TABLE OF CONTENTS
- About Northern Cyprus
- Buying Property in North Cyprus: A Step-by-Step Guide
- Fundamentals to Consider Before Purchasing Property in North Cyprus
- FORBES Magazines
- Districts in Northern Cyprus
- Reasons To Invest In Real Estate In Northern Cyprus
l. About Northern Cyprus
Northern Cyprus is a self-declared state that is not recognized by most countries, including the United Nations. It is located on the northern third of the island of Cyprus in the Eastern Mediterranean, and it is recognized only by Turkey. The northern part of the island has been under Turkish military control since 1974, following a failed coup attempt by supporters of the union with Greece and a subsequent Turkish military intervention.
The population of Northern Cyprus is mainly Turkish Cypriot, and the official language is Turkish. The economy is heavily dependent on tourism and agricultural exports, and Turkey provides significant financial assistance to the region. The political situation in Northern Cyprus is complex and has been the subject of ongoing negotiations between the two sides, with the aim of reunifying the island. The Turkish Cypriot community runs its own government and has its own political institutions, such as a President and a Parliament. However, the international community does not recognize the government of Northern Cyprus and it is only Turkey that maintains diplomatic relations with it.
ll. Buying Property in North Cyprus: A Step-by-Step Guide
To purchase a house in North Cyprus, you must go through a series of stages. First and foremost, you must locate a respectable real estate agent. Assuming you already have a real estate agent in North Cyprus, the processes to purchasing a home are as follows:
1. Create a list of your desires.
Make a list of what you want from your dream home. This will assist you in filtering your selections while searching and selecting.
2. Travel to North Cyprus
Purchase your plane ticket and travel to North Cyprus to inspect the houses in person. Visiting houses and the area where you plan to buy a home will help you understand the feel of the area.
3. Participate in a Viewing Tour
Visit the previously identified potential properties. Taking notes, taking pictures, and asking for facts can all help you make the best decision.
4. Reach an Agreement Through Negotiation
Meet with the owner of the property you wish to purchase. Negotiate the price and other agreement details such as payment terms, handover date, and so on.
5. Hire a Real Estate Attorney
It is mandatory for buyers to consult a lawyer when purchasing property in North Cyprus. At your request, we may provide you with a list of experienced property lawyers.
6. Notarized Property Sales Contract Signature
Your lawyer will draft the property sale contract. The notarized sales contract must be signed by both parties.
7. Establish A Bank Account
For the purchase and accompanying payments, you must have a bank account in North Cyprus. We will assist you with opening a bank account after you have signed a sales contract, which is one of the documents required for foreigners to create a bank account.
8. Request to the Council of Ministers
The title deed conveyancing application is made to the council of ministers. If accepted, the title deed transfer process will begin.
9. Obtain Your Title Deed
Your title deed will be granted to you once the council of ministers approves your application.
lll. Fundamentals to Consider Before Purchasing Property in North Cyprus
Purchasing in CyprusEvery country has its own set of rules and regulations regarding foreign property sales. Before purchasing property in North Cyprus, it is important to understand the following facts.
The Law Regarding the Purchase of Immovable Property and Long-Term Rentals by Foreign Nationals imposes stringent restrictions on this matter. However, the law was recently updated to make the procedures and circumstances easier to follow.
- If a foreigner wishes to purchase land, the ability to own property is limited to a single plot of ground with a maximum area of 1.338 square meters.
- If the foreigner wants to purchase a house, the plot size cannot exceed 6.691 sqm. Furthermore, the foreigner is not permitted to construct any other apartment, house, or residence on the plot of this house.
- Under specific conditions, the restrictions limiting the number of properties that a foreign individual can possess can be changed. Currently, the law allows foreigners to possess just one property per person.
- In contrast to other countries, foreigners who want to buy property in Cyprus must apply to the Council of Ministers for a purchase permit. The title deed is not issued until the buyers have obtained permission to purchase property in Cyprus. This could take anything from 3 to 12 months. When you sign a property sales contract in front of a notary public, you retain complete ownership of the property until you obtain your title deed.
- UK citizens purchasing property in Cyprus after Brexit must follow the same rules as foreigners from any country.
- There are three different forms of title deeds in North Cyprus. There are three of them: Turkish Coupon, Equivalent Coupon, and Greek Coupon. Foreign buyers should avoid purchasing homes with Greek Coupon deeds. Because they are unresolved title documents, purchasing these properties may result in a burden of compensation. Turkish Coupon and Equivalent Coupon properties are among the items in our portfolio.
- To buy a house in Cyprus, you must contact a property lawyer. Your lawyer will advise you on the property purchase contract and will monitor the proceedings at the ministerial council.
