Villas in Famagusta
Today, foreigners can freely buy villas in Famagusta for investment and living. This city in the northeast of the island, which is also called Gazimağusa, has a rich history and a strategic location between Europe, Africa, and Asia. The settlement on the shores of the Mediterranean Sea was founded by the ancient Greeks in the 3rd century BC. During the Roman Empire, it acquired the status of an important port and trading centre, and today, it is considered one of the most significant archaeological and tourist locations in all of Cyprus. Famagusta is famous for its beautiful beaches and excellent opportunities to holiday and do water sports. It is home to the deepest harbour in all of Cyprus.
Over the past year, houses in Famagusta have gone up in price by 4%. The construction sector here is developing and thriving. Sales volumes of new buildings increase by an average of 10% every year. Developers build modern, good quality housing that can be purchased at reasonable prices. The cost of houses starts at €150,000.
When buying a home, you should keep in mind that this republic is currently recognised only by Turkey. Some plots of land in its territory are still owned by Greek Cypriots living in the south of the island. Once the conflict’s active phase was over, residential buildings were built on these plots, and therefore it is important to check the status of territories so that the previous owner cannot lay claim to them. Experts strongly recommend purchasing villas in Famagusta for investment and personal residence only from trusted developers. New projects are always built on those plots that are not disputed, when the legality and transparency of documents are 100% confirmed. You can also buy resale units, but be sure to check all the property papers with a lawyer.
Cost of villas in Famagusta
The cost may vary depending on whether a villa is located near the seacoast, in the historical centre of the city, or in its remote part. In addition, houses prices in Famagusta, Northern Cyprus depend on the following parameters:
- Total area;
- Number of rooms;
- Whether it has a swimming pool, a garden, and other amenities.
Villas that are fully finished, with expensive materials, cost more than those without finishing or with simple finishing.
The average cost of villas for sale in Famagusta is about €900 per square metre. For example, a spacious 240 m² 5-bedroom mansion with a swimming pool can be purchased off-plan for €184,000. Palm Beach is 2 km away. The property is centrally located in a cosy and fairly quiet place. All necessary infrastructure facilities such as a school, retail outlets, and a pharmacy are within walking distance.
€245,350 can buy you a luxurious 52 m² 4-bedroom bungalow just 1 km from the sea. The house is in the prestigious area of Yeni Boğaziçi with beautiful views of the surrounding area and mountains.
An excellent option for a villa in Northern Cyprus is a luxury 288 m² house worth €865,125, located in a residential complex in the resort hamlet of Küçük Erenköy. The distance to the beach is just over 300 m. Ercan International Airport is 40 minutes away. There are a total of 14 villas in the residential complex. Each has a garden and a roof terrace, and you have the opportunity to equip a private swimming pool. The area comprises a 195 m² house and a 93 m² terrace. The houses in the residential complex are under construction, with the handover date scheduled for May 2024. The developer offers attractive purchase terms: with a 50% down payment, you can buy a property in interest-free instalments until the construction is completed.
Investing in a house in Famagusta is especially profitable during the development stage. Once commissioned, it automatically increases in price, and when reselling the property, the seller gains up to 20% of its value. If we talk about the return of an investment house in Famagusta, it is between 8% and 12% per year, which is a very good figure in the international market.
In Northern Cyprus, long-term rentals are preferred. Real estate here is often rented for a year or seasonally. Rents also depend on the distance from the centre and sea, and whether there is a swimming pool or a private landscaped garden. Many people rent out their houses by the day. For example, a 3-bedroom villa in Famagusta can be rented for €300 per day, and a premium waterfront 4-bedroom house, for €3,500 per week. If we look at even more luxurious properties, a 4-bedroom villa with a pool costs €5,400 and up for 7 days. If you decide to invest in property in Northern Cyprus, you can always use your house not only as a holiday home but also as an opportunity to earn passive income.
Buying villas in Famagusta makes you eligible for a residence permit. The property must cost at least €300,000. To obtain a residence permit, you only need to provide a title deed and a contract of sale. A certificate from a healthcare institution and medical insurance will also be required. A residence permit allows you to receive national health insurance and enrol children in kindergartens and schools.
Buy villa in Famagusta
Beautiful nature, well-developed infrastructure, good return on investment, and kind and sociable locals—there are many reasons to buy a house in Famagusta. You can navigate the variety of properties with our aggregator website, where, using convenient filters, you will get acquainted with the most current offers from trusted developers. Start your search for Cyprus property today. Good luck!