Buying property in North Cyprus

North Cyprus, this beautiful jewel of the Mediterranean, has become a very attractive destination for investment and living in recent years. With stunning natural attractions, rich cultural heritage and high quality living facilities, the country offers unparalleled opportunities for property buyers.

In this article, we will examine the attractive reasons for buying property in North Cyprus and the main steps of this process. Also, we will deal with issues such as the cost of buying and obtaining residence through the purchase of property in this country. Finally, we will mention the prospect of property price growth in Northern Cyprus and the factors affecting it.

Buying property in North Cyprus

Why buy property in North Cyprus?

Northern Cyprus, the jewel of the Mediterranean, with its stunning natural attractions, rich history and authentic culture, has become a wonderful destination for investment and living. Buying a property in this area brings countless benefits, including the following:

• Pleasant climate: Northern Cyprus has a Mediterranean climate with hot and sunny summers and mild and rainy winters. These weather conditions are ideal for enjoying various outdoor activities throughout the year.
• Beautiful beaches: The golden sandy beaches and turquoise waters of North Cyprus are world famous. These beaches are perfect places for swimming, sunbathing, water sports and relaxation.
• Reasonable cost of living: The cost of living in Northern Cyprus is significantly lower than in other European countries. This makes this country a good place to live a high quality life at an affordable price.
• Tax exemptions: The government of Northern Cyprus offers attractive tax exemptions for foreign investors. These exemptions include income tax, property tax and inheritance tax.
• High security: Northern Cyprus is one of the safest countries in the world. The crime rate in this country is very low and people can live comfortably in it.
• Access to educational and health facilities: Northern Cyprus has a quality education and health system. Schools and hospitals in this country are equipped with the best facilities and services.
• Investment opportunities: North Cyprus, due to its strategic location on the Mediterranean Sea, as well as being a member of the European Customs Union, offers a variety of investment opportunities in various fields, including real estate, tourism and trade.
• The possibility of obtaining residence: buying a property in North Cyprus can pave the way for you to obtain permanent residence in this country. By obtaining a North Cyprus residence, you will benefit from many benefits, including the possibility of living, working and studying in this country.

Further, if you are looking for information about working conditions in North Cyprus, you can visit our North Cyprus working conditions page.

Steps to buy property in North Cyprus

Buying property in Northern Cyprus is a relatively simple and straightforward process. The general steps of this process are as follows:

1. Choosing a property: The first step to buying a property in North Cyprus is choosing the property you want. You can find the property you want through real estate websites, real estate agencies, or international property fairs.
2. Visiting the property: After choosing the property, you should personally visit it to ensure the condition of the property and its suitability to your needs and taste.
3. Presenting the contract: If you want to buy the property, you can present a written contract to the owner. In this contract, you should mention the proposed price, terms of payment and other details related to the transaction.
4. Negotiation: After the contract is presented, you and the property owner must negotiate the final price and other terms of the deal.
5. Signing the contract: After the final agreement, you and the owner must sign the contract for the purchase of the property.
6. Registration of the deed: After signing the contract, the property deed must be registered in your name at the North Cyprus Property Registry.
7. Payment of fees: After registering the deed, you must pay the fees related to the transfer of the property, including taxes, registration fees, and attorney’s fees.

Steps to buy property in North Cyprus

The cost of buying a property in Northern Cyprus

The cost of buying a property in North Cyprus depends on various factors, including the type of property, location, size and facilities. However, in general, it can be said that the price of buying an apartment in this country starts from 50,000 euros (about 54,000 dollars) and the price of luxury villas can reach several million euros.

In addition to the purchase price of the property, you should also consider other side costs. These costs include the following:

• Property transfer tax
• Fees for registration and attorney fees
• Connection costs to water and electricity branches
• Property insurance costs

Installment purchase of property in Northern Cyprus

Many real estate developers and sellers in North Cyprus offer buyers the option of buying a property in installments. In this method, you can pay the rest of the transaction price in installments over several months or years by paying the initial down payment.

The conditions for the installment purchase of property in North Cyprus differ from one plan to another. However, in general, the initial down payment for the installment purchase of the property is between 30% and 50% of the purchase price of the property.

Steps after buying a property in North Cyprus to obtain residence

If you intend to acquire the residence of this country by buying a property in Northern Cyprus, you must take the necessary measures in this field after buying the property.

The procedures for obtaining residence in Northern Cyprus through the purchase of property are as follows:

Obtaining a Kymlic card: You must go to the Northern Cyprus Immigration Office to receive a Kymlic card (identity card). To get Kimlik card, you must submit the following documents:

• Valid passport
• property deed
• Clearances
• financial ability

Obtaining a residence permit: After receiving a Kimlik card, you must go to the Northern Cyprus Immigration Office to obtain a residence permit. To obtain a residence permit, you must submit the following documents:

• Kimlik card
• Residence permit application form
• Financial documents
• Insurance
• Renewal of residence permit: Northern Cyprus residence permit must be renewed every two years. To renew your residence permit, you must go to the Northern Cyprus Immigration Office and submit the necessary documents.

Steps after buying a property in North Cyprus to obtain residence

Property price growth in Northern Cyprus

The North Cyprus real estate market has seen significant growth in recent years.

Property prices in this country increased by an average of 10% last year.

Experts predict that the growth of property prices in Northern Cyprus will continue in the coming years.

There are several reasons for this price growth, including the following:

• Increasing demand: The demand for buying property in North Cyprus from foreign and domestic investors has increased significantly in recent years.
• Reduced supply: The supply of land and housing in Northern Cyprus is limited. This has led to an increase in prices in this country.
• Political stability: Northern Cyprus has high political stability. This is one of the most important factors in attracting foreign investors to this country and consequently increasing the demand for buying property in North Cyprus.
• Membership in the European Customs Union: Northern Cyprus is a member of the European Customs Union. This has brought many commercial and economic benefits to the country, making it a good place for investment.
• Development of infrastructure: In recent years, the government of Northern Cyprus has taken many measures to develop the country’s infrastructure, including the construction of roads, airports and ports. This has led to an increase in the attractiveness of this country for investors and tourists, and as a result, an increase in the demand for buying property in Northern Cyprus.

Also, another service of Zahorian Investment Company is property purchase service in North Cyprus. These services are performed by our skilled experts and you can get free property purchase advice by visiting our North Cyprus property purchase service page.

Conclusion

Buying property in North Cyprus can be a profitable investment. Offering pleasant climate, beautiful beaches, reasonable cost of living, tax exemptions and diverse investment opportunities, this country has become a suitable place to live and invest.

However, before buying a property in North Cyprus, it is essential to do your research and consider all aspects.

You can get more information about the North Cyprus real estate market as well as properties available in the country by visiting real estate websites, real estate agencies or international property fairs.