IV. FORBES Magazines
As you know, the Turkish Republic of Northern Cyprus is recognized by the world, although only a state recognized by Turkey sees high demand from Turkey and other countries. Visited and invested in by around 3 million tourists a year, Cyprus continues to attract the world's attention with its nearly 300 days of bright sunshine and stunning beaches.
Recently, Famagusta, Steg, Kyrenia, and projects with Turkey and foreigners from many countries of developed countries are doing real estate and business investment in the green island of Cyprus Esentepe. Built next to the beaches of the magnificent Famagusta and Iskele region, the 5-star hotel concept is attracting the attention of foreign investors and thousands of foreign regions who want a home by the clear waters of the Mediterranean Sea.
It is at this point that writer Katleen Peddicord and the traveler with the latest published article on North Cyprus that also caught the attention of the world-famous Forbes magazine said;
“As someone who has lived and invested overseas for 30 years, the top investment countries in the world are Northern Cyprus, Colombia, Brazil, Mexico, and Belize. Based on this research “Living and Investing Abroad 2021” is recommended to buy pension homes or in which elite countries to live abroad. This research was carried out on price studies of holiday homes between 70-100m2. Among all these countries, the Turkish Republic of Northern Cyprus is the first and most beautiful country with a price of 75,000 dollars among the countries facing the sea or the most easily accessible beach.”
You can follow the article on this web address: FORBES Recommended 5 Best Beachfront Countries to Buy Real Estate in For 2021
The publication of this news in Forbes magazine was welcomed in the country. North Cyprus, which has been trying to develop under embargoes for years, is well known in the world for its warm people. It is one of the countries with the lowest crime rate in the world, its magnificent beaches, vibrant nightlife, quality education system, and great housing projects, all these features attract the attention of many investors and tourists.
Great development and an increase in investment in Cyprus is expected after the pandemic. Of course, the assumption is that prices will increase at this rate. You can reach our advisors waiting for you online at any time and start your investments immediately.
V. Districts in Northern Cyprus
This district is located in the east of the island and includes the towns of Famagusta, Varosha, and Iskele. Famagusta is the largest city in the district and is home to the Eastern Mediterranean University. Famagusta is a city located on the east coast of the island of Cyprus. It is one of the island's most historically significant cities, with a long and rich history dating back to ancient times. Famagusta was once a major port and commercial center, and it was also an important center of culture and learning. Today, the city is divided between the Republic of Cyprus and Northern Cyprus, with the northern part of the city remaining under Turkish control since the Turkish invasion of Cyprus in 1974.
This district is located in the northwest of the island and includes the towns of Kyrenia, Bellapais, and Karavas. Kyrenia is the second-largest city in the district and is a popular tourist destination known for its historic castle and harbor.Kyrenia is a port town located on the northern coast of Cyprus. It is known for its picturesque harbor and historic castle, which dates back to the 16th century. The town also features a number of museums, churches, and other cultural sites, as well as a variety of shops and restaurants.
Lefkoşa (also spelled Lefkosia or Nicosia) is the capital and largest city of the island nation of Cyprus. It is situated in the center of the island and is the only divided capital in the European Union, with the northern part of the city under the control of the Turkish Republic of Northern Cyprus and the southern part under the control of the Republic of Cyprus. The city has a rich history, with sites such as the Venetian Walls, St. Sophia Cathedral, and the Ledra Street crossing point between the two sides. It is also a cultural and economic hub on the island, with many shops, restaurants, and businesses. This district is located in the center of the island and includes the towns of Lefkoşa, Nicosia, and Morphou. Lefkoşa is the capital of Northern Cyprus and is the largest city in the district.
Morphou (also spelled Morfou or Guzelyurt) is a town located in the northwestern part of Cyprus. It is known for its citrus groves and its historical significance as a center of the island's Turkish-Cypriot community. The town has a large and important church, The Church of Saint Mamas, which is considered one of the most important Byzantine churches in Cyprus. The town also has a market where you can find traditional Cypriot products and is also famous for its local sweet "Loukoumia". Morphou is also an agricultural center, with a variety of crops such as olives, almonds, and carobs grown in the surrounding area. This district is located in the west of the island and includes the towns of Morphou, Guzelyurt, and Ozankoy. Morphou is the second-largest city in the district and is known for its citrus fruit production.
Trikomo (also spelled Dikomo) is a small town located on the northeastern coast of Cyprus. It is situated in the Famagusta district and is known for its natural beauty and historical significance. The town is surrounded by the beautiful Karpas peninsula and the Mediterranean sea. Trikomo has a small but lively center with shops, cafes, and restaurants. The town also features a number of ancient ruins, including the remains of a Roman villa and a medieval castle. The castle of Trikomo is one of the most important landmarks in the town and is a popular spot for visitors to explore. This district is located in the northeast of the island and includes the towns of Trikomo, Yeni Iskele, and Bogaz. Trikomo is the third-largest city in the district and is known for its olive groves.
