Buying real estate benefits
Investment provides you with many advantages in regard to 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 an owner and his/her family numerous advantages. The country offers the most affordable real estate prices among other Mediterranean states.
Residence benefits
Foreign citizens who decide to aquire a property in Northern Cyprus gain numerous advantages:
- Visa-free travel. You can fly to the island and not worry about visa formalities.
- English law and easy process of property registration.
- One of the lawest crime rates in Europe.
- Lower prices compared to Europe.
- High-level education: international universities, where education is much cheaper than in Europe.
- Huge prospects of economic development: investment flow, tourism and industry development.
- Mild climate, sea, sandy beaches, pine groves and mountains. 330 sunny days a year.
Benefits of property acquisition
A foreign citizen can purchase a real estate on favorable terms:
- Installment plan without interest up to 7 years for housing that is being built, a minimum down payment.
- Loan after 50% payment for 10 years, with an interest rate of 9-14 per annum.
- Low prices for resort properties compared to the European market: 15-20%.
- High investment yield – about 8-9%, so many investors buy real estate for its further lease.
- Obtaining a residence permit for property owners.
- Foreign investment has strengthened the banking system and increased the population’s well-being, which guarantees low crime rate.
- There is always a demand for resort properties: you can buy real estate and rent it out, receiving up to 8-9 % per annum. You can rent an apartment on your own or through construction companies` rental departments.
- The lowest taxes in comparison with European countries: 5% VAT (primarily real estate market), title deed transfer fee – 12% (first 6% to be paid during the contract registration), stamp duty – 0.5%. The annual real estate tax is € 0.1 per square meter.
- Low maintenance costs: on average, the owner pays between 18 to 120 euros per month (depending on a type of property), in Italy the similar real estate maintenance will cost 250 euros.
- You will not be required to provide proof of income and you can easily 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 investors` income will keep growing. Therefore, it is better to start choosing a project now and to receive a stable high income in future.