Why should you consider moving to Northern Cyprus in 2024?

Partner material about Northern Cyprus

A partner article about Northern Cyprus has long sparked numerous discussions, featuring both positive and negative opinions. Now it's time to highlight the main points and understand what this region is all about, as well as how life unfolds on the island.

Real estate in Northern Cyprus

What is the pricing policy in the real estate market here? What makes Northern Cyprus, named after Aphrodite, unique? What migration options will be available in 2024? Julia Ozerdzh, the director of Veles Property & Enterprises, answers all these questions.

“In Northern Cyprus, there is an option to take advantage of an interest-free installment plan for up to seven years.”— this very feature makes Northern Cyprus increasingly attractive for those looking to relocate, unlike many countries in Europe and the USA.

"Clients of our company choose Northern Cyprus for several reasons:"

• First of all, there are reasonable prices for apartments and houses here, starting from 80,000 euros, and there is also the option of long-term interest-free installments — which is quite rare in other countries.
• You can move into the new apartment or house right away and continue paying the installment, or you can rent it out, which will help cover some of the expenses.
• The process of acquiring real estate here is quite simplified — no documents to confirm income are required, and to purchase a property, it is enough to have your passport with you.

Additionally, it is worth noting the wonderful climate: there are almost no industrial facilities on the island, which ensures high air quality. Fresh vegetables and fruits are available year-round, and the number of sunny days nearly reaches 330. The British education system is also in place here, and the conditions for doing business are very attractive.

Comparison with Europe and the USA

When discussing the comparison of Northern Cyprus with Europe and the USA, I would like to share the opinions of our clients:“We initially moved to Europe. Then, after obtaining a visa for the USA, weighing all the pros and cons, we decided that it would be best to live in the West.”When I asked why they are now choosing real estate in Northern Cyprus at our office, we received the answer:“Your country is peaceful; there is no sense of danger even at night. I can safely send my child to school; there are no beggars or homeless people on the streets, and the locals are always friendly and helpful.”So this family found their new home in Northern Cyprus along with their child.

Unique real estate projects

“Northern Cyprus offers unique real estate projects, a shortage of which is felt both in the CIS countries and in America and Europe.”Let's take a closer look at what you should know about the northern part of Cyprus before making a decision to move there.

Of course, with pleasure! This picturesque island is located in the northeastern part of the Mediterranean Sea. About 57.6% of Cyprus is owned by the Republic of Cyprus, while 36% is occupied by the Turkish Republic of Northern Cyprus. Since the island's division in 1974, a significant number of Greek Cypriots have remained living in the south, while Turkish Cypriots are concentrated in the north.

Life in Northern Cyprus offers a unique opportunity for those seeking a safe, peaceful, and economically advantageous alternative to other regions.

As of today, there is no precise information about the population at the beginning of 2024, but it is estimated to be around half a million residents. Without delving into historical events, it is worth noting that Cyprus was previously under British colonial control, which has left its mark on the culture and daily life of the island. For example, Cyprus maintains left-hand traffic, uses British standard electrical outlets, and alongside this, operates a legal system based on English law.

The main language of communication is Turkish, but English, Russian, and Arabic are also popular.

Features of life in Northern Cyprus

Despite this, Northern Cyprus may not be suitable for everyone who wishes to visit. The island lacks large shopping malls, and internet speed does not always meet high demands. Additionally, the local population lives at a more relaxed pace compared to residents of continental countries. It is also worth noting that sorting waste is not a common practice at this resort. It is important to understand that Northern Cyprus is a sunny and secluded place in the Mediterranean region that operates by its own rules, and this is precisely what attracts many people.

Ways for foreign citizens to immigrate

As for immigration options for foreign citizens in 2024, there are many paths worth considering. First and foremost, this includes obtainingstudent visaThis is one of the simplest and most convenient options for moving to Northern Cyprus for educational purposes. The Veles educational institution offers collaboration with language courses, which allows you to legally stay on the island and study the language of your choice.

You can also enroll in specialized educational institutions, such as beauty schools, as well as universities that offer bachelor's, master's, or doctoral degrees. The educational system in Northern Cyprus is largely based on British traditions. In major universities such as:

• Eastern Mediterranean University
• Middle East University
• American University of Kyrenia
• Financial University

A variety of different faculties are offered. Education can be obtained in fields such as management, medicine, or aerospace engineering. In the last five years, the Arucad University of Art and Design has opened on the island.

Work and employment

It is worth noting thatstudent visaIt does not grant work rights; however, if necessary, it can be converted into a student work visa through an employer. Details on obtaining a student visa can be studied separately.

When it comes to employment, it is recommended to contact companies directly for job searching in Northern Cyprus, as job websites are not as common as in other countries. Obtaining a work visa involves additional costs for the employer, so, as a rule, work permits are granted only after successfully completing a probation period. In most job vacancies, knowledge of English and/or Turkish is preferred, but much depends on the candidate's willingness and determination.

