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.
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.
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.
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.
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.