in Cyprus Property Investment

Over the past 45 years, the casino industry in North Cyprus has played a significant role in boosting the country’s tourism, economy, and foreign currency flow. The casino sector has contributed significantly to the overall improvement of the North Cyprus tourism industry and has provided a steady flow of foreign currency to the country over the last 45 years, by bringing in tourists to the nation. Even during the period when travel was more challenging, between 1983-when, the country was established, and 2004-when the checkpoints between North Cyprus and the Republic of Cyprus were opened, only the casinos and beaches brought in steady tourists. The opening of the checkpoints made foreign travel easier and cheaper, adding access to Larnaca and Paphos Airports in addition to Ercan Airport in Nicosia, the capital. Today, there are 8 checkpoints from almost all of the cities in the North, providing easy access to and from North Cyprus. The checkpoints were made available for crossing between the two nations as a part of the Republic of Cyprus’s admission to the European Union, which made travel to and from Europe to the entire island even easier as it eliminated the requirement for a visa for other EU passport holders since 2004.

Apart from beach tourism, the casino industry in North Cyprus is one of the oldest and most well-known reasons for travelers to visit the country. It has helped bring the country to the attention of many foreign visitors who have over time become interested in living, frequently vacationing, or even studying in the country, breaking down barriers of unfamiliarity. The history of casinos in North Cyprus dates back to the early 1970s when a few small operations were established. Since then, the industry has grown significantly, with casinos offering the utmost luxury on the island. This is not just evident in the casinos themselves, with their entertainment, food, service, and ambiance, but also in the areas with a high concentration of luxury hotels with casinos, as well as every other segment of business, such as accommodation, shops, and restaurants all catering to the wealthy casino travelers.

The majority of casino travelers to North Cyprus come from Turkey, Russia, Israel, and other Middle Eastern countries where gambling is illegal. Thus the nickname ‘Las Vegas of the Middle East’ came about. There are also travelers from Europe and Central Asia. Casinos in North Cyprus provide a unique opportunity for these individuals to indulge in the excitement of gambling in a safe and regulated environment. It is worth mentioning that casinos are inaccessible for the majority of the North Cyprus citizens, a measure put in place to protect the small population from the dangers of gambling addiction. However, this rule has allowed the Cypriot population and local businesses to benefit from the growing industry without being stung by the negative sides of the entertainment and casino industry.

To stay attractive to tourists, casinos offer a broad selection of games to suit every gambling preference, from seasoned players to first-timers. These flashy venues host poker, blackjack, roulette, craps, punto banco, baccarat, and their variations. North Cyprus is also a stop on the World Poker Tour (WPT), attracting thousands of Texas and Omaha pros to the island. The competitive range of casinos and games is guaranteed to put a grin on even the most seasoned poker faces, and various prize tournaments are held throughout the year.

Hotel and casino resorts offer a unique blend of luxury, refinement, and entertainment. High-end casinos typically provide round-the-clock services and complimentary drinks, snacks, and meals for their patrons. However, all casinos are open to the public, so tourists don’t need to be staying in a resort to enjoy the high life. This is why this industry is a source of revenue for businesses, shops, and vacation homes in the neighborhood, not just the casino and hotel owners.

For high rollers, most casinos will go above and beyond to provide the ultimate comfort and pleasure to their guests. Whether it’s flying them on a private jet, booking them into a king suite, or procuring their favorite special edition bottles of alcoholic beverages, there are no limits to the extravagant lifestyle.

The casinos in North Cyprus have not only been a draw for gamblers but have also been a segue for tourists to be introduced to the country’s many other beauties and riches of its culture and people. Since its establishment, the country has made significant strides in improving its tourism industry, with the casino industry playing a crucial role. Today, North Cyprus has become a sought-after destination, with visitors coming for its beautiful beaches, rich history, and welcoming people. Its economy has also benefited greatly, with the casino industry contributing to the steady flow of foreign currency into the country.

If you are looking for a truly fun and luxurious experience in North Cyprus, the casino industry has plenty to offer. The casinos themselves offer the utmost luxury, and there are also many high-end hotels, shops, and restaurants in the areas with a high concentration of casinos. This is a destination where you can indulge in the excitement of gambling while also enjoying the beauty and culture of the country.

While North Cyprus is becoming a sought-after destination for a variety of travel purposes such as education, healthcare, golf, honeymoon, and weddings, many of these are comparatively new and seasonal, which leads to fluctuating rental demand throughout the year. They provide diversity in the demographics of tenants and their age groups, nationality,, and differences in length of stay. They also provide a strong revenue during the high season, which increases the returns on property investment to double digits per annum.

However, the casino industry has been a consistent revenue source for the country’s tourism industry for over four decades. As a result, casino travelers have become a reliable source of rental income for real estate investors in North Cyprus, as the demand for vacation rental properties continues to increase.

Written by Soylem Coli

– Realtor- Head of Regional Sales at Avertiss exclusive partners

Mobile: +905338641652

23rd of April 2023