Buying an apartment in Northern Cyprus: beyond the benefits

With its residency benefits, attractive investment and Mediterranean lifestyle, North Cyprus is a tempting property purchase option. However, in order to successfully buy an apartment, you need to pay attention to important points. Checking the legal status of the property, researching the neighborhood, comparing apartment prices in North Cyprus and paying attention to amenities are among the things you should keep in mind. Using the consulting services of Zahouriyan Investment Company can guide you in the legal process and local regulations.

Also, determining the budget and sticking to it is of particular importance. The final choice depends on your needs and budget. By following these principles, you can enjoy your investment and enjoy the benefits of living in one of the most beautiful areas of the Mediterranean.

Buying an apartment in Northern Cyprus: beyond the benefits

Determining budget and needs:

The first step in buying a North Cyprus apartment is to set a realistic budget. This will help you narrow down your search to apartments you can afford.

Determinants of the budget:

Apartment prices in North Cyprus: Apartment prices in North Cyprus vary considerably and depend on factors such as area, size, amenities and proximity to the beach.

Ancillary costs: Keep in mind that in addition to the purchase price, you need to consider additional costs such as property taxes, attorneys’ fees, and maintenance fees. These costs can significantly affect your budget.

Cost of living: Researching the cost of daily living in North Cyprus such as food, transportation and entertainment is essential. This will help you to consider a realistic budget for living in this country in the long run.

Apartment prices in North Cyprus vary considerably

Budgeting tips:

Down payment: If you plan to use a home loan, consider the amount of down payment required.

Financial sources: Fully specify all your financial sources that you can use to buy an apartment.

Financial capabilities: Do not buy more than you can afford. Keep in mind that once you buy an apartment, you will also have to pay monthly fees such as top-up, mortgage (if any) and insurance.

Requirements:

After determining the budget, you should clearly define your needs from the future apartment. This will help you narrow down your search to apartments that fit your lifestyle and desires.

Tips for determining needs:

Number of rooms: How many bedrooms and bathrooms do you need?

Size: What size is suitable for you and your family?

Features: What features are important to you? Are swimming pool, gym, parking and sea view among your priorities?

Location: What kind of area do you want to live in? Are you looking for peace or are you interested in a lively environment?

Type of apartment: Are you looking for an apartment in a complex or do you prefer a private villa?

Areas and Valuation:

Northern Cyprus offers many options for buying an apartment in terms of the variety of areas and lifestyles. Here we examine some of the most popular areas and the factors affecting the valuation of apartments in this area:

Popular areas:

• Kyrenia: a touristic and lively city with beautiful beaches, restaurants, cafes and historical attractions. The price of apartments in Kyrenia is significantly high and due to the high demand, the price growth rate is also fast.
• Famagusta: A port city with sandy beaches, historical monuments and universities. Apartment prices in Famagusta are lower than in Kyrenia, but this area also has high growth potential.
• Karpaz: a quiet and rural area with beautiful scenery and low cost of living. Apartment prices in Karpaz are significantly lower than Kyrenia and Famagusta.
• Lapta: a coastal area with a calm and family atmosphere. The price of apartments in Lapta is average and growing.
• Skeleh: a historical area with a beautiful harbor and traditional restaurants. The price of apartments in the waterfront is average.

Popular areas for investment in Northern Cyprus

Factors affecting valuation:

• Location: Proximity to the beach, entertainment, historical and commercial centers plays an important role in increasing the price of apartments.
• Facilities: The presence of facilities such as swimming pool, gym, parking and sea view, adds to the value of the apartment.
• Type of apartment: Luxury apartments, duplexes and penthouses usually have a higher price than regular apartments.
• Square footage: The larger the square footage of the apartment, the higher its price will be.
  Construction age: Newly built apartments usually have a higher price than old apartments.

Rate:

Apartment prices in Northern Cyprus vary considerably, from €50,000 for a small studio apartment in a rural area to several million euros for a luxury penthouse in Kyrenia.

Purchase process and legal points:

Buying an apartment in North Cyprus can be a profitable investment and the beginning of a new life. However, to make a safe and trouble-free transaction, it is necessary to be familiar with the purchase process and its legal points.

General stages of the purchase process:

1. Find an apartment: Find the apartment you want through real estate websites, local real estate agencies, or attending real estate fairs.
2. Initial transaction: Agree with the landlord or his representative on the initial price and terms of the transaction. Usually, in this prepayment stage, about 1% to 3% of the value of the apartment is paid.
3. Document review: Get the help of a specialist North Cyprus real estate lawyer to thoroughly review the documents and documents related to the apartment, including the title deed, building permit and certificate of non-participation.
4. Signing the contract: After reviewing the documents and finalizing the agreement, the final purchase contract is signed by you and the seller. In this contract, all the conditions of the transaction, including the final price, the delivery date of the apartment, the method of payment and the obligations of the parties are clearly mentioned.
5. Payment of the transaction price: The remainder of the transaction price is paid according to the terms of the contract. A trust fund or trust account is usually used for this purpose to ensure the security of the transaction for both parties.
6. Transfer of the title deed: After the full payment of the transaction price, the title deed of the apartment will be transferred to your name at the Northern Cyprus Deed Registry.

Important legal points:

Using a lawyer: Be sure to get help from a lawyer specializing in real estate in North Cyprus to do all the legal steps of buying an apartment. Your lawyer can defend your rights against the seller and prevent any legal problems.

Scrutiny of the documents: Before signing any contract, check all the documents related to the apartment completely and carefully. Ask your lawyer to explain the meaning of all the terms of the contract to you and make sure you fully understand your obligations.

Payment within the framework of the law: Pay all the amounts related to the purchase of the apartment through legal channels and with valid documents. Avoid paying any amount informally or to unknown persons.

Insurance: Get home insurance for your apartment to protect against any damage or accident.

General stages of the Northern Cyprus purchase process

Additional notes:

• Cost of living: Research the cost of daily living in North Cyprus so you can budget realistically.
• Property Insurance: Insure the apartment to protect your investment.
• Learning Turkish (optional): Although English is common, learning a few Turkish words can facilitate communication with locals.

By following these tips, you will experience a successful shopping experience in North Cyprus. Remember, buying an apartment is an important decision. With adequate preparation and information, you can enjoy the benefits of this investment and new lifestyle.