If you have had the perfectly rational idea of buying a flat in Northern Cyprus, then you have come to the right place, since our goal is to clearly and specifically lay out this important topic without lyrical digressions about the weather, climate and the possibility of getting an education at international universities in Cyprus.
The real estate market of the Turkish Republic of Northern Cyprus (TRNC), offers various housing options in terms of the popularity of the locations and the purpose of the purchased flats or townhouses in terms of personal use or renting out.
It should immediately be noted that the information provided really will be interesting and useful, since the instructions below were created with deep knowledge and understanding of how, where and why you should buy property in Northern Cyprus, and all the information comes from industry experts.
The cost and terms of buying a flat in Northern Cyprus
Buying a flat in TRNC is relevant for people who plan to provide their family with an amazing opportunity to spend a holiday or have a permanent home, located in an idyllic and completely safe corner of the Mediterranean.
It is important to note that on the basis of the purchase of any real estate in Northern Cyprus, regardless of its value, in just 21 days you can get a residence permit for all family members, thereby opening up completely new, unique prospects and a quality of life for yourself and your loved ones.
Next, we will examine in detail the affordable options for acquiring housing in Northern Cyprus, taking into account current aspects and identify the important advantages and disadvantages of each of them.
Housing prices compared to the European market
It should be noted that inexpensive flats in Northern Cyprus provide a unique opportunity in the Mediterranean region with very affordable housing prices, which are several times lower than in Europe and even on the south side of the island.
Of course, buying a house in Northern Cyprus or, for example, a luxury villa is not difficult, but along with elite properties, there are a lot of options in the way of flats on the market that are available to middle-income and even lower-middle-income buyers. It should go without saying that the residential property market of TRNC is considerably less expensive than that of the UK.
Sale of flats from developers in installments or on credit
In Northern Cyprus, you can buy a flat of primary or secondary housing stock from a private seller or purchase directly from the developer. In recent years, purchase of real estate at the construction stage, which is 20-30% cheaper than the market value of completed properties, has been very popular in TRNC.
In addition, most developers and management companies in Northern Cyprus offer buyers the opportunity to buy a flat:
- in interest-free installments for up to 3 years with a down payment of 30% of the total cost of the property;
- on credit of up to 12% per annum for up to 10 years.
Buying a flat as a permanent residence or holiday home
For permanent residence or as a guest house for seasonal breaks, it is worth buying a flat or townhouse in one of the picturesque areas of the island in the city of Kyrenia (Girne) located on the western coast of Northern Cyprus, surrounded by the majestic ridge of the Kyrenia Mountains covered with ancient pine trees.
Kyrenia is full of attractions for for tourists who crowd all year round on an old shopping street adjacent to the attractive promenade with many cafes, restaurants and casinos. The promenade ends with the main attraction of the city – the ancient Kyrenia fortress, adjacent to the still operational old harbour, around which are located fish restaurants favoured by tourists.
It should be noted that the prices of flats on the west coast of Northern Cyprus in the Kyrenia region are much higher than on the east coast of the island in the regions of Iskele and Famagusta. For example, a new studio in Girne (Kyrenia) will cost about £45-55 thousand, and on the east coast price tags start from about £35,000.
The comparative cost of flats in the regions of Northern Cyprus
Classification of flats
| Region | Kyrenia (Girne) |
|---|---|
| Studio, prices from (£) | 40 000 |
| 1+1, prices from (£) | 49 000 |
| 2+1, prices from (£) | 67 000 |
| 3+1, prices from (£) | 84 000 |
| Penthouse, prices from (£) | 106 000 |
| Region | Esentepe |
|---|---|
| Studio, prices from (£) | 39 900 |
| 1+1, prices from (£) | 46 000 |
| 2+1, prices from (£) | 66 000 |
| 3+1, prices from (£) | 76 000 |
| Penthouse, prices from (£) | 88 000 |
| Region | Famagusta |
|---|---|
| Studio, prices from (£) | 39 000 |
| 1+1, prices from (£) | 43 000 |
| 2+1, prices from (£) | 59 000 |
| 3+1, prices from (£) | 69 000 |
| Penthouse, prices from (£) | 80 000 |
| Region | Iskele |
|---|---|
| Studio, prices from (£) | 37 000 |
| 1+1, prices from (£) | 57 000 |
| 2+1, prices from (£) | 46 000 |
| 3+1, prices from (£) | 66 000 |
| Penthouse, prices from (£) | 75 000 |
Residential complexes within walking distance of the sea
On the east coast of the island, between the famous virgin beaches of the Karpas nature reserve and the student town of Famagusta, is the homely town of Iskele with the most popular beach on the island – Long Beach.
Along the luxurious promenade with recreation areas and playgrounds, there are numerous existing residential complexes and more under construction, with developed infrastructure for a comfortable and relaxed life, where you can buy a spacious flat or a small studio within walking distance of the sea.
It is an ideal place for those who value peace and tranquillity. The Iskele region is famous for the following:
- Housing estates popular with foreigners;
- Endless sandy beaches;
- Proximity to Famagusta and the Eastern Mediterranean University;
- Virgin nature and geographical proximity to the Karpas nature reserve;
- Architectural monuments, including the ancient city of Salamis.
Buying a flat in Famagusta – a profitable investment
If you are faced with the task of acquiring real estate for the purpose of investments that bring a stable income from letting out on long-term rentals, the most sensible decision is to buy a flat in Famagusta. The city has a huge demand for rental housing, thanks to the numerous students of the large Eastern Mediterranean University.
Of course, in Famagusta there is all the necessary infrastructure for a comfortable stay, including beautiful sandy beaches, which allows you to use the flat you have bought for yourself or rent it out to tourists and holiday-makers as you wish.
Summarising and making a purchase decision
Of course, to make an objective decision on buying a flat abroad, studying information and useful tips, getting virtually acquainted with the island through videos and monitoring sold properties through photographs on the Internet is not enough.
The best option is to make a decision directly on the island and seeing exactly which flats are worth buying and where. Moreover, the additional costs will be minimal, since you have a unique opportunity to come and get a free viewing tour, which our company will organize for you personally.
Realize your Mediterranean dream today and request a free consultation right now!