Real estate in Northern Cyprus: arguments in favor of buying

23.10.2022 7:24

Real estate in Northern Cyprus: arguments in favor of buying

Real estate in Northern Cyprus: arguments in favor of buying

For decades, real estate has been the most stable way to save investments. Optimal conditions for profitable investment in real estate have developed in Northern Cyprus. This fact was confirmed by Forbs magazine with the publication of the annual index of investment attractiveness of the countries of the world. The region was included in the top five locations.

The rights of foreign citizens to purchase real estate in Northern Cyprus are protected by the state. There are a number of good reasons to buy apartments, villas, and commercial premises here.

Why is it beneficial?

The stunning beauty and unique nature of Northern Cyprus encourage many people to buy a house to be there for only a few weeks a year. Investments pay off because at other times housing can be profitably rented to tourists and students. The rental income is 8-12%, which is higher than in European countries.

Other reasons to buy property:

  • liquid asset. When entering a deal at the zero stage of construction, the investor's income from the subsequent resale of the object reaches 50% (subject to a competent choice of the project);
  • the simplicity of the procedure for starting your own business, obtaining a bank loan;
  • the opportunity to get a good education, subsequently - a prestigious job, while living in your own apartment. There are several private British schools in the republic, 8 international universities whose diplomas are recognized all over the world;
  • saving on the relatively low cost of goods and services;
  • use of a developed health care system;
  • the possibility of obtaining a residence permit. When purchasing one object, the status is granted to the applicant, his spouse, and minor children. A residence permit allows you to live in the TRNC for more than three months, and enroll your children in school, but does not give you the right to work;
  • security, and low crime rate.

Investments in island real estate are not only guaranteed to pay off but give the owner privileges when obtaining a passport, or residence permit.

Residence permit and citizenship

Acquisition of a real estate property gives the right to apply for a residence permit for a period of one year with the right to extend, and for applicants over 60 years of age - for two years.

Buying your own property or long-term lease in Northern Cyprus is a prerequisite for obtaining citizenship of the republic, which can be applied for after 5-7 years of residence.

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