What property in Cyprus is worth considering?
Many Russians think of buying property in Northern Cyprus, and the local market is happy to respond to this demand, providing buyers with a wide variety of opportunities. Here - for quite affordable prices by the Mediterranean region standards - one can purchase ordinary and elite apartments, houses and suites, a villa or hotel, and any other real estate. The buyer can choose what he likes best - a city with its business lifestyle, a remote villa on the beach, or a tourist area like the legendary Ayia Napa. The total area of the property starts from 40 sq.m. Bonuses provided to property owners in Cyprus (residence permit or citizenship) depend on its value but, in any case, are significant enough to address the question in more detail. Every year, compatriots buy houses and villas in Cyprus, so why not follow their example?
Why is the property in Northern Cyprus cheap? Can one buy real estate in Northern Cyprus?
It is partly due to the peculiarities of the political system of Northern Cyprus - the republic is recognized only by Turkey, and direct air and ferry connection with it exists only from this country. One can enter Northern Cyprus legally only through Southern Cyprus with an appropriate visa. However, if you put an entry stamp not in your passport but a special migration card, you can enter the island from Turkey without any problems. Many are wondering: Can it turn out that I will buy property in Cyprus, then something will happen, and I will remain without money and a house? If this is the only thing that stops you from purchasing property in Cyprus, then we recommend you dismiss your doubts: your villa is not going anywhere.
The current status quo has existed without significant changes since at least 1983. Northern Cyprus is considered one of the quietest places regarding crime, and, as we have already mentioned, real estate provides its owners with quite tangible benefits. We also emphasize the high level of service and quite a budgetary life in the northern part of the island - prices here are closer to Turkish than to Greek, and the Turkish lira is in use.
Remember also that Cyprus is a paradise in the middle of the sea, with gorgeous views, many cultural and natural attractions, picturesque tourist routes, and opportunities for a hotel or "wild" holiday by the sea. If you add this common for the island advantage, you will not find a better place to buy property.
How much does an apartment in North Cyprus cost? What total area is enough?
Buying a property in Cyprus is relatively easy. Prices for apartments start at about 40,000 euros. Of course, one should not wait for offers of luxury real estate on the first coastline for this money, but it will be quite a decent one- or two-room apartment in a solid building in the city of Famagusta or Kyrenia. The area of such an apartment is usually about 40-60 sq.m. Apart from a bedroom, there is a bathroom and - as a rule - a kitchen combined with a living room.
Larger apartments and those in more prestigious areas - including tourist complexes right by the sea - are more expensive, while the number of offers in the range from 50 to 100 thousand euros is over the top. With this money, you can buy a large 3- or 4-room apartment with 2 or 3 bedrooms. The total area here already usually exceeds 100 sq.m.
There are also a lot of offers in the 100+ thousand eurosegment. Here we are talking about luxury real estate - view apartments, penthouses, and studios in modern residential complexes equipped with everything one needs, including a swimming pool, a private terrace, or a large balcony, walking distance to the beach, and other advantages. The area of such property is no more prevailing, although it affects the price.
Naturally, resale real estate is cheaper than new buildings. You can also buy real estate in residential complexes under construction at different stages of readiness. We advise you to check the clean title of the resale property carefully. When purchasing new real estate, the risks are minimal.
Buying a house in Cyprus at a low price is a duly realistic objective. Villas in Cyprus start from about 100,000 euros, but there are very few such offers, and it is strange to hope that this type of housing does not contain any pitfalls: this type of property cannot be very cheap. A significant number of proposals of houses varies from 200 to 300 thousand euros. For this price, one can purchase villas with at least two bedrooms and a total area ranging from 80 to 200 square meters. Though, there are offers of houses with a total area reaching 400 meters. We advise you to critically evaluate your capabilities because the larger the villa area is, the more utility payments will be. When buying it in Cyprus, it is worth counting expenditures thoroughly and how to do this - we will tell you in the appropriate section.
More expensive options are either "elite" or business real estate, which pays off quite well due to the well-developed tourism. It is important to remember that real estate costing more than 300,000 euros gives its buyer the right to obtain a "golden visa" - a permanent residence permit allowing you to come to Cyprus without any restrictions. When purchasing more budget property, the buyer gets a temporary residence permit, which one must prolong every year.
