Cyprus is known as a paradise-like corner of the earth. In this unique corner of the Mediterranean summer is long and hot, which attracts many tourists, and accordingly, capital-owners who want to use the potential of tourist commercial real estate. For thousands of years, many civilizations have left a trace in the development of this island. Cyprus is a precious find for a beautiful life in warm and favorable conditions, and for business development. Below we will look at the benefits of buying real estate in North Cyprus and the best places to implement this plan.
Our team of professional experts is ready to provide you with comprehensive advice and practical assistance in acquiring real estate in all corners of the world. We have vast experience and knowledge in this area and are ready to become your reliable allies on this path. We offer property for sale in North Cyprus, the whole island and other jurisdictions.
Strengths of North Cyprus
Interested capital-holders are granted with huge variety of residential and commercial real estate in North Cyprus listed below.
- Comfortable and cozy apartments and offices with sea views.
- State-of-the-art two and three-storey mansions and cottages with large swimming pools and lush exotic gardens.
- Furnished luxury real estate in North Cyprus for permanent and temporary residence.
- Luxury penthouses and comfortable villas near horseback riding and golf courses.
Key strengths for inhabitants are next-mentioned.
- Visa-free entry and low cost of real estate.
- Registration of real estate in the ownership of foreign citizens, English law.
- Absence of crime, traffic jams, industrial areas.
- Education of children from 3 years old in International, American and European universities from 1,500 $ per year, which is 5 times cheaper than in Europe.
- Economic development, tourism, large investment injections into the development of infrastructure of the country – real estate in Northern Cyprus.
- Healthy and mild Mediterranean climate, beautiful beaches, mountains, pine forests.
The best places in Northern Cyprus to buy real estate
Some of the most promising and profitable are Bellapais, Kyrenia, Famagusta and Nicosia. The real estate market there is the most diverse and full in comparison with other places in Northern Cyprus. A profitable option is the purchase of villas, which are in the practical closest access to the coastline, and their subsequent rental to foreigners. Quite a few projects are currently at the stage of development, in which an interested capital owner can invest his assets. In addition, the demand for housing in these areas of Northern Cyprus can guarantee that the sale of such property in a few years can also be profitable and get growth in income.
North Cyprus has the cleanest and most beautiful beaches in Europe, the most diverse and delicious cuisine, mesmerizing nature and wonderful people. Northern Cyprus has a stunning climate with warm sunny summers and mild winters, which the inhabitants of northern latitudes naively take for spring: at this time there is a lush evergreen vegetation, pleasing to the eye palm trees and flower beds. Bathing season here begins from the first days of May, and ends only in October. That’s why those who have discovered a vacation in Northern Cyprus, hardly trade its golden beaches for other temptations.
Every year real estate in Northern Cyprus is becoming more expensive, and therefore its purchase is now the most profitable. Moving to Northern Cyprus will be easy and will benefit, because here is a wonderful ecology, comfortable climate, high standard of living. In the Northern part of the island there are no industrial enterprises, there is no street crime, open wide opportunities for European education, and free and quality medical care is guaranteed to all residents.
It is worth noting that many apartments include such useful things as appliances, furniture and other elements of technical and decorative space, which will save up to 5-7 thousand euros, which can be spent on additional arrangement of the dwelling, if it is purchased for the purposes of personal residence, or for its launch into professional turnover for commercial purposes.
If you purchase a secondary dwelling with full title received by the former owner, you are exempt from paying VAT in the amount of 5% of the value. In the case of a new apartment from a developer, this amount must be paid by each buyer.
- Newly built houses also have their own advantages. Usually, the buyer gets a full one-year guarantee on them. But the key advantage of new apartments is a long payment plan: quite a few companies offer interest-free installments and loans for up to 15 years.
- Loans can be repaid at any convenient time without penalty. Paying in this way will give you the opportunity to buy a beachfront apartment of any size, regardless of whether you have collected the necessary amount or not.
A few words should also be said about the risks that may await potential real estate investors. The main concern of potential investors is often related to the political situation between North and South Cyprus. This long-standing division requires a thorough understanding of the legal aspects of real estate ownership to ensure a sound investment. In addition, ownership disputes are a historical issue, so it is crucial to work with reputable real estate agents and legal advisors to buy a property that will be free of encumbrances and reduce potential risks. Internationally, property ownership in Northern Cyprus is also not recognized (except in Turkey), which can be an additional problem.
Infrastructure development, while improving, varies from region to region. In addition, there is no requirement to provide proof of source of funds when purchasing real estate. Moreover, the absence of its own local currency and the use of Turkish currency may significantly affect financial results and create certain difficulties in forecasting profitability.
Our company is ready to provide you with comprehensive support in the purchase of real estate in Northern Cyprus. We will conduct a detailed comparative analysis for you and choose the best option for you personally, taking into account your wishes and goals. Contact us right now, which will guarantee the profitability and efficiency of the transaction.
