Buy Property in North Cyprus
Are you looking for property for sale in North Cyprus? There are many homes for sale in Cyprus, especially in the northern part of the island. Let’s begin with the differences between buying and renting a home in this beautiful land. buy property north cyprus
First of all, an important thing to know about real estate in Northern Cyprus is that this market is generally safe and hassle-free. Now, why renting?
It’s simple. If you are not willing to commit to living in North Cyprus, it is perhaps better to begin with renting, in order to feel confident that North Cyprus is the right place for you. The brilliant website www.essentialcyprus.com has a mine of information on relocating and living in North Cyprus.
One big disadvantage is renting a home in Northern Cyprus instead of buying it is that purchase prices are gradually increasing, the demand is really high and the market is booming because many people decide that Northern Cyprus is the place for them.
Another good option is to buy a property in areas with higher demand such as Girne (Kyrenia) or Famagusta (Mağusa), like Savyon Village or Turtle Bay Village, to give yourself the potential of fast reselling or renting. Something to think about with the prices in these areas increasing the fastest. Generally, it is recommended to buy property in or next to these areas in Northern Cyprus, for those who are interested in a quick resell, if needed. Like many other places, apartments and houses in the city are likely to be much more expensive.
For example, a 3 bedroom villa with a pool or a large 3 bedroom penthouse with a jacuzzi in area outside the city will cost approximately the same as a 2 bedroom apartment in the city.
When you look at the potential of renting in North Cyprus, again, prices for inner town or city properties will generally be higher than those in the outer, more rural or smaller towns. For example, you may expect to pay around £100 per month more for a 2 bedroom apartment in town, than you would for the same in the outer areas.
How long does it take to buy property in Northern Cyprus?
The process of making an offer on a home and buying it can be really quick. How quick? It can take you only one week!
One common method to speed up the process is to pay with cash. Once the money has been transferred (or an amount of agreed deposit) the deal can be completed.
Are mortgages available in North Cyprus?
Until 2018, only local, Turkish Cypriot citizens who were working in TRNC (the Turkish Republic of Northern Cyprus), were able to use a mortgage to buy property in North Cyprus. However, as of 2018, half of the banks in TRNC made mortgages available to overseas buyers, subject to the type of property and the financial status of the buyer.
Mortgages from Northern Cyprus banks have a lot of benefits. Bank loans are up to 50% of the property`s value and they qualify for lower interest. But the most interesting detail is that the loans are non-status, therefore, they require no proof of income.
Property prices in North Cyprus are currently rising! If you bough another property in TRNC, you can either resell it during the mortgage period or rent it and use the income to help you finance your loan.
If you have already made your decision to live in Northern Cyprus you will find that there is a lot of property to see and buy, so think carefully abut what your objectives are for buying a property and what your long term goals are for your property in North Cyprus.