Is Now a Good Time To Invest in Northern Cyprus Real Estate?
The cost of property in Northern Cyprus is expected to rise due to regional property market dynamics. This is why we advise our clients to buy property today, while the options for good residences at reasonable prices are still available. The properties can then be sold at a profit when prices climb.
In addition to being a safe country where crime rates do not surpass 1%, Northern Cyprus is the ideal destination for many people from around the world of different nationalities due to its location in the Mediterranean Sea. It is recognized as the safest country to live in having a 0.7 percent crime rate and being among the top countries in the world for quality of life.
A wise new home purchase in Northern Cyprus is now more secure and worry-free thanks to a number of new rules, with the same dangers as those associated with properties in any other foreign real estate market.
Why Buy Real Estate in Northern Cyprus
Almost 320 days of sunshine, which is far more than many other countries.
Many residences in Northern Cyprus have views of the sea and mountains.
Beaches on the Mediterranean Sea are lovely
Fruits and vegetables that are in season
Low crime rate
Life standards of the highest order
International academies (Universities)
Northern Cyprus has affordable housing prices and a low tax rate.
Nature in its purest form
Northern Cyprus provides a variety of real estate investment opportunities, with a wide range of properties available at various price points and with unique options depending on the existence of various cities with specific aspects.
Where To Buy Real Estate in Northern Cyprus
The greatest areas in Northern Cyprus to purchase real estate are Kyrenia, Iskele, and Gazimagusa. The capital city of North Nicosia is the finest spot for you if you enjoy the bustling city life. Would you prefer to live comfortably in a peaceful area? The locations that are best for you are Lefke and Guzelyurt.
Real Estate in Kyrenia, Northern Cyprus
On Northern Cyprus' northeastern coast, Kyrenia is a well-known tourist destination. Every luxury of a Mediterranean lifestyle is available in this ancient settlement. Numerous activities, stunning coastlines, and comfortable living circumstances draw thousands of people to the area each year.
The most famous universities on the island are in Kyrenia. It is one of the greatest areas for students to stay in Northern Cyprus. There is a constant need for housing due to the large number of tourists and the high student population. Every day that goes by, Kyrenia's real estate values rise.
Some areas of Kyrenia, like Esentepe, have lately received building permits and have experienced tremendous development. The number of housing projects increased, which increased market competition.
Real Estate in Famagusta, Northern Cyprus
Thousands of enthusiasts visit Famagusta each year because of its rich historical background and maintained cultural legacy. Along with having a long history, the area also contains the island's deepest harbor. Famagusta is the island's commercial center thanks to its well-developed and established ports.
The beautiful sandy coasts, lively nightlife, and year-round sunshine of Famagusta make it a popular vacation destination. The village is also one of Northern Cyprus's premier tourist and educational hubs.
These facts raise the demand for buy-to-let homes in Famagusta, where foreigners can make money from real estate investments.
Real Estate in Iskele, Northern Cyprus
The answer to the question "What is the best region to live in Northern Cyprus?" is very obvious: Iskele. Iskele is the ideal location to purchase a summer home because of the peace, comfort, and laid-back way of life.
Iskele's principal attractions are sand beaches, a turquoise sea, and a vacation-style lifestyle all year round. One of the island's most advanced communities was now located in this coastal region. Every day, there are more and more housing projects being completed or planned.
Real Estate in North Nicosia, Northern Cyprus
Would you be interested in living in the commotion of a city on an island? The greatest city to learn about the colorful style of life in a Mediterranean island capital is North Nicosia.
The easiest place to acquire residency, obtain employment, and purchase property in Northern Cyprus is the capital. The capital metropolis is teeming with business and employment prospects, leisure activities, exclusive educational institutions, and top-notch medical facilities.
In terms of sustainability and demand, North Nicosia might be the best option for making money from long-term rentals.
Real Estate in Lefka, Northern Cyprus
A town in the north, Lefka faces the Guzelyurt gulf. It is mostly renowned for its breathtaking natural settings and crumbling buildings. Lefke is one of a select few neighborhoods where you can take in the cool winds against a breathtaking view.
What Consider When Buying Real Estate in Northern Cyprus
Buying Real Estate in Northern Cyprus is always a good idea but the investor should also ask a couple of questions to know what is proper for them.
It is important to carefully study the long-term goals of the buyer to make the right decision about the site. Some factors to consider are:
Will the buyer and his family reside in Northern Cyprus permanently?
Then he will have to choose
Will the buyer use the property as a vacation home only?
Is the buyer required to meet the minimum purchase price requirements to qualify for the Northern Cyprus Residency Program or Investment Program?
There is a great deal of variation in property prices in Northern Cyprus depending on the location, type and size of the property, other determinants, and most importantly the buyer's goals. In many areas it is possible to find a property for a price of around €60,000, or €100,000, or even a few million euros.
Additional expenses for fees and taxes should be taken into account when buying a property, as experience shows, the property buyer must save up to 10% of the purchase price for purchase-related fees such as legal fees, stamp fees and land registration fees, and value-added tax is applied to new properties in Cyprus (starting from 5%). In addition to the fees for opening companies and banking services.
Please do not hesitate to contact Realtor Turkey if you are looking for any Real Estate in Northern Cyprus.