While many are pondering, savvy investors are quietly buying real estate in Northern Cyprus. Here’s why:
An apartment with a sea view from €70,000? This is the reality of Northern Cyprus today. In comparison, similar properties in other Mediterranean regions of Europe cost 2-5 times more.
Foreigners can officially purchase up to 3 apartments in the country. The choice of real estate is wide – from studios to luxury villas on the coast. One can buy property either as part of a construction project with interest-free installments or ready-made on the secondary market.
There are 300 sunny days a year, pristine beaches, and a well-developed tourist infrastructure. The international Erjan Airport connects the island with major cities in Turkey, linking it to the world.
Living in Northern Cyprus is safe. The European level of healthcare and education allows for a comfortable life here, even with children.
The country has a simple residency procedure for property buyers. Property owners can obtain a residence permit for up to 5 years.
Short-term rentals for tourists, when organized properly, yield good returns. The season lasts from April to November, and in winter, long-term rentals can be offered to locals or expats. Rental yields can reach 5-9% per year, with a tax rate of only 10%.
The best areas to buy are Kyrenia with its picturesque harbor, the rapidly developing Iskele, and the historic city of Famagusta.
Of course, it’s important to exercise reasonable caution when purchasing property on the island. Buy only through reputable developers and agents with good reviews. Verify the legal purity of the transaction and the payment terms.
Northern Cyprus is not for everyone. Understanding the specifics and risks is essential. However, for those ready for long-term investments in an undervalued region with huge potential, it could be a gold mine.
Remember, the window of opportunity is narrowing. Currently, buyers dictate prices in Northern Cyprus, allowing for good deals. But this market cycle won't last forever.
