What are the top benefits of owning North Cyprus property?
There are numerous advantages to buying property in North Cyprus as an investment. Few among them include; foreign residents have access to a property market that is tailored to their needs, real estate investment in North Cyprus can lead to obtaining legal residency, property taxes are extremely inexpensive, there is a sizable international community and beautify renowned beaches, and so on.
Where can I buy property in North Cyprus?
Before we look at the best places to buy real estate in North Cyprus, it is important to note that the island is divided into two parts. Northern Cyprus is considered Turkish, while Southern Cyprus is considered Greek and so a European Union member. Northern (Turkish) Cyprus is not a European Union member. Expats buy homes in the four main cities of North Cyprus: Nicosia, Famagusta, Kyrenia, and İskele. In general, your lifestyle preferences and financial limits determine where you buy real estate in North Cyprus.
Which are the best cities in North Cyprus to buy real estate?
Where to buy property in North Cyprus is mostly determined by the buyer’s long-term objectives. The following are some of the questions you should ask yourself:
- Are you planning to make North Cyprus your permanent residence?
- Do you only intend to use your house as a vacation rental?
- Are you planning on renting out your home?
- Is there a minimum investment requirement for residency by investment or citizenship by investment programs in North Cyprus?
If you are wondering whether is it worth buying a property in North Cyprus, you click here to get more information.
North Cyprus property in Famagusta
Owning North Cyrpus real estate in Famagusta is fantastic for active families. Famagusta is a cosmopolitan city, with an excellent choice of international schools to choose from. You will find everything you need to lead a comfortable life in Famagusta, with many shops, restaurants, bars, and entertainment venues to pick from. Additionally, if you would like to rent out your property to tenants, then you are lucky because North Cyprus rentals are currently in high demand in Famagusta due to limited supply and increasing demand. Living in Famagusta, is, however, more inexpensive than in other parts of North Cyprus such as Nicosia.
Real estate in İskele North Cyprus
For those interested in earning rental incomes, real estate for sale in İskele, North Cyprus, is particularly desirable. İskele real estate is often believed to be less expensive due to the proximity of beaches and other historical sites with strong transit links. Some people choose İskele to save money on living expenses and commute to Famagusta every day for business. In comparison to Girne, İskele has a more relaxed atmosphere, with most homes being offered both as single-family homes, flats, and holiday rentals.
Nicosia real estate
Because of the steady demand from the domestic market, real estate for sale in North Cyrpus, Nicosia, is ideal for investors wishing to rent out their homes. Because Nicosia is the capital city, many Cypriots work there, therefore a long-term rental option is an excellent investment. However, because Nicosia is located inland and does not have direct access to the sea, purchasing property in Nicosia as a vacation house or short-term rental is not recommended.
İskele is a great place to buy real estate in North Cyprus…
If you enjoy the beach and a slower pace of life, consider purchasing real estate in İskele. In comparison to other cities, İskele is close to Famagusta and Boğaz and has relatively inexpensive home rates. Despite its tiny size, İskele has one of the most valuable investment prospects.
There are various property types to choose from…
There are a variety of property types to choose from in North Cyprus. You can either buy a vacation home to use on occasion, a property to rent out long-term, or residential property.
Residential homes: There are various possibilities for residential homes, ranging from apartments and villas to old stone houses in calm villages, modern houses in urban areas, and bungalows in the middle of the woods. You can either buy a pre-owned property and renovate it to your liking, or you can buy a new home that is ready to move into right away.
Many people purchase properties to use as vacation homes. In North Cyprus, the sun and the sea go hand in hand, so if you are looking for a vacation home, a villa along the shore, or a property with a pool, North Cyprus is a great choice.
Thanks to North Cyprus’s residence by investment and citizenship by investment programs, you can invest in real estate and gain permanent residency or even citizenship in the country. You can receive a rewarding return rate if you properly select a property with the intention of letting it out. If you have the cash to invest, as well as the ability to earn a good income from letting the property out, buy-to-let is a good option. In a rising property market, you can gain from capital accumulation.
The real estate business in North Cyprus has long had a positive impact on the country’s economy. For example, the industry accounted for 38.5 percent of the country’s yearly growth rate and 16 percent of the Cypriot economy’s Gross Value Added. While the COVID-19 pandemic has had a significant impact on the Cypriot real estate market, there is evidence that it is slowly but steadily recovering. North Cyprus is a popular destination for international real estate investors, with a wide choice of property types and price ranges to choose from.
How to buy property in North Cyprus: A step-by-step guide
Foreigners are only allowed to own one acre of land or one house or apartment in North Cyprus, but citizens can buy real estate without any limits. All ex-pats interested in purchasing property in North Cyprus must first obtain approval from the government. Approval is typically granted, but there are procedures for obtaining such which can sometimes be lengthy. That is why it is a good idea to hire a real estate lawyer in North Cyprus to handle the entire process for you.
The following documents must be submitted by all applicants:
- Specifications of the property
- Property contract and current owner information
- Current residence and income statement of the buyer
- It is strongly advised that you first speak with a real estate lawyer in North Cyprus to learn about the precise criteria and papers needed to purchase a property.
You can read detailed information about the steps involved in buying property in North Cyprus by clicking here.
North Cyprus property for rent
If you want to acquire a rental property in North Cyprus, you must first obtain a legal contract of sale. It must then be filed with the relevant government department/agencies within two months after both parties’ signatures. A deposit of roughly 10% of the transaction price is also required from the buyer. Only after the government has given approval and the funds have been validated can the title deed be lawfully transferred. If you have a North Cyprus real estate lawyer on your side, they can register the property in the owner’s name.
Stamp duty and property taxes
You will be charged transfer fees, stamp taxes, and legal levies when purchasing a property in North Cyprus. To pay these different registration fees and legal expenditures, it is usually recommended to add 15% to the purchase price ( if you choose to get a real estate lawyer in North Cyprus). After you sign legal documents to secure your assets in North Cyprus, you must pay stamp duty, which is calculated based on the market value of the property.
What should I consider when buying a home in North Cyprus?
When looking for a home for investment purposes in North Cyprus, there are many factors to consider. In general, potential buyers are advised to do the following:
- Find a real estate lawyer in North Cyprus.
- Make sure the property is not involved in a legal battle over ownership
- Inspect the home with a broker or an independent buyer’s agency for any signs that you are being oversold.
- Make a list of any property damage, as well as any modifications or construction that is required.
- Check out the availability of utilities and services, especially if you are looking to buy and rent.
North Cyprus residency by real estate
North Cyprus residency by real estate can be obtained by purchasing a brand new property worth a certain amount. North Cyprus is one of the quickest and most straightforward investor visa systems, allowing you and your immediate family to get residency within two months after making a real estate investment. One of the main advantages of making this type of real estate investment in North Cyprus is that you and your family will have a second home and will be able to live, work, and study in Cyprus, as well as travel freely.
Citizenship in North Cyprus can be obtained through a real estate investment…
North Cyprus has a citizenship by investment program, which allows anyone to become a Cypriot citizen in as little as six months. A €2 million real estate investment is necessary to be eligible for the program. A Cypriot passport basically offers you the ability to live, work, and study anywhere in North Cyprus, therefore obtaining citizenship through real estate investment is immensely beneficial. It is a tremendous opportunity that you may pass along to your children, allowing them to have more independence.
The best part is that most North Cyprus houses for sale are available at market-competitive prices, with a high expected return on investment and lucrative rental income potential. Investors interested in obtaining a North Cyprus passport through real estate investment will be relieved to learn that they can purchase many properties at once to meet the required real estate investment value.