In recent years, changes have occurred in the global real estate market. Previously, many people sought to purchase housing in their own country. Today, the solution to the issue goes beyond state borders. Investors are paying attention to real estate abroad for permanent residence. Seaside resorts are popular.
Northern Cyprus is one of the most popular destinations. The official name is TRNC (Turkish Republic of Northern Cyprus). The country is not part of Turkey, but Turkish is spoken in it, and liras, pounds, dollars, and euros are used in everyday life. Cyprus is located almost in the very center of the European part of the globe. Once you come here, you will never want to leave these beauties.
Is it worth buying residential property here? The answer is clear – it’s worth it. The republic on the Turkish part of the island is distinguished by its natural nature, clear sea and green mountains. Excellent climatic conditions attract people from different parts of the planet. In summer it is comfortable here, the heat is smoothed out by the breeze from the sea. The local color is represented by small villages and modern cities.
Unlike the southern part of the state, Northern Cyprus is replete with landscape projects. Life is permeated with the English way of life - politeness, comfort, and peace reign. Every street is beautiful and well-groomed. Living is quiet due to the low crime rate. You can often see open doors of houses, cars, children playing in the yards.
What does buying real estate give?
Is it possible to buy a home? Certainly. Many tourists who come to Northern Cyprus for a holiday decide to move to the island and apply for a residence permit. A residence permit gives you the right to stay in the country without leaving, use medical services, and obtain a driving license. Once you fall in love with the virgin beauties of nature, it is impossible to stop loving them. Time stops here, the views around are delightful. When buying real estate, you can count on:
- vocational training for children and preparation for admission to the best universities abroad;
- the opportunity to relax in the sun all year round, and not 3 summer months;
- comfortable accommodation both in the mountainous part of Northern Cyprus and on the coastal strip;
- measured, calm lifestyle.
Purchasing a house in Northern Cyprus is not suitable for lovers of city noise and active metropolis life.
Pros and cons of purchasing housing in Northern Cyprus
The biggest advantage of buying a home in Northern Cyprus is the ease of subsequent sale and rental of secondary real estate, due to the fairly high demand. The opportunity to engage in a variety of sports attracts active sports people from all over the world. The climate and conditions favor diving, golf, horse riding, kiting, and the less athletic can try walking along the mountain paths. The sea is very warm and precipitation is rare. Other advantages of buying property in Northern Cyprus:
- friendly locals;
- a large number of Russian-speaking people;
- long summer (more than 6 months);
- quality medicine.
Risks and problems associated with purchasing real estate
Today the country is not recognized by the world - and this is the answer to the question: “Why can’t you buy an apartment?” The exception is some territories - Türkiye, Azerbaijan. Anti-propaganda for buying a home in the past has led to the risk of real estate investment. Many people think that once they become the owner of a home, they will soon lose it. But local and international legislation currently regulates the real estate market and protects owners. When buying a home, you may encounter some problems:
- the only airport that accepts passengers only from Turkey; there are no direct flights from Russia, but you can land in the southern part of the island from Europe;
- you need to understand the many real estate projects under construction;
- availability of additional payments when purchasing a home;
- the expensive cost of housing in Northern Cyprus and the increased purchase tax;
- There may be problems transferring funds from Russia abroad.
Why has the price of real estate in Northern Cyprus increased?
Tourists are concerned with the question: “Why has the price of real estate gone up?” The growth of infrastructure, quality education in Northern Cyprus and comfortable living conditions for foreigners have led to higher prices. Some buy with cash, others take out a loan from the developer. But when purchasing real estate at the construction stage on credit, you need to calculate your finances for several years in advance. In addition, global inflation of the euro and dollar increases the cost. But with all this, obtaining a residence permit in Northern Cyprus is quite simple.
Have you decided to move to Northern Cyprus? Our specialists will be happy to help with choosing housing, drawing up a purchase and sale agreement, and moving.
