12 reasons to buy property in North Cyprus
Reasons to buy property in North Cyprus. If you decide to buy property in Northern Cyprus, then this is the perfect place
Not many people know that the island of Cyprus is divided into 2 parts: the southern (Greek speaking side) and the northern (Turkish speaking side).
Southern Cyprus is part of the European Union. This attracts many, because it is possible to obtain EU citizenship and travel visa-free throughout Europe, while receiving all the benefits of Mediterranean life.
In this article, we will tell you the top 12 reasons why buying a property in North Cyprus is a great decision.
Why did we choose to buy real estate in Northern Cyprus?
There are many reasons:
Real estate prices in Northern Cyprus are much lower than in the southern part of the island and other popular places in the Mediterranean. This makes Northern Cyprus an attractive place to invest in real estate and to buy a home.
Living in North Cyprus is inexpensive as the local currency is the Turkish lira. In recent years, it has been falling against the ruble, which cannot be compared with the euro and the dollar. Therefore, if you make money online in Russia, you only benefit from it!
- If you are freelancing in another country, your wages are not subject to local taxes.
The climate is temperate, in summer it is hot and can get up over 40°C degrees, and in winter it is cold to 0°C in the mountains and 5°C on the coast. In summer you get all the benefits of a resort holiday, you don’t have to fly anywhere in search of the sea and warmth, and in winter you take a break from the sweltering heat and enjoy nature, immersed in greenery. 320 sunny days a year, the local population has no problems with vitamin D)
You can give your children an English-language private education, which is disproportionately cheap here compared to Europe. There is a huge number of foreign students both in schools and universities. - Ecology. Northern Cyprus is considered one of the cleanest places in the Mediterranean. Transparent sea, green mountains, the island is not overpopulated, which allows you to enjoy life, and not stand in endless traffic jams and queues.
Coronavirus. Unfortunately, the pandemic has also affected Northern Cyprus. But I can say with confidence that the government is coping well with it, there are few daily infections, since the population is small, the death rate can be counted on your fingers. Especially during a pandemic, it is so important not to be in a bustling town centres in order to protect your family. - Medicine. If you have a residence permit, you can use the services of public hospitals. But private medicine is also inexpensive here, again when compared with other European cities.
And what also surprised me was the kindness of the local population. Here you do not feel like a visitor. Locals have long been accustomed to foreigners, so you will not feel discriminated against here. - Easy moving. To live in Northern Cyprus, you just need to apply for a residence permit. Now it can be done online. It is also easy to get a loan as a foreigner, open an account in a local bank, transfer funds there.
There are also cons! Due to the fact that Northern Cyprus is still an unrecognized territory, there are direct flights only from Turkey. But at the same time, you do not need a visa) Upon arrival, you are stamped in your passport, which gives you the right to stay in the country from 30 to 90 days. - Excellent potential for value appreciation: North Cyprus has seen an increasing demand for property in recent years. By investing in emerging areas or regions with tourism potential, there is a chance that the value of the property will increase over time and even in the short term. On average, prices have increased by 665% in 5 years.
- Tax advantages: North Cyprus offers some attractive tax advantages, especially for foreign investors. For example, there is no inheritance tax or capital gains tax on gains from the sale of real estate. It is advisable to consult a tax expert for accurate information on North Cyprus tax benefits. There are other ways to save too.
- Beautiful landscapes and climate: North Cyprus is known for its stunning landscapes, beautiful beaches and pleasant climate. The region offers a variety of recreational opportunities, including water sports, hiking and historical sightseeing.
- Potential for Holiday Rentals: Due to the tourism potential in North Cyprus, buying a property could also offer the opportunity to offer it as a holiday rental. This could be a source of income, especially during peak tourist season.
- The advantages of an off-shore bank account
- In relation tothe rest of Europe, relatively low cost of living. Petrol is for example under 1€ a liter. A beer in a restaurant cost €2 and fixed property costs like property taxes and insurance are a fraction of what you’d pay in the United Kingdom or Mainland Europe.
- Amazing climate with sea water tempoeratures rising to 30C in high summer. Daytime temperatures can be a bit of a challenge in Summer, with the mercury climbing all the way to the 50°C mark sometimes. For that, there the relative cool of the pool or he sea and always airconditioning.
- The local community is extremely friendly and helpful. For thise who don’t speak Turkish, the majorizy speak, or at least, understand English and the supermarkest offer a wide range of international foods, so you needn’t miss out on your favourite dishes. Personally, I have eaten the best ever fish and chips in my life in North Cyprus, (incl. mushy peas)
Knowing the above factors of life in North Cyprus, you can easily determine whether life in North Cyprus is right for you or not. The last thing I would add is that tourism and demand in Northern Cyprus is now actively growing. So are real estate prices.
Therefore, even if you want to live in a city, this place can be a great place for you to relax and invest. After all, as soon as Northern Cyprus is recognized, prices will become the same as in other Mediterranean countries and it will become more difficult to buy property in Northern Cyprus.
More information about life in North Cyprus on our
