Have you heard about the progress and development and the benefits of buying property in North Cyprus?! Northern Cyprus is a very beautiful and peaceful country, which many say is called the Mediterranean paradise. This country is a good destination for permanent living, vacations, retirement and sightseeing, but in recent years, due to its significant progress and development, it has become the destination of many investors, and immigration through the purchase of property and even investment. It has become very common to buy property in North Cyprus. It should be noted that the educated population in Northern Cyprus is progressing day by day, which is good news to guarantee the bright and comprehensively developing future of this small and beautiful country.
Why Northern Cyprus?
The advantages of buying a property in North Cyprus can be mentioned as the possibility of permanent residence, reasonable property price and ease of purchase, but according to the tastes and goals of each person, buying a property in North Cyprus can have many advantages, which we will try to discuss below. let’s name
permanent residency
You can provide permanent residence for yourself and your family just by buying a property in North Cyprus! This will be a great opportunity and a very easy way if you have chosen Cyprus to immigrate or even want to live in Cyprus for various reasons.
Reasonable property price in North Cyprus
It can be safely said that one of the best advantages of buying a property in North Cyprus is the reasonable price of this beautiful island compared to other European countries. This has caused North Cyprus properties to attract the attention of many buyers because people can own a house with special conditions such as paying only about 30% of the total amount and even take action regarding their residence. Another advantage of buying property in North Cyprus is the annual growth of at least 5-10% in the value of the property in North Cyprus.
Ease of purchase
The simplicity of the administrative process for buying property in Northern Cyprus means that buyers can apply for permanent residence after going through the process of document registration, which usually takes only 21 working days, and after the issuance of permanent residence, the person will be able to move in any Stay in this country for as long as you like. (Permanent presence of people in North Cyprus is not compulsory)
10 advantages of buying property in North Cyprus
1-Purchase in installments
There are unique conditions in some prestigious real estate projects in North Cyprus; North Cyprus is one of the prestigious countries in the Mediterranean area, which has special offers for buying property, and you can pay 30-35% in advance and 3 installments. Become a property owner in North Cyprus for 6 years.
2- High currency value
Unlike many neighboring countries where real estate is bought in euros and dollars, real estate in Cyprus is denominated in British pounds, which can be used both in buying and selling.
3-No restrictions on selling or exchanging property
In North Cyprus, you will not have any restrictions on selling property to natives, foreigners, etc., and unlike many countries, you will not be under the burden of special restrictions on selling property to buyers.
4- Added value of the property
Due to the fact that the island of Cyprus is facing land restrictions, every project that is built will reduce the scope of construction, and this will cause the value of your property to increase by more than ten percent annually.
5- Government guarantee and security in purchase and investment
In order to make this advantage possible, there are laws in document registration in North Cyprus, according to which, if 30% of the property price is paid, a contract between the manufacturer and the buyer will be registered in the document office, and a tracking code will be issued for this contract; Therefore, there is no possibility of any fraud or selling the property to several people.
6- Lack of strictness and not allowing account inquiries
When opening an account in many countries, people face many obstacles, but the laws of the Northern Cyprus government are not strict, and you will be able to easily transfer your capital, and no one will be allowed to inquire about your account.
7- Easy residence
Unlike most countries, after settling in North Cyprus, you will not need to be physically present in this country, and you can easily and quickly obtain permanent residence by paying 30% of the price of the property you want.
8- Buying property in North Cyprus and earning money
As we mentioned, after buying a property and obtaining residency, you will not need to be physically present in this country and you can earn money by renting out your property. And you can even get bank facilities by buying a property in North Cyprus.
9- Simple administrative process
Buying a property in Northern Cyprus does not involve annoying and time-consuming processes and is much simpler than in other European countries, and if you hire a professional lawyer, you will easily handle the administrative process and hierarchy of buying a property.
10- Low tax
This feature makes it easy for people to earn money by buying property, renting property, etc. without facing obstacles such as high fees and taxes.
- Other benefits
- Investing and earning money by short-term rental to island tourists or even long-term rental
- Tourist attractions and stunning beauty
- Valid document
- High security in the area
- Mediterranean and favorable climate
- The hospitality of the natives of North Cyprus
- low population
- International universities
- The virginity of Northern Cyprus
- Reasonable cost of living and food quality control
- Opening of a new airport for ease of transportation
- The bright future of Northern Cyprus in terms of natural resources
- Common English language
- The relative cheapness of education
- Low crime statistics
- Easy tax rules
Steps to buy property in North Cyprus
1. Choosing the property (you choose the property and agree on the price and terms of payment with the seller)
2. Advance payment (paying £1,000 to £2,000 as a deposit)
3. Inspection of the property (you or your lawyer must check everything after the advance payment that the purchased property is free of any problems, including debt, mortgage, loan, etc.)
4. Setting up the contract (in English and by a valid notary)
tip: At this stage, you can include any amendment or change in the terms of the contract, and after you and the seller reach an agreement, your contract will be concluded in the presence of two witnesses and in the notary office, and usually after that you have about two weeks to pay the full amount or in Pay the first installment of the desired property upon agreement.
5. Purchase permit (to obtain a transfer permit, you must go to the North Cyprus Municipal Association and obtain a PTP purchase permit
Get it (which can cost around £200-1000)
6. Transfer of ownership document
The cost of buying a property in Northern Cyprus
Apartments in coastal areas: prices start from 75,000 pounds
Villas in coastal areas: Prices start at £180,000
Maximum price for luxury apartments and penthouses: £200,000 to £400,000
It is worth noting that the North Cyprus real estate market currently offers the best prices among Mediterranean countries. These figures are cheaper compared to similar properties in other parts of the world.
