Buying real estate benefits
After all, by investing you gain so many advantages in living in Northern Cyprus that we can assure you will not find anywhere else in the whole world.
Investing in real estate in Northern Cyprus guarantees a return on investment and gives the owner and his family numerous advantages. The country has the most affordable real estate among other Mediterranean states.
The Living benefits
Foreign citizens who decide to buy an apartment in Northern Cyprus gain numerous advantages associated with life on the island:
- Visa-free travel and optional health insurance. You can fly to the island as if you were a summer cottage and not worry about visa formalities.
- English law and property rights transparent registration.
- No crime.
- Low prices: you can live on 500 euros a month and not deny yourself anything.
- High-level education: international universities, where education is 5 times cheaper than in Europe.
- Huge prospects for economic development: investment flow, tourism and industry development.
- Mild climate, sea, sandy beaches, pine groves and mountains. 330 sunny days a year.
Buying real estate benefits
A foreign citizen can purchase an object on favorable terms:
- Installment plan without interest up to 5 years for housing that is being built, a minimum down payment.
- Loan without first payment for 12 years, with an interest rate of 6-14 per annum.
- Low prices for resort properties compared to the European market: 15-20%.
- High investment yield – about 14%, so many investors buy real estate for its further lease.
- Fast obtaining a residence permit: within 21 days (subject to the real estate purchase in Northern Cyprus). A residence permit provides an opportunity to simplify obtaining a visa to Germany, Great Britain, Italy and the United States.
- Foreign investment has strengthened the banking system and increased the population’s% well-being, which guarantees all transaction reliability.
- There is always a demand for resort properties: you can buy real estate and rent it out, receiving up to 14 % per annum. You can rent an apartment on your own or through real estate agencies.
- The lowest taxes in comparison with European countries: upon purchase – 5% VAT (primarily real estate market), the fee for the entry into ownership – 3%, stamp duty – 0.5%. The annual real estate tax is € 0.3 per square meter.
- Low maintenance costs: on average, the owner pays 85 euros per month, in Italy the similar real estate maintenance will cost 250 euros.
- You will not be required to provide proof of income and establish your own business on the island. The purchase and sale registration process is simplified as much as possible
Thus, Northern Cyprus is a promising and rapidly developing country. Property prices in Northern Cyprus are starting to rise, so investor income will grow. Therefore, it is better to start choosing an object now and in the future to receive a stable high income.