Why to invest in North Cyprus?
The new Mediterranean property hotspot
If you walk anywhere in North Cyprus you will be able to recognize the British stamp on the area, with cars driving on the left side of the road, there are many Anglican Churches and beautiful colonial buildings, but maybe the most important detail – the sterling pound, which in general has always been a strong currency, is accepted in almost all of the shops and restaurants in North Cyprus. All these facts just helped to mark Northern Cyprus as one of the most up and coming areas in the world, in terms of real estate investments.
In general, the economy in Northern Cyprus continues to grow at a slow and steady pace – which, although not being part of Europe, is still a rare thing. The non Euro-zone status of Northern Cyprus, previously seen as a DIS-incentive to many, has recently become a huge bonus and sales point for overseas property buyers. All North Cyprus property prices are linked to the stable pound sterling which is the de facto international currency in the TRNC, where shops and restaurants also widely accept the pound as well as the Turkish Lira. By contrast, many other Mediterranean property destinations (such as Spain, Greece or South Cyprus) are all priced in euros which have fallen in value recently.
Properties in North Cyprus are experiencing a boom like never before. Top real estate properties have (still) reasonable prices. Invest NOW in your future!
TIPS FOR THE INVESTORS
- North Cyprus – (Dubai of 90’s)
- 330 days of sun
- Average temprature in the winter (7°C/15°C)
- Average temprature in the summer (35°C/40°C)
- Natural sandy beaches
- Nature conservation areas
- Warm and clean Mediterranean sea
- Low criminal record
- Affordable real estate
- An increasing investment (10% annually)
- Low Tax rate
- Higher Rental Yields
- Easy to Grant Residence Permit
- North Cyprus is a Rich Culture
- Healthy & affordable organic food
- Life Style Cheaper than Southern Cyprus
- European standard of the education
- More and more universities and students
- Significant increase in tourism in Northern Cyprus
- New ERCAN Airport will take Direct Flights from Europe
- No More Coronavirus (COVID-19) in North Cyprus
- No Information Disclosure about the Source of Money
- You can buy a property in Bitcoin
North Cyprus for Investment
Non Cypriot Europeans have been investing in real estate in Northern Cyprus for many decades – ever since the British took over as the colonial rulers of Cyprus in the 1890s! The British stamp on the whole of Cyprus is still unmissable: cars drive on the left, English is an official language, all the road and street signs are in English as well as Turkish (in the north).
There is generally a charming ex-colonial atmosphere at every turn – from the local Anglican Church to the legacy of charming former colonial buildings. The pound sterling is the unofficial international currency with British pound notes being accepted currency in all shops and restaurants and all property is priced in pounds sterling.
Since the large international banks were not involved in lending money to the developers who build new properties in North Cyprus, unusually the TRNC is a “recession-free zone” and there has instead been slow yet steady growth – a rare thing in the general European area.
In addition, since the collapse in the South of Cyprus of the Greek Cypriot economy and banking system over the last few years, many investors who had previously only considered a property purchase in the European South, are now heading North to the more stable, non euro-zone area – and where the cost of living is low as well as the property prices!
The north has not been affected by the global financial crisis, where property prices have been stable and now rising by over 10% p.a. in key investment zones. This is because they were built with private capital rather than with bank loans. There has been steady growth, whereas there has been an average 40% fall in the values in the Greek Cypriot South. Many developers offer low deposit easy payment terms, even though there are no bank mortgages for foreign individuals.
Safety and Low Crime Rate
A recent research carried out by ValuePenguin has confirmed that Cyprus is one of thbe safest countries in the world. Cyprus is proud to hold the 5th place worldwide out of 106 countries that were analyzed during the research about the safest countries in the world. Moreover, Cyprus is the number 1 safest place to live and travel among the countries that have population under 5 million. Buy a property in North Cyprus and live safely, you and your family.
North Cyprus Residency Information
Northern Cyprus is one of the most welcoming countries in the world and visas are easy to arrange, both for short holidays or visits, or for residency if you wish to move to live in your new home.
If you need to stay longer than 30 days, it is possible to leave the TRNC for a day or two and return to get another 30 days. Citizens of the European Union (EU) nations, Turkey, USA, Canada, Mexico, Israel, Japan, Singapore, Switzerland, Iceland, Norway, Australia and New Zealand do not require an advance visa.
