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Why buy property in Northern Cyprus?

Why buy property in Northern Cyprus?

Why buy property in Northern Cyprus?

Many property owners in Northern Cyprus are unaware of the major legal changes that have taken place in Northern Cyprus property market over the years, and these changes have now made Northern Cyprus a very safe place to buy a home and invest in Real Estate market. The Real Estate market in other countries, such as Middle East, Scandinavia, United Kingdom and Europe, often operates in very different ways from Northern Cyprus and has a completely different history.
We look forward to answering our clients’ questions about buying property in Northern Cyprus and reassuring them about legal issues.

Northern Cyprus is the new focal point of the large Mediterranean Real Estate market. Citizens of UK, Eastern and Western Europe, Scandinavia and Middle East are increasingly investing in villas or apartments in Northern Cyprus.
The Turkish Republic of Northern Cyprus is gradually becoming one of the most popular investment regions in the Mediterranean. In this article, we are going to look at what are the reasons for investing in Northern Cyprus.
These days, number of people who are interested in buying an apartment and property in Northern Cyprus is increasing. One of the most important reasons for thas is the ease of legal procedures. In 2022, the country of Northern Cyprus was selected by FORBES Magazine as the best destination for investing and buying Real Estate. The other good news is that as an investor, you can get residence in this country. Buy property in Northern Cyprus

Buying a property or apartment in Northern Cyprus will bring you many benefits. Some of them include:

  • Reasonable prices for property and apartments compared to other countries in the Mediterranean.
  • Obtaining temporary residence in this country, by paying one third of the total amount of property or apartment.
  • Existence of financial and psychological security in this country.
  • Low taxes in this country.
  • high security.

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1- Possibility of joining the Eurozone

Northern Cyprus is not yet a member of the European Union. All property prices in Northern Cyprus are pegged to the British pound and thats a common international currency in the country. Northern Cyprus is a place where shops and restaurants also widely accept the pound as well as Turkish Lira. In contrast, property in many other Mediterranean destinations, such as Spain, Greece or Southern Cyprus, is all priced in Euros and the unstable economic nature of Greece and Southern Cyprus discourages investors from investing in these countries. In Northern Cyprus, investors are actually buyers of a different lifestyle in the world. While their cost of living is low and mainly in Turkish lira and its also very affordable for them to buy a property.

2- Communication

There are two major airports on the island of Cyprus. One of them is Arjan Airport in north and the other is Larnaca Airport in south of Cyprus. Visa-free travel to Cyprus is possible only with a European passport or a Schengen visa via Larnaca Airport. While Arjan Airport in Northern Cyprus does not require a previous visa, its flight are cheap through Turkey.

3- Enter with any passport

Holders of almost all passports in the world can enter or live in Northern Cyprus without a prior visa. Buy having an address, you can easily apply for a residence permit in Northern Cyprus, which takes 21 days to obtain. This annual stay can be extended if you can prove your financial ability every year and you do not have a contagious disease.

4- Easy residence permit

Property owners in Northern Cyprus can easily apply for a residence permit in the country. It takes about 3 weeks to receive this stay. The residence permit of Northern Cyprus must be renewed every year and after living in this country for about 7 years, you can apply for citizenship of this country. Buy property in Northern Cyprus

5- Cost of living is cheaper than Southern side

In general, Northern Cyprus is much cheaper than Southern Cyprus. The main reason for this, is the use of Turkish Cypriot Lira against Turkish Lira, which is much lower than the euro (used in southern Cyprus). The Turkish lira is used by tourists and people living in Northern Cyprus. Cost of restaurants, beach clubs, car rentals and etc. is not only not cheap, but hotels in Northern Cyprus often offer better quality than hotels in the South.

Ercan-Havalimani

6- Lower property prices compared to Southern Cyprus

Price of a property in Northern Cyprus is much cheaper than a property with similar standards in Southern Cyprus and most other Mediterranean countries. Homes in Northern Cyprus are also more unique and offer more special beach spaces. In southern Cyprus and in top cities such as Limassol and Nicosia, buying a typical beachfront apartment costs at least 140,000 euros.

7- Capital growth

Property prices in Northern Cyprus have risen significantly over the past few years. On average, the annual price per square meter of a house in Northern Cyprus increases by 10%. The most profitable strategy can be to buy a property at the zero stage of construction because the builder sells it at the lowest possible price. On average, the value of a property increases by 30% from the start of construction until the final realization of the project.

