251 bedroom commercial property for sale
Northern Cyprus - Lefkosa / Nicosia
like this property?Call: 03339 390705
Here we present to you a 205-bed-capacity dormitory whereby the capacity will be brought up to 251 beds by January 2017 located in a building of 5,90 m2 situated on the land contained in the total of 1,459 m2 in the Kızılbaş Neighborhood, Central District, Province of Nicosia.
With the rapid increase in recent years in private universities, there is a substantial increase as well in the number of private student dormitories. This is such that for every new university that opens, there is at least more than one student dormitory in the vicinity. Private dormitories, besides providing a more comfortable environment to live and study in, are also preferred because of the security they provide. Because of the demand for private dormitories, this field has come to the fore as a new source of revenue for investors in real estate. Many real estate investors have begun to channel their money recently into student dormitories rather than into residences, land holdings or stores.
Indeed, this trend can be readily observed in the real estate market. Investors recently are engaging in real estate market research not only for housing, offices or land but for dormitory buildings. Again recently, newspapers and the internet frequently publish sales and leasing ads related to student dormitories and it appears that the attractiveness of dormitories as a new real estate instrument will grow rapidly in the coming period. This is because it has been observed that when the investment is made in the right location, earnings are much higher than they would be in the case of housing or land.
Features Within This Dormitory:
- Private Studios that are fully furnished
- Spacious Wash Rooms
- En Suite Rooms
- Luxurious Lounge Area
- Fully Equipped Gym
- Fitness Area
- Secure Parking
- Visitor Accession
- 24 Hour Security
- Study Rooms
An Increase of 42 Percent!:
According to the real estate survey conducted by Century 21, there has been a 42 percent increase in the number of private student dormitories in the last three years and idle capacity is even greater. At this time, the capacity of the 3,612 private student dormitories is 314,596 but the number of students living in the dorms is 166,089. The sector has an idle capacity of 148,507 and while there were 1,545 dormitories in 2003, an annual increase of 42 percent up until 2015 brought the figure up to 3,612. This data shows that demand in the sector, especially in the last 3 years, has increased despite the excess of idle capacity.
It can be seen that the number of dormitories will increase in the coming period despite the idle capacity and that the progress of the last 7 years and the increase in the numbers of universities and students have been instrumental in increasing the demand for safe dormitories, something that particularly families in the big cities desire for their children as an escape from the adverse city conditions that propagate fear and insecurity. The number of dormitories is expected to grow even more.
Dormitories with at least 100 Students are More Profitable
It is observed that investing in student dormitories is an attractive endeavor because of the material gain involved but dormitory investments are different from other investments. Although material gain makes the prospect attractive, there is a major difference that is manifested by the fact that people who acquire dormitories as an investment need to devote personal time to dormitory management as well. It is very rare but sometimes dormitories appear on the market, operating with tenants already in them. The total cost of a 100-tenant investment varies between TRY 500,000 - TRY 10 million and when the investment property is suitably located, a dormitory becomes a very profitable investment, believed to pay for itself in 7 years.
Student dormitories are made up of at least 30-40 rooms in independent buildings that have common spaces such as baths, toilets, kitchens, restaurants, cafes and study areas. Generally, dormitories of a minimum area of 1,500 square meters are preferred.
Dormitories can be Amortized in a Shorter Time than Housing!:
When compared with other investment instruments, together with the other items of expenditure needed to make the building ready to function as a dormitory, the investment in the building is such that it can be amortized in 7 years. The greatest factor to play a role in this is that average EBITDA is 50% or more in dormitory management.
When it is considered that obtaining returns from housing investments takes an average of 10-12 years, it can be seen that dormitory investments are potentially more profitable. It must be noted here that the investment will be profitable if it has been analysed well. If the analysis was faulty, the return could take 15-20 years. Assuming that an investor making a TL 1 million investment gets a return on the investment in 7 years, minimum earnings would have to be TL 12,000.
It is observed that investments made particularly outside city limits and in the vicinity of universities are more profitable. It is believed, however, that investing in student universities in cities such as Istanbul, Ankara and İzmir will not be very profitable, the main reason for this being that cities like these in particular have a surplus stock of 1+1 type housing. When the housing stock in types 1+0, 1+1 and even 2+1 is considered, investing in student dormitories is regarded as a formidable and lengthy investment in terms of returns. Keeping these criteria in mind, it may be said that investing in dormitories in cities in Anatolia where stocks of housing are low and in districts that are close to the university is a more advantageous endeavour.
Northern Cyprus is seen as a safe haven for Turkish families sending their children to study here. Most students who continue their education here are of a high end background leading to profitable secure income.
This dormitory is number one in the region based on high occupancy and student satisfaction. The services and features available deem this dormitory to be exceptional and with the upcoming expansion, marketing within local institutions is severely high.
Factors to Consider:
- Transportation is excellent
- The location provided full security and there is local government institutions nearby
- Guaranteed Income through remarkable occupancy of 92%+
- Local Institution Marketing is strong due to many majestic features
- There are no other dormitories in Cyprus and in particular in Nicosia at these standards
- An occupancy rate of 90%-95%, whereas dormitory occupancy rates in Cyprus is around 88%.
The location is 5 km away from Near East University and approximately 15 km away from the city centre and Cyprus International University. There is no structure or social enterprise in the vicinity of the universities, Premium Park Dormitory, in the centre of the city of Nicosia, is widely popular among students and is in demand because it is situated at the entrance to Dereboyu Caddesi.
If you would like to obtain further info or to arrange a private appointment, please do not hesitate in contacting us and we would love to be of assistance.
- Ercan (Domestic), 24.9 miles
*Distances are straight line measurements. This feature is currently in beta.