Real Estate in Northern Cyprus
THE BEST PROJECTS IN NORTHERN CYPRUS
The purchase of property in Northern Cyprus is not only a good investment but an opportunity to get to know the culture of one of the most unusual parts of the Mediterranean. The excellent location of the island, historical sites, and the beauty of nature make Northern Cyprus an exceptional offer in the region.
The real estate market in Northern Cyprus is extensively developing – buyers from all over the world arrive here, at the Mediterranean coast. Online viewing of a property and an offer from a company by e-mail will no more surprise anybody today – this is an inherent part of business etiquette. Kyrenia, Iskele, Famagusta – wherever you buy a house or an apartment, Cyprus will present you with more than just real estate by the sea.
INTERESTING FACTS ABOUT NORTHERN CYPRUS
Climate and Other Advantages of Northern Cyprus
Cyprus pleases its residents and visitors with one of the best climates in the world. The island has more than 330 sunny days a year. In winter, the temperature never drops below +15, and from May to October, it is always above +27. Although summers are hot here – + 35-38, it is easy to stand the scorching sun of Northern Cyprus – thanks to the sea wind and refreshing breeze.
Cyprus is the third largest island in the Mediterranean area. Located between three continents, Cyprus lies at the intersection of trade routes from ancient times. One can find many antique monuments, antique architecture, and well-preserved middle-aged castles in Famagusta, Kyrenia, and other cities of Northern Cyprus. The old harbor in Kyreniaseems to take you to a different time and dimension –reminding you of those ancient harbors we have all seen in historical films about galleys and pirates.
Although Northern Cyprus is an unrecognized republic, it is one of the safest countries in the world – there is practically no crime here. And the police on the island is surprisingly polite and friendly.
In Northern Cyprus, an excellent climate is not only about the weather but about the investments. Purchasers from all over the world value favorable taxes provided by the government and sales promotions for foreign investors. In the country, they have developed a range of measures for those wishing to invest in the republic economy: duty-free import of equipment and vehicles, good loans, and long-term land leases. Foreign investors appreciate low taxes, protection of depositor privacy, and confidentiality of investments origin.
Real estate in Northern Cyprus, unlike in Europe, costs quite affordably. Similar offers in other countries will be either more expensive or further from the sea. In addition, you can get discounts on the Northern Cyprus property – if, for example, you buy apartments when the complex is under construction. Moreover, according to the market trends, the price of real estate in Northern Cyprus may rise by 20% – regardless of whether it is an apartment with several rooms in a residential complex or a house/villa by the sea.
It is also profitable to purchase a real estate complex. Thus, if a company buys blocks of apartments directly from the developer, avoiding agent services, in fact, at their cost, it can profit around 35% of the original price after selling it later.
Real estate in Northern Cyprus is diverse: it is not only flats, apartments, or villas on the coast. There are also enough commercial properties in Northern Cyprus – their prices do not bite here either. And considering the current trend to relocate businesses, especially to Cyprus, you can be sure your offices will not stay empty. After all, IT companies, branches of various banks remove here, relocating entire staffs of managers and programmers.
Apart from investing directly in real estate, Cyprus is attractive for investing in agriculture: numerous fertile lands, climatic diversity, well-developed infrastructure, and location are perfect for both growing up various crops and livestock and exporting products to Turkey, European and Asian countries.
However, Cyprus is primarily a tourism region. Investments in the objects of this sphere – hotels, cafes, casinos, apartments for short-term rent, beach infrastructure – are also very profitable. Tourists from all over the world come to Northern Cyprus all year round. Since the beach season on the island lasts from May to November inclusive, and even in winter, there is something to do in Cyprus – casinos are open 24 hours a day for the entertainment industry fans, as Northern Cyprus is the Mediterranean Las Vegas. Moreover, it is always pleasant to walk around medieval castles in winter freshness, stroll along the ghost town of Vorosha, and sit in a beautiful restaurant overlooking the sea.
POPULAR PLACES IN NORTHERN CYPRUS
In Northern Cyprus, there are five districts: Gazimagusa, Girne, Guzelyurt, Iskele, and Lefkosia, having the similarly-named capital of the republic. However, the locals more often use the Greek names of the districts and their administrative centers: Famagusta (Gazimagusa), Kyrenia(Girne), Morphou (Guzelyurt), Trikomo (Iskele), and, of course, Nicosia (Lefkosia).
Nicosia, like Cyprus, is divided into two parts, northern and southern, and is the capital for both of them.
Cities of Northern Cyprus
Nicosia, the capital of Northern Cyprus and the Republic of Cyprus, is the only city on the island located not by the sea. However, there are many educational establishments here, and Southern Cyprus and its airports are nearby. Therefore, the city may interest students and those who often leave Cyprus – businessmen and travelers. And the cost of real estate in Lefkosia is much lower than that in other cities in Northern Cyprus. But it does not affect the quality of apartments and houses. Lefkosia/Nicosia is the administrative and business center of the island, and you will find the most attractive projects in terms of architecture and comfort right here.
Kyrenia, lying on the hills overlooking the sea, is the most picturesque and attractive city
for tourists in Northern Cyprus. Here are the main tourist sites, as well as most of the famous beaches. At the same time, Girne is the most expensive city by local standards –the areas of vacant plots here are smaller, and as a consequence, real estate offers are limited. A good alternative for lovers of the region can be the villages near Girne: Lapta, Karsiyaka, and Alsancak. By the way, the most beautiful and environmentally sound beaches in the area are in these towns. Even sea turtles visit some of them to breed. The places are great for taking a break from a busy city and uniting with nature.
