Northern Cyprus, known for its rich culture and picturesque landscapes, offers an attractive environment for purchasing existing properties. With its affordable property prices that are constantly increasing, it presents itself as a safe investment for expats and investors alike. From beachfront villas to modern penthouses in cities such as Alsancak, Kyrenia and Esentepe, the Turkish Republic of Northern Cyprus offers a variety of property options that promise not only a high standard of living but also a considerable increase in value.
For those who are planning to buy property in Northern Cyprus, either as an investment or to emigrate, KIBRIZ is a local brokerage company that offers exclusive deals and professional advice. Whether it’s purchasing a beach house or a penthouse with sea views as an investment, or discovering new developments and plots in attractive regions such as Bellapais and Iskele, this company can help prospective buyers find the ideal property.
Why Northern Cyprus?
Northern Cyprus offers a number of advantages that make it an attractive destination for property investors. These advantages include:
- Favourable climate and low crime rate: The region enjoys a pleasant Mediterranean climate, which ensures warm temperatures all year round. In addition, the crime rate is low, which ensures a safe and peaceful living environment.
- Easy access to the EU: Despite its geographical location, Northern Cyprus offers easy access to the European Union, which is attractive to investors and expats alike.
- Lower property prices than in Southern Cyprus: Property prices in Northern Cyprus are significantly lower compared to Southern Cyprus and many other parts of Europe, making it easier to enter the property market.
- Growing demand for rental properties: Especially near Universities and tourist hotspots, the demand for rental properties is high, which represents an additional source of income for property owners.
The real estate landscape in Northern Cyprus continues to be positively influenced by the following factors:
- Growing tourism: The increasing number of tourists, especially in regions such as Kyrenia, İskele and Famagusta, is driving demand for holiday apartments and houses.
- Infrastructure investments: Major projects such as the expansion of Ercan Airport are increasing the region’s attractiveness for international visitors and investors.
- Student population: The numerous universities in Northern Cyprus attract students from all over the world, which further increases the demand for housing.
In summary It can be said that Northern Cyprus is attractive not only for its natural beauty and cultural wealth, but also for the solid investment opportunities it offers. The combination of affordable property prices, a growing tourism industry and a stable economy makes Northern Cyprus an ideal place to buy existing property.
Types of Existing Property in Northern Cyprus
In Northern Cyprus, buyers can find a wide range of existing properties, ranging from cozy apartments to luxurious villas. Each property type has its own characteristics and appeals to different groups of buyers.
- Apartments: These are particularly popular in urban areas such as Kyrenia and Famagusta. They offer a practical living solution for singles, couples or small families. Examples include the WISTERIA in Famagusta from £108,400 and the GRAND SAPPHIRE BLU in Iskele from £145,900.
- Villas: For those who value independence and space, villas in Northern Cyprus offer an attractive option. With prices starting from £440,000 in Long Beach, Iskele, they offer a luxurious lifestyle. Villas are often found near the coast or in scenic mountainous regions, making them particularly attractive to investors and expats.
- Townhouses and bungalows: These property types offer a mix of privacy and a sense of community. They are ideal for families looking for a friendly neighbourhood. Bungalows, often located in quieter areas, offer ground-floor living, ideal for older buyers or those who value accessibility.
Existing property prices are influenced by factors such as location, size and condition. Coastal properties and those in tourist areas tend to be more expensive, underlining the appeal of Northern Cyprus for investors looking to increase the value of their property. Each region in Northern Cyprus has its unique characteristics, from Kyrenia with its charming harbor and impressive mountains in the background to Iskele, known for its pristine beaches and tranquil atmosphere.
For those interested in purchasing a property in Northern Cyprus, KIBRIZ, as a local real estate company, offers exclusive deals and professional advice. With a comprehensive portfolio of existing properties including studios, penthouses, villas, houses, land, offices and shops, KIBRIZ is the ideal partner for finding the perfect property.
Tips for buying existing properties
The process of buying existing properties in Northern Cyprus can be slow and challenging due to the small size of the country and the limited number of government offices. However, with the right preparation and support, you can make this process efficient and successful. Here are some tips to help you:
- Professional support:
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- Legal advice: Hire a local lawyer who is familiar with the legal aspects of buying property in Northern Cyprus. TEKCE’s local lawyers can handle the bureaucratic procedures efficiently.
