Northern Cyprus
Buying property in Cyprus as an investment
The unique location of Cyprus makes this island very attractive for investors. On the one hand, Cyprus is a large business center in which the interests of European entrepreneurs merge with the interests of Eastern businessmen. On the other hand, Cyprus is a resort island. The wonderful climate, clean beaches, low crime rates and excellent infrastructure attract here both a lot of tourists and those who would like to receive income from renting out real estate.
Market condition
Investing in Cyprus real estate is suitable for those for whom the reliability of investments is more important than high profitability. On average, the island’s residential and commercial real estate is growing at a price of 5-7% per year. Leasing it can bring another 3-5% of the profit annually. The main advantage of Cyprus is the continuous flow of tourists, both from Europe and from Russia. At the same time, despite a considerable number of hotels, the demand for rental housing still exceeds supply, especially in the budget real estate sector. Continue reading
Features of buying property in Northern Cyprus
In Northern Cyprus, a unique, but completely stable, political situation has developed. A small part of the land in the state remained in the possession of the Greek Cypriots previously living in the north. Theoretically, they can claim their rights to them, so the purchase of unverified objects in the secondary market is complicated by risks. Another situation in the primary market. In Northern Cyprus, over the past decade, annual growth in sales of new buildings by an average of 10% has been recorded. This is due to the fact that developers use sites that do not have disputed status. A reliable developer has a full package of legal documents on land.
Choosing an object and a developer
Buying a property in Northern Cyprus begins with setting priorities. Depending on financial capabilities and personal preferences, the range of significant parameters is limited. House or apartment? Location, secondary or primary? Of great importance are the acquisition goals: for personal residence or for subsequent rental. Coastal areas are intensively built up in the country – the choice is diverse. Definitely not worth buying housing built in close proximity to military facilities. Real estate in the area around them limited to 500 m is not registered. Continue reading
