Apartments in İskele
Today, any foreigner can buy apartments for sale in İskele, one of the largest cities in Northern Cyprus, situated on the island's east coast. The location is famous for its beautiful sandy beaches, variety of entertainment offerings, and rich cultural heritage. İskele is also an attractive place to buy real estate. High liquidity allows you to rent out property short and long-term to tourists and expats, and resell it at a much higher price. Demand for real estate in Northern Cyprus has soared after it was mentioned in the Forbes ranking, which named the region one of the best places to purchase beachfront property.
The average payback period of investment apartments in İskele is 10 to 15 years. Real estate here is priced in British pounds, although the national currency is the Turkish lira. This guarantees the safety of your investments and instils confidence in your future.
There are a multitude of residential developments under construction in İskele, many of which feature a variety of amenities, including:
- swimming pools
- spas and gyms
- landscaped gardens
- video surveillance system
- parking
Developers prefer to build real estate near tourist infrastructure, which proves highly convenient due to the presence of shops, restaurants and bars near almost every residential development.
Overseas nationals are permitted to purchase and register only one property on the island. The stages of buying an apartment in Northern Cyprus are as follows:
- Drawing up a contract between the seller and the buyer. This must involve lawyers from both sides. The document is prepared in English and Turkish and must contain a detailed description of transaction terms, information about the seller, the buyer, the selected property, and payment stages.
- Paying a stamp duty of 0.5% of the property value.
- Paying a VAT of 5% of the purchase amount.
- Registering the contract of sale with the Land Registry.
- Obtaining a title deed and paying a tax of 3% of the property value.
After completing all of the above stages, the buyer becomes the legal owner of the property and can dispose of it at their discretion.
Cost of apartments in İskele
Apartment prices in İskele, Northern Cyprus, start at EUR 60,000–70,000, while EUR 120,000 can buy you a spacious 2-bedroom apartment. In addition, developers offer convenient payment terms and instalment plans for up to 2–5 years.
Here are some examples of flats for sale in İskele. A 46-square-metre studio in an off-plan complex to be completed in 2025 can be purchased for EUR 101,800. The infrastructure of the residential development is created to be comparable to that of a 5-star hotel. Residents will have access to a swimming pool, a playground for children, cafes, restaurants, a spa area, and a fitness room. The complex is gated and has security and parking. It is within walking distance of the fishing village of Boğaz and its harbour. Schools, a kindergarten, restaurants, supermarkets, and a professional golf club are nearby. The complex is 600 metres from the sandy beach. The apartment is sold fully finished and move-in ready.
A luxury 2-bedroom apartment can be purchased for EUR 263,765. Its area is 80 square metres, and the balcony is 15 square metres. The unit has finishing and all necessary utilities. The property is within Caesar Resort and its location is one of its biggest advantages. The residential complex is just a 40-minute drive from Ercan Airport and Larnaca Airport. The tourist centre of Bafra is 25 minutes away by car, and a 45-minute drive will take you to the first international yacht marina in Northern Cyprus, Karpaz Gate Marina.
Another example of luxury flats in İskele is a 90 square metre apartment located in Long Beach which is considered one of the most popular areas. Its value today is EUR 1.38 million. The property is under construction and will be commissioned in 2024. It features spotlights, a natural marble staircase, built-in bedroom wardrobes, air conditioning, and a barbecue area on the balcony.
When buying an apartment in İskele, an investor can also apply for a residence permit. To do this, you will need to provide the following documents:
- passport;
- title deed;
- residence certificate;
- photos;
- receipts of state fee payments;
- health certificate
- Details of a bank account with sufficient funds for living (approximately EUR 10,000 per family) or proof of income.
In July 2023, a square metre of apartments in this region cost an average of GBP 1,004, or EUR 1,155. Compared to other European countries, real estate in Northern Cyprus is inexpensive. For example, in Spain, a square metre of housing costs EUR 1,867, in Germany, EUR 4,221, and in Belgium, EUR 4,348.
While investing in real estate in many countries is not always worth it due to economic crises and inflation, home prices in Northern Cyprus have increased by more than 65% over the past 3 years.
Buy apartment in İskele
If you are interested in apartments in İskele for investment and living, our aggregator website offers a wide range of property in Northern Cyprus, from compact units to premium penthouses, only offered by trusted developers and agencies. You can sort properties by type, size, price, location, and other parameters. You have a great opportunity to compare current offers in one place and make an informed decision to purchase. For your convenience, prices are indicated in dollars and euros.