- Real estate agent: Find an experienced real estate agent like KIBRIZ who will provide you with exclusive deals and professional advice.
- Steps of the purchase process:
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- Selection and contract signing: Choose between existing properties or off-plan properties, pay a deposit and sign a preliminary contract.
- Registration and permits: The purchase process includes the registration of the property, which normally takes 9-12 months but can be reduced to 6 months through TEKCE. A Power of Attorney (POA) is recommended so that documents can be signed in your absence.
- Final steps: Complete the purchase within 4 weeks and register the property with the help of a local lawyer. All sales contracts must be registered with the Land Registry within 21 days.
- Financial and legal considerations:
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- Budget and financing: Set a budget and explore financing options. Foreigners can own a property in Northern Cyprus that is no larger than 1,338 square metres.
- Document review and permits: Check the documents and legal status of the property carefully. Apply for approval from the Council of Ministers and pay the relevant taxes and fees, including land registry fee, VAT and stamp duty.
By following these tips and working with experienced professionals like KIBRIZ, you can overcome the challenges of buying property in Northern Cyprus and make a successful investment.
The most popular regions for property purchases
Northern Cyprus offers a variety of attractive regions for property purchases, each distinguished by its unique features and advantages. Here are some of the most popular areas:
- Girne (Kyrenia):
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- Known as a vibrant university town.
- Increasing demand for accommodation for students and tourists.
- Increasing property values, ideal for flexible payment plans and capital growth.
- Gazimagusa (Famagusta):
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- Rich in historical background and well-preserved cultural heritage.
- Hosts the deepest port of the island and serves as a commercial center.
- Sunny climate, lively nightlife and beautiful sandy beaches make it an educational center and tourism magnet.
- İskele:
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- Offers a peaceful and relaxed lifestyle.
- Known for long sandy beaches and turquoise waters.
- Modern residential projects make it ideal for buying a summer home.
For investors and those looking for a new home, KIBRIZ presents exclusive offers in these regions. The variety ranges from modern apartments and penthouses to luxurious villas, thus offering something for everyone. The decision for a region depends on individual preferences and requirements, with each of the mentioned areas offering its own advantages for different lifestyles and investment goals.
Investment opportunities
The real estate landscape in Northern Cyprus offers a variety of investment opportunities that are attractive to both individuals and companies. Due to the stable economic development and the increasing demand for high-quality properties, the real estate market is proving to be promising for investors. Here are some of the main advantages and opportunities that the market offers:
- Stable growth rates and affordable prices: Compared to many international markets, property prices in Northern Cyprus are affordable, which combined with stable growth rates creates an attractive investment environment.
- Diversified property options: From luxurious villas and penthouses to modern apartments and building land, Northern Cyprus offers a wide range of property types that meet different investment objectives and preferences.
- Tourism sector as a growth driver: The thriving tourism sector contributes to the attractiveness of the property market by creating a continuous demand for holiday homes and apartments as well as commercial properties.
Investment opportunities in specific projects:
- Kailani Project in Esentepe by Selba Homes from €242,000
- The Reverie in Esentepe by Omağ Group from €147,000
- Hilltown in Esentepe by Toros Invest from €240,000
- Hillside in Tatlisu by Isatis Construction from €110,000
- Properties in Tatlisu by Dövic Construction from €228,000
Investment strategies and benefits:
- Income tax exemption for 10 years for investments in the tourism sector
- Fast returns on investments and guaranteed income
- Investment-based citizenship programs that offer attractive benefits to investors and their families, including visa-free travel within the EU
KIBRIZ is here to help investors capitalize on these opportunities. With a comprehensive portfolio of properties and a deep knowledge of the local market, KIBRIZ offers exclusive deals and professional advice to find the ideal property for every investor.
Successful Property Purchases
KIBRIZ offers an impressive selection of bungalows for sale in Northern Cyprus that are ready to move into for interested buyers. These properties are characterized by their carefully landscaped gardens and fully furnished, making them an attractive option for those looking for a home that is ready to move into immediately. Here are some details that may be of interest to potential buyers:
- Prices and Finance: Prices for these bungalows start from £300,000. For buyers who cannot or do not want to pay the entire amount at once, KIBRIZ offers flexible payment plans. This makes purchasing a property in Northern Cyprus much easier and makes it accessible to a wider target audience.