Whatever type of property you choose, we advise you to start your search by determining the budget, reviewing the available offers, and identifying a reliable intermediary who will help with the choice of a house in Cyprus or an apartment.
You can buy any property in Cyprus in installments using one of the offers of local banks. Sometimes it is better to do this to optimize costs. At the same time, you can get a residence permit right after the first payment of the installment.
Where is the best place to buy a house and live in Cyprus?
An apartment or a villa, a city or a country house - the variety of options in Cyprus often make one dizzy. Of course, the decision in each case will be individual, but we will try to give a small classification to help you to choose.
The generally recognized center of business life in Cyprus is the capital - the city of Nicosia, although this applies to the northern part of the city to a lesser extent. In addition, of all the major cities in Northern Cyprus, it is the farthest from the sea. Any major city in Cyprus leads a business lifestyle - primarily Kyrenia or Famagusta - while they stand right on the sea, often you can see it right from the bedroom.
For those who love peace and solitude, some quiet city is more suitable - for example, Lapithos. Life here is much slower and steady, and hotels or apartments will cost a little cheaper on average.
There are attractive real estate offers in the central region of the republic - for example, in the cities of Lefke and Morphou, which are more suitable for those who want to connect their lives with agriculture. Moreover, with a car, the sea is accessible from almost any part of the country - the total area of Northern Cyprus is only 3355 square kilometers, and it will unlikely take more than an hour to get to the coast from anywhere in the country. But the tourist fuss is much less here.
And for those, who want to be lost in the tourist life of the country and feel at home in the epicenter of beaches, ancient monasteries, and tourist attractions, we would advise looking for a villa or apartment on the coast near Famagusta, just steps from the main resort of South Cyprus - Ayia Napa. The Long Beach region is here, and the beach is one of the most popular in Northern Cyprus, so it makes sense to start looking for beach-type accommodation right from here.
What gives a residence permit?
Unlike a tourist visa, a residence permit gives the right to permanent residence in the country. When buying a house, villa, apartment, or any other real estate, you apply for a temporary residence permit, which is issued for a maximum of two weeks, while not only the buyer but all members of his family automatically receive a residence permit. They give it for a maximum of one year after one must prolong it.
You can apply for citizenship after living on the island for 12 years (or buy a higher-level property or invest a decent amount in the island's economy - in this case, you can immediately get the status of a citizen of the republic with an appropriate passport). You can apply for a permanent residence permit after living with the temporary one for six years.
One should understand that temporary and permanent residence permits - unlike citizenship - give the right to work or do business in the republic only with the appropriate visa. At the same time, according to the testimonies of numerous emigrants, the implementation of migration legislation is not monitored very meticulously here.
How much does life cost in Cyprus?
To obtain a residence permit, you should provide documents confirming the income of 1200 lira per person. However, of course, these will not be all your expenses. Utilities are expensive here. They supply gas in cylinders at a price of about 12 euros, and such a cylinder is enough for economical use for a maximum of a month. Electricity costs from 0.15 euros per kilowatt. Given that it powers air conditioners and boilers, you should strictly monitor the consumption: after 200 kW per month, an increased tariff starts. A cubic meter of water will cost 0.8 euros.
But other services - like garbage disposal and territory maintenance - cost, by our standards, a penny. Small apartments will require 5-10 euros per month, more expensive apartments and villas - about 75 euros, but elite houses in Cyprus will get 100-150 euros per month from the owner's pocket - after all, a villa is also a villa even in Northern Cyprus! In this case, one takes into account, not the total area of the property but its cost and the status of a residential complex.
Food and transportation costs are nearly the same as in mainland Turkey. By Russian standards, this is not a very big expense.
Where do Russians live in Cyprus?
The Russian community is quite numerous - even though there are no official international statistics here, they believe that most Russians and British buy real estate here. However, we are not talking about some compact settlement - when choosing an apartment or a villa, our compatriots head for their personal preferences. Their choice depends more on the formal characteristics of the property than the largeness of the Russian community. Some Russians, on the contrary, are looking for places with a small concentration of the Russian population.
Any type of real estate is available for Russians. They treat foreigners well here, and it would never occur to anyone to limit their desire to buy a house in Cyprus, move closer to the sea, and fulfill their old dream.
