Why is North Cyprus a paradise for real estate buyers?

Introduction to the real estate market in Northern Cyprus

Property in North Cyprus represents a great opportunity for buyers and investors who want to enjoy the seascapes throughout the year. The dream of owning a home in this unique corner of the world is becoming increasingly relevant, especially in light of thefavorable climate,low tax ratesandaffordable priceson real estate. North Cyprus looks like an ideal choice for those hoping for a successful investment.

Key aspects of choosing real estate

However, in order to make an informed choice and profitably purchase a home on this picturesque island, it is necessary to carefully study the current market trends. Maria Kurshun, Sales Director of Luxe Home Cyprus, highlighted several important aspects that can help potential buyers.

Real estate market overview

According to Maria, anyone, regardless of their nationality, has the opportunity to become a property owner in this region. What state of the real estate market in North Cyprus are we facing this year? This time has been a real turning point for real estate as the number of buyers has increased significantly due to a number of factors:

• Relatively low priceson the coast.
• Flexible tax conditions.
• High level of securityThis is especially important in the current global environment.

Development of the construction sector

Another important aspect is the active development of the construction sector in North Cyprus, which leads to an improvement in the quality of new housing and the emergence of many unique offers with first class design. There is also an increasing number of turnkey properties. The current trend of a shortage of available land for new construction projects is generating increased interest from investors. Nowadays it is increasingly difficult to find suitable locations for the construction of residential complexes. Thus, it is safe to say that interest in the real estate market in Northern Cyprus is growing, while the number of available offers is gradually decreasing.

Changes in customer geography

As for the change in the geography of buyers, there used to be an equal number of Russians and Europeans among the clients, but now citizens of Russia, Ukraine and Belarus are in the first place. This is due to global changes and current sanctions, because of which Russians and Belarusians faced difficulties in buying real estate in most European countries. In this regard, Northern Cyprus remains one of the few places where buying a home is available to people of different nationalities.

Difficulties with money transfers

There are some difficulties concerning money transfers, as many Russian banks are disconnected from the SWIFT system. Nevertheless, several banks continue to successfully perform international transfers. At the moment, the process has settled down and takes approximately one week, but there are cases when funds arrive in three days.

Conclusion

Thus, the purchase of real estate in North Cyprus opens new horizons for investors seeking to become owners of a corner on this magnificent island.

The importance of cryptocurrencies should not be forgotten - their popularity is growing and many sellers are starting to accept such payments. There are a number of companies operating in Northern Cyprus that provide cash-in services for crypto-assets, which makes it much easier to get money from the sale of properties. Nevertheless, it is worth thinking about how the lack of international recognition of Northern Cyprus may affect the purchase of real estate, and what risks are associated with it.

Historical context of Northern Cyprus

Historically, for about half a century, the island has been divided into two parts: the northern part, controlled by Turkey, and the southern part, where Greek Cypriots live. Today, the Turkish part of Cyprus has approximately 300,000 inhabitants and its own government with a president. It is noteworthy that this region attracts over a million tourists annually.

In my opinion, Northern Cyprus can be considered one of the underrated pearls of the Mediterranean, which has not yet been reflected in the level of property prices, which remain lower than in other parts of Europe.

Advantages of buying real estate

Today is a very favorable time to buyreal estate, as prices have not yet reached too high levels. This means that after the official recognition of the region you can expect a huge increase in real estate prices. For example, in the southern part of Cyprus the cost of housing can be 3-4 times higher.

However, it is worth remembering that the legal system in Northern Cyprus is unique and different from both Turkish and European, which implies the need for a careful approach to the purchase process.

Role of the legal representative

It is very important to find a reliable legal representative who can help you even when you are out of the country.

Registration and transfer of real estate rights

From the moment when the real estate purchase transaction is completed and you have received the certificate of ownership, the possession of this object becomes impossible to transfer, sell or pledge in favor of third parties. After the ownership rights are approved, the keys are handed over. At the same time, it is important to carefully check the current amounts for utilities, including electricity, water and other mandatory payments. If all financial obligations have been met, the agreed payment for the purchased home is sent to the buyer.

Find a trusted representative

Due to the above points, it is important to emphasize the need to find a reliable representative who can be fully trusted.

Real estate prices in Northern Cyprus

In terms of current house prices in the northern part of Cyprus, despite a growing trend of increasing property values over the last eight to nine years, recent years have seen a particularly sharp jump in prices. In the secondary market it can be noticed that the value of properties is more often higher than in the primary market.

Primary market

On the primary market today you can find studios of about 30 square meters with a price of about €50,000, while previously such properties did not exceed the price of €35,000. If we talk about one-bedroom apartments, their price in popular areas is from €60,000 to €65,000, and objects with two bedrooms and a separate living room can cost about €70,000 - €80,000. It is important to remember that all prices quoted are for apartments that require finishing and have only rough-in work. For those who want to purchase a fully renovated apartment, you need to consider additional costs of €10,000 to €15,000.

Market offerings

On the primary market you can still find one-bedroom apartments in the price range of €40,000 - €45,000, but the number of such offers is significantly decreasing. In turn, the price of villas under construction starts from €80,000 to €100,000, but it is worth noting that this price is only relevant at the initial stages of construction. As the construction progresses, as a rule, the prices for the objects also increase.

Positive aspects

Positive aspects should also be noted:

• Plenty of construction companies offer flexible payment terms.
• The first payment usually does not exceed 30% of the value of the property.

Given the growing interest in real estate in the northern part of Cyprus, it is advisable to prepare in advance for a tough competition among buyers. It often happens that apartments “go” to buyers who are the first to transfer funds to the developer.

Results

In conclusion, it is important to emphasize the following aspects:

• If your aim is to buy a quality home in North Cyprus, you should expect to pay around €100,000.
• If you are interested in less expensive options, it is worth paying attention to new buildings.
• Competition among those wishing to purchase real estate will be quite high.

Conclusion

Concluding our conversation about buying property in Northern Cyprus, I would like to emphasize that this region does represent a unique opportunity for investors.

As I mentioned earlier, an incredible combination oflow prices,favorable tax treatmentandgrowing demandcreate ideal investment conditions. This market is on the cusp of significant change and every day presents new opportunities.

Important aspects of buying real estate

It is important to realize that the process of buying real estate requires attention and careful preparation.

Hiring a legal representative has become a necessary step to ensure a safe transaction, as local legal frameworks may differ from the standards we are accustomed to. An expert representing your interests can provide invaluable assistance at all stages:

• finding a suitable facility;
• title verification;
• documentation preparation.

Opportunities with cryptocurrency

One should never forget the opportunities that come with utilizing thecryptocurrencies. This is a practical solution in today's financial realities, allowing sellers to find common ground with buyers, and it just goes to show how dynamic and adaptable the North Cyprus market is.

Recommendations for investors

Thus, if you are thinking of buying a home on this beautiful island, I highly recommend that you don't miss the moment. Trends are already showing that real estate prices could rise significantly as political issues are resolved and the region is recognized.

By investing now, you will not only ensure that you live comfortably all year round by the sea, but also get a chance at benefits that many only dream of.

Final thoughts

North Cyprus is not just a real estate market, it is a chance to be part of an amazing place. I hope my experience and the information provided will help you make an informed choice that will lead to a successful investment and enjoyment of life in this paradise on earth.