Why is Northern Cyprus Being So Cheap in Real Estate
C'est la vie Team

C'est la vie Team

Eco Wellness Resort In North Cyprus

Why is Northern Cyprus Being So Cheap in Real Estate

North Cyprus offers a unique blend of natural beauty and affordability, making it an attractive destination for property buyers. Here are some factors contributing to the surprisingly low property prices in North Cyprus:

Flourishing Real Estate Market in Northern Cyprus

Northern Cyprus is witnessing a significant surge in its real estate sector, characterized by a steady increase in property prices and a growing interest from international buyers. The region’s attractiveness is enhanced by ongoing infrastructure development and the government’s efforts to boost the local economy through tourism and foreign investments in real estate in Northern Cyprus. With a range of new residential and commercial projects in progress, investors have numerous opportunities, from luxurious villas to business spaces, offering substantial potential for growth and high returns on investment.

As an emerging property market, North Cyprus presents a compelling case for investors and homebuyers alike. The North Cyprus property market was not ready for the boom in property that took place in 2004. Mistakes were made and the legal system was not ready for it. However, since then the Turkish Republic of Northern Cyprus has been getting its act together. As an example, take the passing of a law that meant that from 2nd January 2008, it became compulsory to register your contract against the deeds, this gives a great deal of added security that was not possible before.

Economical Property Prices

The real estate market in Northern Cyprus is notably affordable, particularly in comparison to other Mediterranean areas. For instance, the cost of a three-bedroom villa in Northern Cyprus can be as much as 50% cheaper than similar properties in Southern Cyprus or Spain. This affordability spans all types of properties, from homes to commercial spaces, making Northern Cyprus a financially accessible investment destination with buy property in Northern Cyprus.

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Tactical Location

Northern Cyprus’s tactical position provides distinct benefits, acting as a link between East and West. The region’s ports and airports offer direct access to key markets in Europe, Asia, and the Middle East, making it an ideal hub for buying property in Cyprus. Additionally, its beautiful coastline and historical landmarks draw an increasing number of tourists each year, creating numerous opportunities for investments in rental properties and the hospitality sector.

Strong Rental Yields

Investors in Northern Cyprus enjoy high rental yields, driven by the area’s popularity among tourists and the expanding expatriate community. Properties in desirable locations, such as beachfront apartments or homes in the capital city, can offer annual rental returns of 5-7%, which is notably higher than in many other European regions. The seasonal nature of tourism also enables flexible rental strategies, maximizing income potential throughout the year. The thriving tourism industry, a growing investor base, and a thriving student population contribute to a constant demand for apartments for sale in North Cyprus. This stable and expanding rental market presents an opportunity for substantial investment returns, with potential rental yields reaching 12%.

Supportive Investment Climate

Northern Cyprus’s government is dedicated to attracting foreign investment, providing various incentives like tax breaks, simplified property purchase procedures, and legal assistance for investors. The investment environment is strengthened by a stable political landscape and a growing economy, ensuring a secure base for long-term investments. Additionally, the Northern Cyprus Chamber of Commerce offers support and guidance to new investors, aiding in networking and business development.

Mortgage System

Unlike more mature markets, North Cyprus lacks a well-established mortgage system. The limited availability of mortgages has kept demand and subsequently prices in check. However, there was a positive development in April 2008 when a new lender entered the market. So, the lack of a well-established mortgage system is likely the main reason why property in North Cyprus is so inexpensive. Imagine the UK property market without a mortgage system—it’s a similar situation in North Cyprus.

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Accessibility

 Flying to North Cyprus involves a stopover in Turkey (specifically at Ercan Airport). While this adds about 90 minutes to the overall flight time, it doesn’t hinder accessibility. Additionally, tourists and residents can fly directly to Larnaca or Paphos in South Cyprus and seamlessly cross the checkpoints to access the North. There are ferry services to Northern Cyprus from Turkey, mainly to the ports of Kyrenia and Famagusta.

Overall, Northern Cyprus is quite accessible, especially if travelers plan their route and entry points, keeping in mind the unique political and logistical considerations.

Investment in Pound Sterling

Investment in Northern Cyprus apartments for rent means investing in the Pound sterling one of the world’s strongest currencies providing stability and financial strength.

Tax Benefits

Another reason for North Cyprus property investment is the tax benefits that you can get from your investment. North Cyprus has a favorable tax regime for property investors, with low or no taxes on property purchase, ownership, rental income, and capital gains.

Moreover, there is no income tax on rental income for non-residents, and no capital gains tax on property sales after five years of ownership.

Devalued Currency

North Cyprus uses the Turkish lira (TRY) as its official currency, which has a lower value compared to the euro (EUR) used in Greece. This devaluation makes prices more affordable for buyers.

Excellent life quality

One of Northern Cyprus’s most appealing features is its high quality of life. Residents enjoy over 300 days of sunshine annually, along with a low cost of living that still ensures high-quality services and amenities. The healthcare system is both strong and affordable, and the education system includes internationally accredited institutions, making Northern Cyprus an attractive place for expatriates and families.

Quiet and Unspoiled

 Unlike some popular Greek islands, North Cyprus is less developed, quieter, and more unspoiled. It offers a peaceful atmosphere, making it an attractive spot for those seeking relaxation and natural beauty.

Conclusion

In conclusion, the affordability of properties in North Cyprus is a fascinating confluence of factors, making it an appealing option for those seeking beauty and affordability in real estate. As you can see, North Cyprus real estate market investment is a smart and profitable decision that will bring you many benefits in terms of income, growth, security, and quality of life. If you are interested in finding out more about the opportunities and options available for property investment in North Cyprus.

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