If you are looking to invest in Cyprus property, you may already be aware, or pleased to learn, that despite property prices having risen in the past few years, especially in areas such as the south and southeast of North Cyprus, Kyrenia and Famagusta, real estate in North Cyprus remains highly competitive in comparison to many other Mediterranean locations.
Growing from year to year, the popularity of North Cyprus has turned the country into an international hot spot of property investment and tourism. Investors, large or small are attracted to North Cyprus mainly by relatively inexpensive real estate prices, low taxes, ease of buying, the possibility of quick immigration as well as the generally lower cost of living.
Those who wish to relocate to North Cyprus to live on a permanent base see the country as convenient for living, as it is relatively easy to obtain residency. However, in order to become a resident of Northern Cyprus, you must have a property contract in your name or in the name of your spouse.
Ownership of any residential property also requires individuals or couples to invest a small amount of currency in a North Cyprus bank, equal to the minimum wage during the year. Given that wages are not so high, it is normally achievable for most. Children under 18 years can live in North Cyprus under their parents’ documents but if they do not own a property and subsequently work in North Cyprus over the age of 18, they may need a notary letter to prove their address and have their parents as their guarantor.
Investing in property in North Cyprus can start quite inexpensively for anything from £40,000 for a studio or 1 bedroom apartment. For new housing in North Cyprus, payment plans and finance is usually readily available, in some cases with mortgages up to 10 years.
Children of immigrants feel comfortable, the climate playing a major factor in reasons why most people look to relocate themselves and their families to North Cyprus. The sea is never far away and the welcoming nature of the local people towards children is unrivaled. Raising a young family is something that parents can enjoy, feeling secure that their children are growing up in a safe environment.
Another major factor in relation is the growing selection of both private and public schools. Students from many different countries around the world come to study in North Cyprus and the university education sector is extremely popular. With the education system being based on European standards, training inexpensive, every student after graduating from university can continue their education in Europe.
The economy is also growing steadily, and according to analytical forecasts and, in the situation of solving the issue of uniting the island, one can expect a serious jump in real estate and land prices for North Cyprus in the coming years.
Another factor for those looking to invest in North Cyprus is obviously the potential in capital growth for investors. Taking advantage of lower property prices is an attractive place for large or small investors. Decent profits are there to be made on resales, as well as gaining some income from the holiday rental market too. Areas such as Kyrenia, Lefkoşa and Famagusta have seen steady increases in market value with forecasts indicating that it is set to continue for the foreseeable future.
A popular niche for starting an investment is the purchase of real estate for holiday rentals. Choosing the right location not only guarantees you a stable rental income with a return of about 7% (higher than in Spain, Greece, Bulgaria, Italy and France – the source of the “Guide to Global Property”), but will also significantly increase the value of real estate in North Cyprus in the coming years.
If you invest in the right place, you can be sure of a good return on your investment as long as you are willing to look at it as a long term investment return. All forecasts indicate increases however, property will not increase in price overnight, but over several years.
It is impossible to accurately predict what return you can expect from your investments. The Ministry of Development of Northern Cyprus stated that the average growth in property prices was about 20 percent in 2018 compared to the same period in 2013. If this trend continues, the return on investment in real estate will be very rewarding.
Many investors choose to buy a property before construction starts, purely because these properties are usually sold at very competitive and cheaper prices. Once the property is completed, the cost of housing, as a rule, increases. Buying property from a developer, the buyer can also generally rely on a convenient payment plan before the end of construction and credit terms after.
There are many factors as to why you may invest in property in North Cyprus, but the reasons are normally the same. A different lifestyle, a decent return on investment and a cheaper cost of living.
If you are looking to buy real estate in North Cyprus then take a look at our options to see how you can make a move to invest in your future, whatever the reason. All Kensington Projects are offered with generous payment plans and finance and our sales team are on hand to answer queries you may have about property and much more.