Salary

At the beginning of 2024minimum wageIt amounts to 770 euros per month. Students are allowed to work legally for up to 20 hours a week or for three months during the summer period. Additionally, it is worth noting that employment provides access to free public healthcare, which is a significant advantage for many future workers in Northern Cyprus.

Types of obtaining a residence permit in Northern Cyprus

There are different ways to legally reside in Northern Cyprus, one of which is obtaining a residence permit linked to a high income, which would be an optimal solution for freelancers and professionals working in the virtual space.

If you are not completely sure about the decision to move permanently, you might consider applying for a temporary residence permit, which can be issued for a minimum of six months. To do this, you will need to provide documents that confirm your financial capabilities and apply for a temporary residence permit that will be valid for one year, with the possibility of extension.

After this period, many of our customers choose to stay in Northern Cyprus, while others decide to return. Among those who stay, some opt to purchase property for permanent residence, while others choose to rent it out, returning to the island only for vacations.

Necessary financial conditions

It is important to remember that to obtain a residence permit based on high income, if you are renting a property, you must have at least a certain amount in your bank account.33 thousand dollarsfor each person.

Brief description of the organization and markets

This is an institution where all founders must be citizens of other countries and should not have a residence permit. This opportunity is primarily available only to citizens of Cyprus. It is extremely important: before taking serious steps, it is recommended to consult with a lawyer from Veles company.

Investment attractiveness of Northern Cyprus

In 2024, Northern Cyprus once again came into the spotlight, topping the Forbes ranking as one of the most attractive countries for investment. This raises the question: are properties here more often purchased for investment purposes or for long-term living? The answer to this question largely depends on the intentions of each individual buyer.

Investor goals:

• Acquisition of real estate for subsequent sale after the completion of construction work.
• Renting out for both short-term and long-term.

Most people prefer to resist acquiring housing for permanent residence, moving to the island with their families or using the property as a summer house, spending 2-3 months a year there. Some owners buy apartments or houses as gifts for their children to provide them with comfort while studying at university, as living in their own place is much more advantageous than renting an apartment.

The situation in the real estate market

What is the situation in the real estate market of Northern Cyprus? What are the prices for apartments or houses in 2024? Life on the island has changed dramatically after the pandemic. Three years ago, in 2021, Northern Cyprus was already recognized as the most promising investment destination by Forbes, and in 2024 it is once again in the top rankings. Over these three years, interest in the northern part of the island from investors has continued to grow.

Changes in the market:

• New construction companies from Turkey and Germany have arrived in the region.
• Many new businesses have opened in the service sectors, such as beauty and tourism.

If someone claims that the island is stagnant, they probably just haven't been here. Real estate prices have doubled and more since 2021.

Customer preferences

What do buyers prefer: ready-made apartments or properties under construction? Investing in real estate at the construction stage has its advantages, particularly a price increase of 30-40%. During the investment process in construction, one can achieve a growth of up to 50%, as developers raise prices as construction work progresses: the closer to completion, the higher the prices become.

An additional advantage is the option for phased payments, the choice of finishes, and the ability to make changes to the project. However, we strongly recommend considering the purchase of property during the construction phase only if you have a time buffer of at least two years and do not plan to move in the near future.

Why is it important to work with professionals?

It is also important to work with a reliable agency like Veles, which conducts a comprehensive market analysis and collaborates with lawyers. Our attorney carefully reviews the documents related to the land plot and building permits. The manager supports the client not only until the deal is signed but also afterwards, providing assistance with all questions related to adapting to the new location.

Conclusion

In conclusion, I would like to summarize our conversation about Northern Cyprus, its opportunities, and the unique aspects of life on this wonderful island. Northern Cyprus is indeed attracting an increasing number of people due to itslow real estate prices,affordable purchasing conditionsandwarm climateMany choose this country not only for vacation but also as a new place for permanent residence, where they want to move on a long-term basis.

The simplicity of the real estate purchasing process and favorable living conditions create a unique atmosphere, making Northern Cyprus particularly attractive for those looking to improve their quality of life. The opportunity to buy property without the obligation to provide income statements, as well aslong-term interest-free installments— this is what truly sets Northern Cyprus apart from other countries.

Nuances of life in Northern Cyprus

However, it's important to remember that life here has its nuances. Not everyone has access to the familiar comforts of big cities, but in return, the island offers...a special atmosphere of coziness and safetyPeople here are open and friendly, which creates a comfortable life and a sense of belonging to the community. By realizing all the pros and cons of living in Northern Cyprus, everyone can make an informed decision about moving.

Summarizing the results

In conclusion, I hope this interview has been a useful source of information for you, helping you to better understand what Northern Cyprus is all about. If you are considering a new life in a new place, this island could be the best option for you and your family. Join those who have already discovered all the charms of this unique country.