Property in Northern Cyprus
Buying property in Cyprus for investing and living is a great option for saving money. Non-residents of the country can also buy an apartment or villa on the island. Northern Cyprus is the Turkish part of the island, where most of the population is Turks. The city of Nicosia, the capital of Cyprus, is home to a border between two states: the Turkish Republic of Northern Cyprus (TRNC) and Cyprus. There are 3 border crossing points in the city: a vehicle crossing and 2 pedestrian points.
The TRNC is an attractive destination for purchasing a home for a number of reasons, including:
- comfortable climate with many sunny days;
- clean sandy beaches on the Mediterranean coast;
- environmentally friendly area;
- low seismic activity;
- affordable cost of living;
- high-quality products;
- low property tax rates;
- growing economy of the country.
The TRNC is not part of the European Union, so local food, housing and rental prices depend on the exchange rate of the British pound, which is currently more stable than the euro. In addition, prices for villas and apartments in Northern Cyprus are determined by the favorable exchange rate of the local currency to the Turkish lira.
Buying property in Northern Cyprus for foreigners allows them to apply for a residence visa. Unlike the southern part of the island, it is not mandatory to buy real estate worth €300,000. You can buy any housing unit with an area of 17 m2. The applicant can also obtain a residence permit for their children and spouse or partner. The visa gives you the right to obtain medical insurance and enroll children in local nurseries and schools.
The two largest cities in the northern part of the island are Famagusta and Kyrenia. Famagusta is located on the southeast coast, 80 km from Nicosia. The city is popular with tourists as it houses a seaport and numerous medieval structures, for example, Venetian defensive fortifications, ancient Byzantine monasteries, old city quarters, as well as the partially preserved ancient city of Salamis and the settlement of Enkomi.
Famagusta also has a well-developed resort infrastructure. There are well-equipped beaches with smooth entry into the water and many hotels where you can find both budget rooms and 5-star residences. The city has many shops, cafes and restaurants serving Turkish, Mediterranean and Middle Eastern cuisines. There are also venues with Italian, Chinese, and Japanese cuisine.
Kyrenia is famous for its mountainous landscape and access to the Mediterranean Sea. The peculiarity of the city is that most buildings here have a height of no more than 5 floors.
Popular places include:
- Kyrenia harbor with plenty of fishing boats and small yachts and hotels and restaurants with mesmerising sea views.
- A Byzantine fortress founded in the 7th century, where today there is a fantastic shipwreck museum. The main exhibit of the museum is the hull of a sea vessel built in the 4th century BC.
- Orthodox Church of the Archangel Michael, where there is a museum of icons.
The residential real estate market in the northern part of Cyprus offers multi-storey complexes with apartments and villas. Most of the offers are units in new residential complexes in a modern style. Apartments in such projects have spacious balconies, panoramic windows, functional layout, stylish, and laconic interior design and furniture.
Today, real estate in Northern Cyprus is built in accordance with modern requirements for quality, safety and earthquake resistance. As a rule, buildings have flat roofs, spacious outdoor areas with a garden and sometimes with a swimming pool. New houses are equipped with panoramic windows and terraces for outdoor recreation.
In addition, developers offer units in off-plan projects in Cyprus. Choosing such an option, you get the opportunity to pay in installments throughout the entire construction period. For example, in Famagusta you can buy an off-plan apartment with an area of 78 m² for €80,000. There are also high-end apartments under development that are available for sale. In the city of Esentepe, a luxury seaside residence of 468 m² is for sale at a price of €2.45 million.
Property prices in Northern Cyprus depend on the location of a residential complex, amenities (swimming pool, gym) it features, when it was built and some other parameters.
Investment property in Northern Cyprus
Over the past few years, there has been a steady increase in property prices in Northern Cyprus. Reasons to invest in local apartments and houses include affordable housing costs and high rental income. Most cities are popular tourist spots, therefore real estate here has high liquidity and can generate passive rental income. High ROIs are also ensured thanks to the active development of transport and energy infrastructure of the region.
Many investors choose the TRNC as an investment destination, since the local banking sector is isolated from large international financial organizations, which ensures a high level of confidentiality of information about deposits.
Buying property in Northern Cyprus
In our one of the largest property databases, you can check out the latest housing offers in the TRNC. For your convenience, we have collected verified property listings from trusted developers and real estate agencies. Convenient search filters by price, location, type of property, number of bedrooms and other criteria makes it easy to find a suitable property. Check out the best options for buying property in Northern Cyprus today.