What Are The Advantages Of Buying A Property In North Cyprus?
North Cyprus property became very popular among foreign investors. They are interested in villas and apartments in Iskele, Kyrenia, and Guzelyurt. The regions are developing very fast and the investment income is about 10%. If you are going to buy property in the state, you can contact Stay Property company. It’s a reliable developer that offers several developing projects here.
Advantages Of Buying A Property In North Cyprus
The real estate market of Northern Cyprus is actively developing. Over the past year, several large developers have appeared here, and they are developing their projects. Here are the main reasons to buy a property here:
1. Rising prices. Real estate prices have just been growing over the past 10 years. The dynamics will go on. The annual real estate prices increase by 10%. This is a high indicator when compared with many European countries.
2. The main deterrent for investors is political instability. Northern Cyprus is a partially recognized country. According to the practice, there is a stable political and economic situation inside the country. The state does not participate in big politics but is focused on its own development.
3. High level of security. Northern Cyprus is among the TOP countries with a low crime rate. The cars here are not equipped with an alarm system; the Cypriots calmly leave the car doors open with the keys in the ignition. And the locals leave the keys to the apartment near the door (in the mailbox or under a stone).
4. A large number of tourists. This means that the investor will be able to rent out real estate and get additional income if there is no plan to move to Northern Cyprus.
5. Ease of moving and registration of real estate. You can get a residence permit in Northern Cyprus within one month, and you do not even need to pay the entire cost of the property. It is enough to pay one-third. A few documents are required: a purchase and sale agreement, a certificate from a local bank about the presence of $ 10 thousand on the account, an address certificate from the local headman, and the results of medical tests. Then, you can get a residence permit for a year with the right of prolongation.
6. Mild climate and developed infrastructure.
It makes foreign investors buy property here.
Developers Or Real Estate Agency
You can buy a property in Northern Cyprus through a real estate agency or a developer.
The developer offers lower prices during construction, interest-free installments until the end of construction, and flexible conditions for a deal. However, developers have fewer offers than real estate agencies.
The real estate agency offers property on the primary and secondary market. There are options for developers and individuals. The cost will be higher, if the object has already been built, but the investor is not limited to the offers of one company. Agencies cooperate and it almost guarantees the opportunity to find a suitable option.
There is a boom in the construction market in Northern Cyprus, so now is the time to invest here.