- Facilities and Features:
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- Landscaped Gardens: Each bungalow has a professionally landscaped garden, providing an oasis of peace and beauty.
- Fully Furnished: The bungalows are sold fully furnished, making moving in and setting up much easier for the new owner. This includes not only the furniture, but often also household appliances and decorations.
Future developments in the property market
The future developments in the property market of Northern Cyprus are characterized by promising prospects, supported by continuous economic growth, increasing demand and significant development projects. Here are some key aspects that will shape the dynamics of this market in the coming years:
- Growing demand for coastal properties:
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- Beachfront villas and sea view apartments are becoming increasingly sought after due to their stunning views and the potential for high rental income through holiday rentals.
- This trend reflects the interest of investors who wish to invest in properties that not only offer a high standard of living but also promise an attractive return.
- Infrastructure development:
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- The Government of Northern Cyprus is making significant efforts to develop the Infrastructure and transport networks are being improved. New roads, better public transport and modernised airports are facilitating access to different parts of the island.
- These improvements are attracting more local and international investors looking for growth opportunities in the residential and commercial property market.
- Sustainable and green initiatives:
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- Developers in Northern Cyprus are increasingly incorporating green and sustainable features into their projects. These include the use of environmentally friendly materials, renewable energy solutions and the pursuit of green certifications.
- These measures attract environmentally conscious buyers and underline the region’s commitment to sustainable development.
In summary, the real estate market in Northern Cyprus has a promising future thanks to continuous economic development, increasing demand for properties, significant infrastructure projects, growing tourism sector and foreign investment. However, it is essential to conduct a thorough market analysis and seek expert opinions to obtain an informed assessment of future price trends. KIBRIZ is ready to guide prospective buyers and investors on this exciting journey and help them to take advantage of the best opportunities in the emerging real estate market of Northern Cyprus.
Legal aspects and documentation
When buying property in Northern Cyprus, there are a number of legal aspects to consider that are crucial for the purchase process to run smoothly. Here is a summary of the most important points:
- Permission to buy property:
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- Foreigners are allowed to buy property in Northern Cyprus, with the maximum area of the plot being limited to 1,338 square meters and that of the house to 6,691 square meters.
- Permission from the Council of Ministers is required, which can take between 3 and 12 months to obtain.
- Legal checks:
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- Legal advice: The Consulting a lawyer is essential to avoid unforeseen pitfalls.
- Land registry check: It must be checked whether the seller has the legal right to sell the property and whether there are any mortgages, decrees, court orders or other encumbrances on the property.
- Land surveying: A surveyor should establish the exact boundaries of the property to avoid boundary disputes.
- Use and development plans: Before buying, it is important to check the use and development of the property as well as the development plans of the to know the adjacent properties.
- Special information for the purchase of new buildings:
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- When purchasing properties in the so-called “off-plan” or new construction project phase, special advice on the purchase conditions is necessary.
- Checking whether all necessary planning and building permits have been obtained before the purchase is crucial.
Additional costs such as property tax, building insurance and maintenance fees should also be taken into account. In addition, long-term rental agreements and sub-leases are subject to local laws and regulations which should be known before purchasing a property for rental purposes.
KIBRIZ, as a local real estate agency, can not only assist prospective buyers in finding the perfect property but also offer valuable advice on the legal aspects of buying property in Northern Cyprus. With a thorough understanding of local laws and regulations, as well as a network of experienced lawyers, KIBRIZ can help buyers navigate the purchase process efficiently and safely.
Conclusion
The attractiveness of Northern Cyprus as a location for property investment is beyond question. The combination of affordable property prices, a growing tourism industry and a stable economy ensures that existing properties on the island are not only a safe investment, but also offer a home that combines quality of life and investment potential. Whether you are looking for a cozy apartment, a luxurious beachfront villa or an eco-friendly new development, Northern Cyprus offers a variety of options that will exceed any idea of an ideal home or profitable investment.
KIBRIZ real estate agency is your reliable partner when it comes to gaining a foothold in this market. With a deep understanding of the local property scene and a comprehensive offering ranging from affordable apartments to exclusive villas, KIBRIZ is ideally placed to help you find the perfect property in Northern Cyprus. Buy Properties in Northern Cyprus with KIBRIZ and take the first step towards a rewarding future where life on the island and a wisdom in wealth creation go hand in hand.
