15 benefits to buy real estate in North Cyprus!
- 15 reasons to buy real estate in North Cyprus
1.1. Building boom
1.2. Flexible payment schedule
1.3. No restrictions concerning rental
1.4. High demand for real estate
1.5. Simplified visa regime
1.6. Residence permit is easy to obtain
1.7. 300 sunny days per year
1.8. Complete safety
1.9. A lot of casinos
1.10. Excellent higher education
1.11. Excellent health care system
1.12. Ecologically clean products
1.13. Temporarily indefinite status of the state
1.14. Diplomatic assistance
1.15. Cheap goods and services
North Cyprus is a Mediterranean basin state with the most affordable real estate. In North Cyprus, many things attract investors in which the blue sea and white beaches are worth to mention.
In this article, we will explain why the cost of real estate in North Cyprus is growing every year and what benefits will be available to buyers of real estate.
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Over the last decade, the authorities of North Cyprus have managed to create a real breakthrough in the development of the state, and the number of benefits for investing in real estate is growing every year.
To date, we can distinguish the following undeniable advantages:
North Cyprus has been isolated for more than 30 years, and the long-standing dispute was put to an end by the decision of the European Court of Human Rights. Since 2010, the land issue has been resolved definitively and a building boom has begun on the island.
We recommend you to read the article about guarantees for the purchase of real estate in North Cyprus.
Several large developers “came” to the northern part of the island at once, and this affected both the individual construction and the construction of hotel complexes such as Merit, Kaya, and Elexus.
With this, the demand for real estate exceeds the supply, as the cost of real estate on the northern part of the island is many times lower than the cost of similar buildings in the Republic of Cyprus and Greece.
It is not necessary to purchase real estate in a single payment. It is always possible to issue interest-free installments for several years from the developer or to issue a long-term mortgage loan. At the same time, there is no need to draw up a whole package of documents or look for sureties. It is enough to have a foreign passport and the desire to become the owner of the apartments.
The Government of North Cyprus is making every effort to attract tourists and investors. Therefore, all laws in the field of investment are simplified as much as possible. It is enough to buy housing and rent it out completely freely and legally! There are no restrictions on the rental of housing by foreigners in the state. It is enough to pay 10% tax and rent a property as long as you want.
In terms of investment, North Cyprus is an incredibly attractive destination. Demand for apartments and villas still exceeds the supply. Both tourists and a large number of students support a steady rental demand for real estate.
As many years of experience shows, renting your apartment out can bring 8-10% of the total value of the property annually. Thus, even the most expensive housing will recoup itself in 10 years and will begin to bring a net profit in the future.
No special documents are required to enter the country. It is enough to have an ordinary foreign passport. When passing customs control, the border guard will set the seal on a separate sheet and put it into the foreign passport. This simple procedure is enough to stay in the country for up to 30 days. With little effort, the duration of stay in North Cyprus can be extended to 90 days.
In our specialized article, you can learn more about obtaining a residence permit of North Cyprus.
If a non-resident acquires real estate in the country, he/she can obtain a residence permit with minimal effort. And this advantage is not only obtained by the owner of the housing but also by his immediate relatives (husband/wife and children).
If the residence permit is extended for five years, then it is possible to apply for full citizenship of North Cyprus in the future.
North Cyprus is an ideal tourist country in which cloudy days are very rare. The beach season here lasts from the end of April to the end of October. In high season, the Mediterranean Sea warms up to +32 degrees.
This means that you can rent your house out almost all year round, and if you really love warm countries, you will definitely like it in North Cyprus.
There are rumors that crime and lawlessness prevail in North Cyprus, but dry statistics say the opposite. For the whole of 2018 on the northern part of the island, only 8 robberies (!) were committed and more serious crimes have not been recorded at all. This rate is several times lower than in the neighboring Republic of Cyprus or Greece.
It is enough to say that car owners do not install anti-theft security systems, and most residential complexes are not protected because it is not needed at all. By living in North Cyprus, you can be sure of complete safety.
It is known that practically in the whole territory of Europe, casinos and game houses are forbidden. In this respect, North Cyprus is a pleasant exception to the rules. Almost every large hotel (4 or 5 stars) has its own casino of the highest level.
By the way, in many respects, this explains the steady influx of tourists from neighboring countries that want to play casino but cannot afford to travel to Monte Carlo or Macao.
Turkish authorities did everything possible to make North Cyprus obtain profit not only at the expense of tourists and investors in real estate but also to become a real student center.
Learn more about the education system and adaptation methods for migrant children in this article.
In 2018, there were more than a dozen higher education institutions in the country, including Eastern Mediterranean University, Mediterranean University of Karpasia, Istanbul Technical University and the American University of Girne.
The level of education in these universities is very high, but the cost of study is several times lower than in England, Spain or Italy. Naturally, this has led to the fact that the influx of tourists from Europe wishing to receive a decent education increases every year.
In addition, students create an additional year-round demand for rental housing, thereby increasing its investment attractiveness.
There is a program called “+ 10 years of life” in North Cyprus. Due to the high level of medicine, excellent ecology and perfect local products, older people live ten years longer. Therefore, don’t be surprised that in the country, there are a lot of elderly foreigners who want to prolong their lives.
We recommend you to read the article on medicine and health care tourism in North Cyprus.
Here, at the age of 60, people don’t hurry to sum up their lives because the average age of life in North Cyprus is 82 years for men and 87 years for women.
The northern part of the island is famous for its abundance of citrus gardens. At any time of the year, the markets are full of fresh lemons and oranges. In addition, North Cyprus has developed cheese production and sheep breeding.
All food products meet the highest European standards and are an integral part of the “+ 10 years of life” program.
You can learn about the range and prices of products in the markets and supermarkets of North Cyprus in this article.
The absence of diplomatic relations with other countries is not always a disadvantage. In the case of North Cyprus, the absence of contracts with other countries facilitates the process of purchasing housing greatly. For example, here, the relation to the source of funds from the investor is more loyal.
Moreover, extradition treaties are also not in force, and North Cyprus can be considered as one of the quieter European countries.
The temporarily indefinite status of North Cyprus does not mean that you will be denied in diplomatic assistance. On the territory of the TRNC in the city of Nicosia is the U.S. Embassy, where you can apply in case you need diplomatic assistance.
The country has embassies and consulates of France, Britain, Germany and Australia. Every year, hundreds and thousands of citizens of these countries come to have a rest in North Cyprus, and therefore, international isolation is nonsense.
Despite the fact that North Cyprus does not have major European chain stores, the vast majority of goods are cheaper there than in Europe. And the difference in price can reach 50%!
To make sure that our words are true, you can watch the overview from one of the supermarkets having an indication of the range and prices on our channel!
This is due to the fact that the country has a very flexible tax system that does not charge goods with high additional fees. This also explains that during weekends, shopping centers of North Cyprus are occupied by Greek Cypriots from the southern part of the island and Turks coming from the mainland.
North Cyprus is a small but very cozy country, ideal for a quiet and peaceful life. Having familiarized yourself with the advantages of this country, you will be able to choose to buy real estate in North Cyprus on the shores of the Mediterranean Sea.