8- Affordable rental of Real Estate

Residential real estate in Northern Cyprus is becoming more expensive every year. In addition, renting a home during holidays or during regular season may provide the landlord with a return of up to 10% per annul. Currently, maximum profit is from short-term rents, and with proper management, property owner can earn up to 15% of the value of his property annually from short-term rent alone. Buy property in Northern Cyprus

9- Mediterranean climate

Northern Cyprus has an average of 340 sunny days a year and offers the warmest winter temperatures in all of Europe. The beaches of Northern Cyprus have the best water quality in all of Europe and 99% of the beaches of this country have the highest water quality and 300 sunny days a year
Northern Cyprus is an ideal tourist country where cloudy days are very rare. The beach tour season in cities of Northern Cyprus lasts from the end of April to end of October. In the hottest season, Mediterranean Sea warms up to +32 degrees. This means that you can rent a house almost all year round, and if you really love warm countries, you will definitely love Northern Cyprus.

10- Pristine and untouched nature

Pristine nature of Northern Cyprus is fascinating for property buyers. Many villa and apartment complexes in Northern Cyprus have easy access to the beach. Nightlife with a variety of restaurants and large casinos is one of the special attractions of this area. Even many of the houses in the city center have a unique view of mountains. The East Coast in Famagusta region and the Carpathian Peninsula has very clean long sandy beaches, while the west coast also has some interesting facilities for water sports.

11-Rich culture

Northern Cyprus offers a unique mix of history, unique cuisine, Turkish and Greek culture, classical music and other festivals. Culture lovers can visit ancient castles, tombs and places for thousands of years old, including Greek temples, Roman cities, Persian palaces, crusader castles and more in this beautiful country.

12- High number of prestigious universities

Northern Cyprus has long been a country with advanced universities and a high number of students and very important scientific place in the world. In recent years, number of active universities has increased to 18, and the number of active students in Northern Cyprus has exceeded 100,000, an increase of 12 to 15% each year.

13- High security and low crime statistics

Cyprus is one of the safest countries in the world and is proud to rank fifth among 106 countries surveyed for the safest countries in the world. In addition, North Cyprus is the first safe country in the world to live and travel among countries with a population of less than 5 million. There are rumors that crime and lawlessness are prevalent in Northern Cyprus, but the statistics are the opposite. For the whole of 2018 in the northern part of the island, only 8 thefts occurred and no more serious crimes were recorded. This rate is several times lower than in neighboring Cyprus or Greece.
For example, car owners do not install anti-theft security systems, and most residential complexes are not protected because they are not needed at all. You can live in complete security by living in Northern Cyprus.

14- Expansion of tourism

New figures from the Northern Cyprus government show a significant increase in tourism in this country. The number of tourists from different parts of the world, including Europe (France and Germany) has increased by 25%, North America by 15%, Scandinavia by 50% and even Chinese tourists by 18%.

15- Construction boom

Northern Cyprus has been in isolation for more than 30 years, and this long isolation ended with a ruling by the European Court of Human Rights. Since 2010, land problems have been definitively resolved and construction and home buying booms have begun in Northern Cyprus.
Several large investors came “all at once” to the northern part of the island, and this had a profound effect on both individual construction and the construction of hotel complexes. In Northern Cyprus it is much cheaper than similar buildings in the Republic of Cyprus and Greece.

16- Possibility to pay installments

Its not necessary to pay the full cost of buying a property in Northern Cyprus in one place. Its always possible to pay interest-free installments for several years or to issue a long-term mortgage loan. At the same time, there is no need to provide irrational documents or guarantees. Its enough to have a foreign passport and the desire to buy a house in Northern Cyprus. Although working conditions in Northern Cyprus have been very easy, the government has always paid close attention to the issues that people face when entering the country.

17- Lots of casinos

Its clear that casinos and gambling houses are practically banned in some part of Europe. In this respect, Northern Cyprus is an exception to this rule. Almost every large hotel (4 or 5 stars) has its own casino with the highest level. However, in many ways, this is due to the constant influx of tourists from neighboring countries who want to play casino but are able to travel to Monte Carlo or They are not Macau, he justifies.

