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Investment Property Market in North Cyprus

Posted by ronli on July 30, 2019
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North Cyprus is Europe’s newest “hot spot” in property investment. Several thousand foreigners have now invested in North Cyprus, and more and more are getting their eyes on this amazing place. There is strong demand for properties in north Cyprus and prices rise by 5-10% annually depending on region, location and standard.

The large regions of Kyrenia and Famagusta are growing rapidly, many new properties are being built along the northern and eastern coast and there is a balance between supply and demand.

In addition, huge amounts of money are invested in infrastructure, education, healthcare and tourism. Cyprus legislation is based on the English law and real estate transactions are made in the British Pound (GBP). In addition, the property is owned 100%, that is, no cooperative system.

Compared to, for example, the Spanish south coast and southern Cyprus, prices in Northern Cyprus are still half as much. Newly built apartments near the beach with fantastic standard where pool, gym, spa etc. are included in the residential area costs from 50,000 € – usually including sea views and large terrace. Villas with private pool and sea views incl. Furniture, AC and white goods cost from 130.000 €.

Property Ownership
Non-TRNC Citizens are entitled to take title to only one property up to a maximum area of 5 donums per person providing that the property only consists of one dwelling. Under new regulations, husband and wife may now purchase one property each in their own names

Different types of properties

There are different types of real estate to buy; newly produced properties, properties under construction and “off plan” which means that the property is at the planning stage. There is also a large selection of used properties that are purchased by private individuals via a broker, usually fully furnished incl. AC, white goods, etc.

Location

North Cyprus offers something for everyone; properties near the sea with sea views, directly on the beach, quiet residential area close to town, central location in town close to all amenities, close to golf or simply a bit of everything.

Financing

The financing plan is structured as follows: you pay the first instalment of 30% of the purchase price upon signing the purchase contract (within 30 days), 20% of the purchase price at half the construction phase, then 20% shortly before completion and the rest in monthly instalments for 2 years without interest.

Rentals

There is a great demand for apartments and villas to rent from tourists and also students in northern Cyprus. If you do not want or you cannot rent yourself, the construction companies help with annual tenants or more temporary tenants. They offer a complete “turnkey” management package with secure rental and property management.

 

Rental guarantee

Some construction companies offer a rental guarantee, which means that you get rental income (12% gross of the purchase price) regardless of whether your property is rented or not.

Why North Cyprus?

340 sunny days a year with amazing nature and people.
You manage with English on the whole island.
Real estate prices are 50% lower than, for example, southern Cyprus and Spain (good time to invest) .
Good investment; real estate prices rise by 5-10% annually.
When you are not there you rent out and thus pay for your accommodation in the sun. –
The property is owned 100% by itself – no shareholding,
untouched nature, hiking trails, nature beaches, etc.
Just 4 hours away
Why is it absolutely safe to buy real estate in Northern Cyprus

IPC (Immovable Property Commission) created by the European Court of Human Rights in 2005 to provide Greek Cypriots with a local land or replacement settlement solution. Previously, their only opportunity was to turn to the “European Court of Human Rights” (ECHR), which was unnecessarily costly and time consuming for both the court and the plaintiff.

IPC has his office in Nicosia and the business officially started on March 17, 2006. In addition to providing a solution for the plaintiff, it has also led to providing a complete protection for buyers of real estate in the north, solution to the Cyprus problem. The landlord may receive either financial compensation or compensation with another land (if the property has not been improved or transferred to another). IPC has successfully contributed to a comprehensive settlement of land issues in northern and southern Cyprus. In addition, IPC has recently successfully managed the exchange of land, land between Turkish and Greek Cypriots which reduces the financial burden for the IPC. A study by ECHR on all land issues decisions provides total security and protection for property buyers in northern Cyprus. Buyers are also protected and can feel completely confident in the fact that the ECHR is the Supreme Court and its decision is final and cannot be appealed. Any advice, concerning the Greek / Turkish Cypriot question, that it would not be safe to buy properties in the north Cyprus is therefore VERY HORRIBLE!

Read more www.tamk.gov.ct.tr

Visiting trip to North Cyprus

We are all different and have different needs, possibilities etc. For you to be able to form your own view of this fantastic island and its possibilities, we recommend that you go down on one of our viewing trips to Northern Cyprus where we invite at the accommodation, certain meals, display of properties of your interest, guided tours in the local area and amenities as well as individual counseling meetings

 

Clean Record Document

As a non-TRNC purchaser you must supply details of any criminal convictions, in order for your Purchase Permit Application to be processed. Every applicant must obtain a Basic Disclosure Certificate. To do this you should make enquiries with the local police service in your country of origin. This must be in either English or Turkish.

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