Why invest in North Cyprus real estate?
When investing in North Cyprus real estate, there are many factors to consider. It is also important to decide where you will buy and what type of property you want. While your dreams and goals may change during the process, making a list of your initial plans is a good starting point. These are the top few questions you should ask yourself.
Why North Cyprus?
So, you have decided to purchase a property in North Cyprus, but why? Reflecting on your thoughts is very important and can help motivate and direct you.
How do you intend to use your North Cyprus property?
This is essential if you want to get the most out of your property. What are your plans for it? Long weekends, three weeks throughout the summer, for investment, relocation, vacations, and then retirement? Be truthful to yourself. If you don’t anticipate you will be going on weekends, staying further away from the airport will save you money. Why care about rental or investment potential if you don’t want other people to use it and don’t need the money?
What features should your North Cyprus property have?
What are your must-haves and deal-breakers? Do you need a certain number of bedrooms or bathrooms? Is a pool absolutely necessary, or would a local beach suffice? Is there any outside space available? Is it essential that you be able to walk to a nearby cafe or bar? And what features would you like to see in your Cypriot home? What characteristics would make it ideal for you? Are you looking for a terrace, a garden, or a swimming pool?
What is your budget for the North Cyprus property?
There can be methods to raise more funds or even split the costs but start with a reasonable budget. After all, knowing how much you can spend upfront will help you to look for properties in North Cyprus without pricing yourself out later. It is also important to keep in mind that you should set aside at least 10% extra for purchasing prices.
Also, you should consider the fact that you will not receive the “interbank” rate advertised by banks and in newspapers while making financial plans. Rather, you should budget for an exchange rate that is at least a percentage point higher or lower than the current rate.
Finally, it is a privilege to live and invest in North Cyprus, and we will continue to provide important content to assist everyone on the opposite side.