Citizens of other countries are advised to contact their local travel agent or local TRNC representative office in order to check the current situation. Currently only those from Armenia, Syria and Nigeria are required to apply for their visitor visa in advance. It is important to note that a visitor visa does not entitle you to seek employment or set up a business in North Cyprus.
Many people who buy homes in North Cyprus wish to move and live in their properties. If you wish to move to live in North Cyprus, you will need to apply for temporary residency.
You may wish to employ a legal representative to assist with this. The great news is that Residency of the TRNC is easy to obtain, although once again, this does not entitle you to apply for work.
You need to provide a contract of sale or title deed to your new property in North Cyprus OR an official tenancy agreement. In addition government needs to ensure that you are able to financially support yourself and your family and that you do not suffer from any communicable diseases.
Your legal advisor will be happy to arrange this for a reasonable fee and will explain how to open a local bank account, how much money you need to deposit each year and how to apply for the simple blood test (the blood test is not required if you are over 60 years of age).
There are over 10,000 British residents living very happily in Northern Cyprus and residents from all over the world, including Germany, Switzerland, Austria, Turkey, Russia, Scandinavia, the Middle East and many other European countries.
An increasing investment (10% annually)
North Cyprus property prices are rising by up to 10% p.a. in key investment zones. In other areas, prices have been extremely stable. This is in sharp contrast to falling prices in other Eurozone areas. The reason why North Cyprus property prices have stayed so stable is that property in Northern Cyprus has been built with private capital and NOT with loans from the international banking system. Hence the North Cyprus property market was insulated from the global banking collapse.
The most profitable resale strategy is the purchase of an object at the zero stage of construction, when the developer sells it at the lowest price. After the construction completed (as a rule, this period is in 1,5-2 years after the beginning of the construction), the object is resold at the market price of the completed projects. The properties value goes up to 30% in capital increase from off-plan to final project realization. Buy a property in North Cyprus and make a safe investment for the future.
North Cyprus Medical Tourism
North Cyprus is the perfect location for health and medical tourism as well as IVF. North Cyprus Medical Tourism offers brand new state of the art medical and dental and IVF facilities plus low costs and an ideal climate for post-operative recuperation.
A growing number of visitors are looking to combine a visit or holiday to the Mediterranean with the opportunity to get private medical or fertility / IVF treatments, cosmetic or general surgery and dental treatments at a fraction of the usual cost in their home country. Many of these visitors currently come from the UK, Germany, Switzerland and other European countries, where operation waiting lists are long, private medical and dental treatment prices (including dental implants) are high and where some treatments are simply not available.
North Cyprus is also the perfect location for recuperation from any sort of operation or dental procedure, whether or not you are recuperating in a clinic or hospital bed, or in a hotel room. With the pound and euro currently strong against the Turkish Lira, hotel rates are very reasonable, the climate is warm and private medical care affordable. Flights, particularly out of the summer holiday season, are extremely low cost and easy to book from the UK and other European destinations.
Kyrenia Property Investment
If you ask any visitor to North Cyprus where they are planning to visit, 9 times out of 10 the answer will be “Kyrenia”. There is a unique charm in Kyrenia which, once experienced, is hard to forget. Kyrenia Property is a great way into North Cyprus Property investment. Known as Kerýneia in Greek and Girne in Turkish, the quaint Kyrenia harbour with its ancient harbour, 1400-year-old castle, glistening harbour lights, charming, traditional cobbled streets, craft shops and lovely converted stone-built carob store restaurants, is undoubtedly the tourist capital of North Cyprus and has been dubbed the “Jewel of the Mediterranean”.
If you wish to relocate your whole family to Kyrenia for full time living, the brand new English School of Kyrenia now offers a comprehensive international education for children from 3-18 plus the six universities in North Cyprus including the GAU (Girne American University), all teaching in English, offer a high-quality educational alternative for higher education for residents and visitors from all over the world.
If you are seeking great rental returns from a Kyrenia apartment you can gain up to 10% p.a. guaranteed rental from a Kyrenia property investment from either a holiday let tenant or a long-term resident. The reason for this is that it is not just holidaymakers coming to Kyrenia (Girne).
Do you want to invest in North Cyprus?
Its time to buy a property in North Cyprus. If you need any help by planning your holiday and at the same time would like a property viewing tour in North Cyprus, please contact our professional team or simply email us at: info@northcyprus-realestate.com