 

 

Knowledge of Northern Cyprus

Knowledge of Northern Cyprus

Knowledge of Northern Cyprus

This country is divided into Turkish (North) and Greek (Southern), where both Turkish and Greek are official languages in cyprus island. More than 90% of the Greek and Turk population is fluent in English. The Greeks are Orthodox Christians and the Turks are Muslims.
Cyprus island gained independence from Britain in 1960 and the independent government of Cyprus was established on the basis of participation of the Turkish and Greek communities in management of island. Britain, Greece and Turkey guaranteed the sovereignty of the Cypriot government. In 1974, the northern part of Cyprus was occupied by Turkey and the Turks declared their independence in this region and renamed themselves the Turkish Republic of North Cyprus. Turkish Republic of Northern Cyprus, commonly referred to as Northern Cyprus, is not recognized by any country other than Turkey.
The political situation on the island of Cyprus is complex. Despite the tensions, more than 4 million tourists flock to Cyprus each year due to the hot and sunny weather, long sandy beaches and sparkling waters of the Mediterranean sea, and most of them cross the border into Northern Cyprus.
In this article, we do not tell you why you should visit Northern Cyprus. Instead, we assume that you have been thinking about traveling before, or at least want to know more about this isolated and controversial part of Europe. We hope we can satisfy your curiosity and convince you that any visit to Northern Cyprus will be fun, engaging, safe and comfortable.
Turkish Republic of Northern Cyprus is currently practically located north of the United Nations buffer zone, known as the Green Line. Turkey is the only country that recognizes it, while the rest of the international community still considers Northern Cyprus a part of the Republic of Cyprus.
Supporters of the Republic of Cyprus on the island may identify the northern part of the country as occupied Cyprus. The southern part of the island is an independent republic called the Republic of Cyprus, sometimes called “Greek Cyprus”. An interesting fact about Cyprus is that Greek culture can be considered the culture of people, but they are by no means part of Greece. The whole island and the Republic of Cyprus are a part of the European Union, although that does not apply to the northern part of the island, which are governed under Turkish control.

northern cyprus-trnc

Travel to Northern Cyprus

Ercan International Airport is the only international airport in Northern Cyprus. Planes fly to and from Ercan airport through Turkey.

Crossing the Green Line

One of the most common border crossings between two sides of Cyprus is on “Ledra Street” in Nicosia capital (Lefkosha). Here, you will find a relatively quiet-looking border crossing for pedestrians, where both police officers ask you to present your passport. This process is very easy and you will cross the border in a few minutes.

Security in Northern Cyprus

Despite the political tensions and often significant military presence near the border areas, Northern Cyprus is now completely safe and the vast majority of visitors will not experience any problems during their trip. The political situation is somewhat tense, but there is no violence. The number of crimes is relatively small and statistically lower than in Southern Cyprus.

Language in Northern Cyprus

The main language in Northern Cyprus is Istanbul Turkish. Most people know English and the staff in shops, restaurants and hotels speak English well. Signs and leaflets are generally written in both Turkish and English and sometimes Greek. German and Russia is also common in TRNC.

Names of places in Cyprus

Because Cyprus has two influential ethnic groups, many cities in Northern Cyprus are known by two names, one Greek and one Turkish. For example, the popular tourist city of Kyrenia (Greek origin) is also known as Girne (Turkish) and the capital Nicosia is also known as Lefgosha by Turkish people. Older paintings in North Cyprus show only Greek names and newer paintings show only Turkish. Buses and minibuses also generally indicate their destination in Turkish.

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Money in Northern Cyprus

Unusual political situation in Northern Cyprus means that there is also an unusual monetary system. Major currency in Northern Cyprus is Turkish lira, although Euro, US Dollar and British Pound are also widely accepted. With all the options, we recommend that you pay your daily expenses only in Turkish Lira, as this option offers you almost exclusively a higher value. In more touristy areas, prices may be shown in Euros only to accommodate travelers passing through Southern Cyprus. Payment by bank card is accepted in larger shops and restaurants and smaller stores only accept cash. It is best to always have cash with you.
ATMs can be easily found in most areas and most of them accept foreign cards. Almost all of them offer English language options. Most ATMs only pay in Turkish lira, although some also pay in Euros and Pounds.
Since January 1, 2008, Southern Cyprus has adopted the Euro as its official currency. But in practice, and from the interesting facts about Cyprus, it must be said that many of the country’s traders use a wide range of foreign currencies. The Cyprus pound has been gradually phased out in recent years, and the Northern Cyprus region continues to use Turkish Lira as its official currency.