Gazi Magusa (also spelled Famagusta or Ammochostos) is a city located on the northeastern coast of Cyprus. It is situated in the Famagusta district and is known for its rich history and cultural heritage. The city was an important center during the medieval period and features a number of historic landmarks such as the Saint Nicholas Cathedral and the Othello Tower. It also has a Venetian wall that surrounds the old city and it is considered one of the best-preserved examples of medieval fortification in the Eastern Mediterranean. Gazi Magusa is also a popular tourist destination, known for its beaches and its lively atmosphere, with many shops, restaurants, and nightlife options. The city is also home to the Eastern Mediterranean University, one of the most prestigious universities in Cyprus. This district is located in the southeast of the island and includes the towns of Gazi Magusa, Esentepe, and Catalkoy. Gazi Magusa is the fourth-largest city in the district and is a popular tourist destination known for its beaches and historic castle.
VI. Reasons To Invest In Real Estate In Northern Cyprus
- Northern Cyprus is not a part of the Eurozone
- Safety and a low rate of crime
- Residence Permits are simple to grant
- Prices for real estate are lower than in Southern Cyprus
- Increased Investment
Northern Cyprus is not a part of the Eurozone
Northern Cyprus's exclusion from the Eurozone, which was once considered a disincentive by many, has recently evolved into a big perk and selling point for foreign buyers of real estate. The steady pound sterling, the de facto international currency in the TRNC, where shops and restaurants take both the pound and the Turkish Lira, is the basis for all North Cyprus property pricing. In contrast, the prices of many other Mediterranean real estate markets (such as Spain, Greece, or South Cyprus) are all expressed in late depreciating euros. Additionally, investors are reluctant to make general investments in Greece and southern Cyprus due to the fragile condition of the Greek banking sector, which obviously impacts both countries.
North Cyprus has more than 340 sunny days on average a year and the warmest winters in all of general Europe, even warmer than Turkey.
Cyprus has two significant airports: Ercan (Lefkosa) in the north and Larnaca Airport in the south. Any prospective homeowner with a European or Common Wealth passport, a Schengen visa, or both is welcome to enter through Larnaca Airport, the world's busiest airport and one with fantastic connections everywhere. Ercan Airport in Northern Cyprus does not require a visa in advance and is therefore perfect for non-Schengen people who can get to Turkey simply and economically.
Safety and a low rate of crime
Cyprus is one of the safest countries in the world, according to the latest ValuePenguin analysis. Cyprus is pleased to occupy the fifth spot globally out of 106 nations that were examined during the study on the safest nations in the world. Furthermore, among the nations with a population under 5 million, Cyprus ranks as the safest place to live and travel.
Residence Permits are simple to grant
Property owners in North Cyprus who are happy with their investments can apply for a residence permit there. However, although a minimum investment of €300,000 is required in the island's southern region, there are none in the northern region. It costs nothing and lasts around three weeks. Northern Cyprus allows homeowners over 60 to live there without residency permission. The property owner must open a bank account and fund it with a specific amount (based on $10,000 for each family member) before the residence permit can be processed. Every year, the residence permit must be renewed. After residing in TRNC for 7 years, one may petition for citizenship.
Prices for real estate are lower than in Southern Cyprus
Compared to Turkey and many other Mediterranean countries, North Cyprus real estate is far less expensive. Additionally, it is more exclusive and offers a distinct island vibe. However, it is still a very long way from Southern Cyprus' level. A typical studio apartment by the sea in Southern Cyprus's "first tier" cities (Limassol and Paphos) costs at least €130,000.
(If you cross Northern Cyprus, you will only have to pay €50,000! Price per square meter on average: €1,000 to €1,200. In Northern Cyprus, the average price of a real estate transaction is $75,000. Typically, by the early stages of development, 80% or more of the units in new buildings have already been sold.)
There has been a noticeable increase in investment in Northern Cyprus in recent years, particularly in the real estate sector. This trend is expected to continue, driven by the country's favorable investment climate, attractive property prices, and high quality of life. Investing in Northern Cyprus today offers the opportunity to benefit from this upward trend.
(In important investment zones, property prices in North Cyprus are rising by up to 10% annually. Prices have been quite constant in other locations. In stark contrast, prices are declining in other parts of the Eurozone. Property in Northern Cyprus has been constructed with private funds, NOT with loans from the global financial system, which explains why prices have remained so constant. As a result, the North Cyprus real estate market was spared from the worldwide banking crisis)
Purchasing an item at the beginning of construction, when the developer is selling it for the lowest price, is the most profitable resale approach. The item is resold at the market price for completed projects after the work is finished (typically, this period is between 1.5 and 2 years after the development began). From the first project conception to the final project implementation, the properties' worth increases by 30% in capital.