Is North Cyprus rent paid in advance or annually?
North Cyprus has a high demand for rentals due to students and tourists, attracting the attention of both foreign and domestic real estate investors. The main reason for this is that, in comparison to other European and Mediterranean countries, the real estate return time, or real estate depreciation period, is substantially shorter. While in densely populated countries, this duration is between 20 and 25 years, the real estate
In North Cyprus, rent is usually paid monthly, but some owners may demand payments in cash, 6 months or a year in advance. The primary reason for this is the high level of competition in the rental market, as well as the desire of homeowners to secure a steady rental income.
Rental house prices in North Cyprus vary depending on the city and housing characteristics. The average rental house prices for homes and rental villas may be found according to the cities listed below.
Is North Cyprus rent paid in advance or annually? – Region Prices
Rental house costs in Kyrenia
Rental house demand is high all year round in Kyrenia, the tourism center of North Cyprus. The cost of renting a flat in Kyrenia varies from £300 to £1,000 a month. Kyrenia rental villa costs start at £600 per month and go up to £1,500 per month depending on the features of the rental villa or the value of the property.
Rental house costs in İskele
İskele is a developing region in terms of housing due to construction companies’ investments in development projects. It has been in high demand by foreign investors, particularly from Russia and the Scandinavian countries, in recent years. The cost of an İskele rental flat ranges from £1,800 to £3,000 per year.
Rental house prices in Famagusta
Because Famagusta is home to the Eastern Mediterranean University campus, which has 18,000 students, rental demand is constantly high. The cost of renting a house in Famagusta ranges from £200 to £300 per month.
Rental house prices in Nicosia
Nicosia is a preferred investment destination among local investors. Rental flats in Nicosia cost between £250 and £450 per month. The cost of renting a villa in Nicosia ranges from £650 to £850 a month.
Rental house costs in Morphou
In Morphou, where real estate transactions were stifled for a long period as a result of the Annan Plan in 2004, the market has just reopened as a result of investment plans of new universities in the region. House rent in Morphou is around £200 per month. ”Is North Cyprus rent paid in advance or annually?” the answer to the question varies from region to region.
You can also read about the cost of living and attractive aspects of Northern Cyprus by clicking here.