The main feature of the Famagusta real estate market is that other than sea-cost propositions are in demand. The city is home to the largest university in Northern Cyprus, and one can rent apartments here all year round. Two-bedroom apartments are especially in demand among students. Although in Famagusta, every piece of real estate carries a value, whether villas, apartments, or studios.
Iskele – Future Miami
Only 19 kilometers from Famagusta Yeni Iskele is situated –with its famous Long Beach.
Long Beach has once been named the best place for buying a property in Northern Cyprus by Forbes magazine. YeniIskele, located nearby, is a new district by the sea, where one, purchasing real estate in any of its complexes, can reckon on the most developed infrastructure and comfort. In Northern Cyprus, they built residential complexes as a city within a city. Thus your home will be surrounded by playgrounds and sports grounds, a swimming pool, maybe water parks, shops and beauty salons, SPA centers, and fitness rooms. Everything is like in the most advanced residential complexes in the US and Europe. Yeni Iskele is home to the most demanded property in Northern Cyprus.
SPECIFICS OF THE REAL ESTATE MARKET IN NORTHERN CYPRUS
Cyprus – New-Built Property Prevails
Unlike in Europe, where, because of restrictions on offshore construction, most of the offers are resale property, in Northern Cyprus, the new real estate market is very developed. The sales of new-built properties are constantly growing. The construction volume of new residential complexes with modern apartments and villas is growing.
The resale real estate in Northern Cyprus has its peculiarities as well. Due to the disputed status of the part of Cyprus, some lands in the North are still legally owned by Greek Cypriots. Theoretically, they can lay claim to the land of the property. You can avoid such problems by buying property in Northern Cyprus from a trusted company and consulting with a reliable lawyer. The company must be officially registered and must pay sales taxes. We would also advise you to read the reviews of the customers who have already bought a property in Northern Cyprus and remained satisfied.
Cost of Real Estate Northern Cyprus
Prices for property in Northern Cyprus are often indicated in pounds, though the Turkish lira operates in Northern Cyprus. Also, they assess real estate squaring: when selling apartments, as a rule, the total area, including balconies and common areas, is taken into account, and when selling a villa, – the living space.
The price of a square meter depends on the number of rooms: studios are more expensive than apartments. It also depends on the apartment furnishing, not the complex or proximity to the sea. Leading property developers in Northern Cyprus usually sell fully finished properties, and the buyers should choose only household appliances and furniture, which does not always happen.
Every year the cost of real estate in Northern Cyprus rises by about 7-10%. At the same time, prices are still much lower than those offered by the other Cyprus, Southern.
Buy-to-let Property in Northern Cyprus
The rental price allows one to earn an income of about 8% of the property value. Any real estate in Northern Cyprus is well-rented: studios, apartments with several rooms, and villas. Renting out in Northern Cyprus also presumes double depositing. You can rent out property both for a year and seasonally.
Residence Permit in Cyprus
Purchasing property in Northern Cyprus enables one to obtain a residence permit. Immediately after purchasing an apartment or villa from a real estate developer, a foreigner has the right to apply for a residence permit. The area and completeness of the property do not matter: if the apartments are uncompleted, one can indicate the address of the rental housing. It is beneficial to have a residence permit in a country like Northern Cyprus, as, apart from the opportunity to live by the sea and for children to study in prestigious English-speaking schools, you can relocate your business here or make the island a bridge for transit emigration.
There is no lower limit on investment into the economy in Northern Cyprus, unlike in many other countries, including the southern part of the island, where the cost of the purchased property must exceed 300,000 euros to obtain a residence permit. In Northern Cyprus, one can prolong a residence permit every year, and after seven years of residence, one can apply for TRNC citizenship.
REAL ESTATE, NORTHERN CYPRUS: WHAT IS PROFITABLE TO BUY
The most desirable property in Northern Cyprus are studios or one-bedroom apartments. Their area, as a rule, is a little bigger than 50 square meters, but they are more in demand than villas or apartments with several rooms. This real estate is profitable to resell and rent out: Cyprus guarantees owners an average income of around 8% of the property value. It is just necessary to choose and purchase real estate wisely.
When choosing apartments, you should avoid standard housing in overdeveloped districts. Those, who want to live on the coast of Northern Cyprus, surely will not be interested in the offers in featureless, impersonal complexes. It is difficult to sell or rent out a property where parking is problematic. In the extreme case, if the proposition is profitable, get to know how things are with public transport in the area.
Cyprus is not only a holiday destination, but also many people live and work productively by the sea. Such buyers appreciate real estate in the city center. They set a value not upon the area size of a property but the infrastructure surrounding it, which will complement everyday living. A modern residential complex must have restaurants and playgrounds, sports areas, swimming pools (preferably both outdoor and indoor), 24-hour security, and a parking lot on the territory.
A flying visit to the rooms and, all the more, online viewing of the property by the seller will unlikely provide a fair presentation of the real estate you want to buy. To know the advantages of the apartment and estimate the complex, it is better to rent an apartment in the same district.
CRITERIA TO CHOOSE A REAL ESTATE DEVELOPER IN NORTHERN CYPRUS
So, your choice is – Cyprus, and what goes next? It is not enough to find apartments in a good complex by the sea – it is necessary to be confident in the company selling them. The company should have:
§ portfolio of constructed real estate in Northern Cyprus;
§ customers’ reviews on the Internet;
§ possibility to carry out online viewing of property;
A strong company can offer discounts, and it will send an official proposition by e-mail and provide you with the whole range of necessary documents. To discover Cyprus – is easy!
Invest your money in the real estate of Northern Cyprus. You will receive a regular and high income from renting out contemporary apartments or villas of high quality. And if you purchase property for yourself, you will also get a life by sea in the future. After a while, the Cypriots will teach you how to enjoy life, delicious food, and sunny days.
