Buy an apartment in Northern Cyprus

As a growing real estate market, North Cyprus offers a unique blend of modern and traditional properties, including villas with pools and beachfront penthouses, attracting both tourists and investors. Its strategic location, Mediterranean climate, rich history, and attractive property prices make North Cyprus a paradise for buying and renting homes.

The country has taken steps to attract foreign investment, such as granting residence permits to property buyers, and offers a wide range of property options in popular regions like Kyrenia and Esentepe. These measures, along with continuous infrastructure development and the availability of new sea-view properties, make North Cyprus a dream destination for real estate acquisition and a stable source of rental income.

Why invest in North Cyprus?

North Cyprus boasts one of the most affordable property markets in the Mediterranean, making it an attractive destination for foreign investors. The government actively supports the development of the real estate market through incentives for foreign investors, including the possibility of obtaining a residence permit or even citizenship of the Turkish Republic of Northern Cyprus. This, coupled with the significant growth of the real estate market, makes North Cyprus a worthwhile investment destination.

• Economic Stability: North Cyprus offers economic resilience that has maintained stability amidst global financial challenges. The region predominantly operates with the British Pound, providing stability and predictable returns for foreign property investors.
• Quality of Life: With approximately 330 sunny days a year, a mild climate, and long summers, North Cyprus is an ideal environment for living and vacationing. The clean air and Mediterranean lifestyle contribute to overall well-being, making the island particularly attractive to retirees and health-conscious individuals.
• Security and Growth Potential: North Cyprus is considered the fifth safest country in the world, offering a secure environment for residents and investors. Property prices are competitive compared to many other Mediterranean destinations, without compromising future growth potential, as rising demand is expected to increase property values.

KIBRIZ, as a local real estate agency, supports you in navigating the promising North Cyprus property market, from selecting the perfect property to assisting with legal procedures and optimizing your investment.

The most popular regions for buying an apartment

North Cyprus attracts with a variety of attractive regions that are particularly popular for buying an apartment.

1. Girne (Kyrenia): This historic coastal town is known for its Mediterranean lifestyle, universities, and lively tourism. It offers a high demand for housing.
2. Gazimagusa (Famagusta): With a deep harbor and a rich cultural heritage, Gazimagusa attracts thousands of visitors annually. The city is a commercial center with historical significance.
3. Iskele: Known for its tranquil atmosphere, sandy beaches, and turquoise waters, Iskele is ideal for a peaceful lifestyle with modern amenities.
4. Lefkoşa (Nicosia): As the capital, Lefkoşa offers numerous opportunities in the areas of work, investment, education, and healthcare.
5. Lefke and Güzelyurt: Both places are known for their breathtaking landscapes, historical ruins, and fertile soils. They offer a peaceful environment and are rich in cultural heritage.

For apartment seekers in North Cyprus, KIBRIZ, as a local real estate agency, offers support in selecting the perfect property in these sought-after regions.

What to consider when buying an apartment

When buying an apartment in North Cyprus, there are several important aspects that potential buyers should consider in order to make an informed decision. The following list provides an overview of the essential points:

1. Investment goals and property type:
2. • Clearly define your investment goals, whether for personal use, rental, or as a long-term investment.
   • Choose the type of property that suits your needs – villa, apartment, penthouse.
2. Professional partners:
3. • Choose a reputable developer and a reliable local partner like KIBRIZ to get support during the purchase process.
   • Engage an experienced lawyer to guide you through the legal procedures.
3. Costs and fees:
4. • Be aware of all costs associated with the purchase, including VAT, stamp duty, transfer tax, and annual property tax.
   • Consider ongoing costs such as maintenance and utilities.
4. Legal procedures:
5. • Understand the purchase process, including the need for a purchase permit and registration of the property.
   • Use a “Promise to Sell Agreement” to secure the property during the long registration process.
5. Avoid common mistakes:
6. • Be wary of extremely low prices in online ads, as these can lead to unexpected costs.
   • Avoid buying properties with Rum Koçanı title deeds due to potential legal complications.

By considering these points, buyers can ensure that they make an informed decision that meets their needs and goals.

Future prospects of the real estate market in North Cyprus

The real estate market in North Cyprus is facing significant changes, offering both challenges and opportunities for investors and home seekers. With the expectation that the market will change significantly in 2024, it is crucial to understand current trends and future prospects:

• Growth phase and oversupply: The market is currently in a growth phase with an oversupply of properties, making it a buyer’s market. This offers a favorable opportunity for investors to acquire high-quality properties at attractive prices.
• Price increase and geopolitical tensions:
• • Property prices in North Cyprus have risen sharply due to high demand and limited supply.
  • However, geopolitical tensions and political changes can create uncertainties and inhibit foreign investment. This underscores the importance of careful market observation.
• Strategies for long-term success:
• • To be successful in the long term, it is crucial to maintain competitive prices, improve the value proposition, diversify target markets, and promote a supportive regulatory environment.

By considering these factors, one can optimally exploit the opportunities in the North Cyprus property market and minimize potential risks.