Car rental in Northern Cyprus

Renting a car in Northern Cyprus is as simple as in other European countries. You can do this at the service center or you can ask your hotel to arrange it for you or even book online in advance.

Car insurance

In general, cars rented in Southern Cyprus can drive only in the south and cars rented in Northern Cyprus can only drive in the north. Some companies offer additional insurance policies for both areas, so if you plan to drive across the border, keep these in mind.

Driving in Northern Cyprus

As a result of the former British colonial rule, drivers are driving left across Cyprus. When renting a car, expect the steering wheel to be on the right. Traffic signs are the same all over Europe with additional information written in Turkish and English. Place names are written in a combination of Turkish and Greek, so it is best to know both types of destination names. Speed ​​limits are also well illustrated. There are also speed cameras very often. Getting a driver’s license is also relatively easy in Cyprus. You can use Google Maps on your mobile phone to help you navigate the roads of Northern Cyprus.

Car-in-North-Cyprus

Buses and minibuses in Northern Cyprus

Private minibuses run on throughout the region. These minibuses are available in all streets and colors, but most are white and cream. You can see the origin and destination of these buses in the windshield. You can notify the driver whenever you want the bus to stop along the way.
Fares are relatively cheap, between 5 and 7 lira for local services and up to about 10 lira for longer distances. Normally, pay the driver before the bus arrives.

Taxis in North cyprus

There are many taxi companies in Northern Cyprus, especially in and around major cities. Depending on the company, you can book taxis either by phone or online, or you can take a taxi at the stations. Prices are very reasonable compared to European standards.
Most taxis have a meter, but most are not used. So before boarding, ask driver how much the fare will be.

Mobile use in Northern Cyprus

Only two Turkish mobile networks operate in Northern Cyprus. KKTC Telsim (operated by Vodafone) and KKTC Cell (operated by Turkcell). We recommend you use a local SIM card for your trip. SIM card packages typically include 50 minutes of international calls, 500 text messages, and 10 GB of Internet access. Activation instructions are included in SIM card package and can be activated simply by sending a code to a number. It is possible to buy SIM card packages from the relevant mobile network stores or from supermarkets. EU residents cannot use free roaming in Northern Cyprus, so keep this in mind if you want to avoid unexpected costs.

working hours in North Cyprus

Working hours are some different in summer and winter. In general, shops and businesses are open from 8:30 to 18:00, and some of them are closed for one or two hours around noon in summer.

Cats and dogs in Northern Cyprus

Cats and stray dogs can be found everywhere in Northern Cyprus and may even appear in restaurants and shops. Almost all the animals on the streets seem to be in good health. Some of them are clearly labeled to indicate that they have been inspected by municipality. The locals are very tolerant and kind with cats and often keep the doors open for them. They pet them and feed them most of the time.

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Cyprus is the third largest island in the Mediterranean

Cyprus is known as the third largest island in the Mediterranean. The island covers an area of ​​9,251 square kilometers and is home for about 1 million people, making it the second largest island in the Mediterranean sea after Sicily and Sardinia. Interesting thing is that the island of Sardinia, which is three times the size of Cyprus, has a population almost equal to Cyprus, and that is why its said that Cyprus is an island with a very high population density, especially its capital, Nicosia. Other island cities are some crowded.

Capital of Cyprus, is the only capital that is divided into two parts!

An interesting and of course sad fact about the capital of Cyprus, Nicosia, is that its the only capital in the whole world that is divided into two parts! In fact, the island of Cyprus is divided into two parts, Turkish and Greek, and therefore its capital is divided into northern and southern parts. In fact, it was the Turks who invaded northern Cyprus in 1974 and occupied the northern part of Cyprus. But the southern part of Cyprus, or the Greek part of Cyprus, is the part of the world known as the Republic of Cyprus. Of course, the division of Nicosia also had a positive point, and that was that the Turks and Greeks of Cyprus, with the help of this division of lands, were able to have peaceful companionship and trade relations with each other.