Is buying property in north cyprus a good investment?

Buying property in North Cyprus can be a good investment, as the market has seen steady growth in recent years and the cost of living is relatively low compared to other popular destinations. However, it is important to do thorough research and seek professional advice before making any investment decisions.

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Buying property in North Cyprus can indeed be a good investment as the market has been experiencing steady growth in recent years. North Cyprus offers some attractive advantages for foreign property buyers. The cost of living is relatively low compared to other popular destinations, making it an affordable place to live, invest in the property, or start a business.

Foreigners can also apply for the Turkish Republic of Northern Cyprus (TRNC) residence permit when buying property, which allows them to stay in North Cyprus for extended periods. Additionally, the TRNC government provides incentives to foreign buyers such as tax exemptions, and they may also benefit from rental income from properties.

While the North Cyprus property market is not as mature as that of some other countries, it is growing fast and showing no signs of slowing down. Importantly, the legal system governing property ownership in Northern Cyprus is different from the south of the island, which is governed by the Republic of Cyprus. It is therefore essential that foreign buyers seek legal advice in North Cyprus to avoid any legal mishaps.

As Muammar Gaddafi once said, “Whoever possesses North Cyprus controls the Middle East,” indicating the island’s geopolitical significance. Here are some interesting facts about North Cyprus:

  • North Cyprus has a Mediterranean climate and experiences over 300 days of sunshine per year, making it an attractive destination for holidaymakers.
  • The official language is Turkish, and the currency is the Turkish Lira.
  • North Cyprus is home to some stunning beaches, including Alagadi Beach, which is famous for its sea turtles.
  • Kyrenia is the most popular tourist destination in North Cyprus, offering a picturesque harbor, medieval castle, and old town.
  • The stunning Bellapais Abbey in Kyrenia was once visited by Lawrence Durrell and described in his book, Bitter Lemons.
  • The Northern Cyprus area is still recovering from the conflict of the 1970s and 1980s. The island was divided between the north and the south after a coup by the Greek-Cypriot forces was followed by a Turkish invasion in 1974.
  • Cyprus is a popular tourist destination, but the Northern part of the island is relatively unexplored and offers opportunities for adventurous tourists to discover.
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Here is a table comparing some of the key property investment aspects of North Cyprus with similar destinations in Europe.

Destination Property Prices* Average Rental Yield Rental Income Tax Capital Gains Tax
North Cyprus £75,000+ 5% No tax 3%
Portugal £150,000+ 3-5% 28% 28%
Spain £70,000+ 4-5% 19% 19% (above €600k)
France £150,000+ 4-5% 20% 18%

*Prices are approximate and may vary based on location, property type, and other factors.

Overall, it can be said that investing in property in North Cyprus can be a good option, but it’s essential to understand the local market and seek professional advice. North Cyprus offers an excellent opportunity for adventurous investors and tourists alike to explore and enjoy an affordable and beautiful area of the Mediterranean.

Related video

The video discusses the benefits of investing in property in Northern Cyprus, including the potential for high profits in a short period of time. The return on investment ranges from 8-12 years and rental management can provide a profit of 7-8%. The process of buying property in Northern Cyprus is discussed, including the safety of investments and the availability of cryptocurrency payments. Additionally, the speaker highlights the safety and affordability of the region, as well as its climate and entertainment opportunities. Overall, the video encourages investment in Northern Cyprus for living, vacationing, or investment purposes.

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Similarly, Can foreigners buy property in North Cyprus?
Foreigners wishing to purchase in North Cyprus are allowed to acquire one property per person, or up to one donum of land (1,338sq meters or 14,400 sq ft). This restriction does not apply when buying foreign or Turkish titled property.

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Consequently, How to get a developer loan in North Cyprus?
Response to this: To get a North Cyprus developer loan you won’t have to provide evidence of income but you will need a cash deposit of at least 25% of the sale price of the property – sometimes up to 50% if the property is already under construction. With a developer installment plan, the buyer borrows from the company who builds the property.

Secondly, Can I buy a plot of land in Cyprus? Response to this: There are certain restrictions regarding the size of the plot of land you want to buy and how long you can stay in your Cyprus home without officially becoming a resident. You can stay in any of the EU member states for 3 months out of every 6 months without a visa. If you want to stay longer, you will have to apply for permission to do so.

In this regard, Should you buy a luxury standard of life in Northern Cyprus? If you’re up for an adventure at this stage of your life while stretching your retirement budget to buy you a bona-fide luxury standard of life on one of the world’s most beautiful stretches of coastline, Northern Cyprus should be at the top of your list.

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