The island of Cyprus has slowly become the new Mediterranean property hotspot. With buyers from all over Europe, lining up to buy property in North Cyprus.
The island of Cyprus has slowly become the new Mediterranean property hotspot. With buyers from all over Europe, the Middle East, and Asia, lining up to buy property in North Cyprus, this beautiful island has won the hearts of many investors—and for a reason. With its pleasant climate, stunning beaches, good air connections, and luxurious golf clubs, Northern Cyprus offers the perfect place to live. But to an investor, North Cyprus offers more than just a good climate and luxurious golf clubs. Dubbed the”hidden jewel of the Mediterranean” the Turkish Republic of North Cyprus has some of the lowest property prices with promising rental yields. Better still, North Cyprus has some of the cheapest cost of living in Europe, making it the perfect destination for anyone, foreigners included, to retire. In this guide, we’ll explore the top reasons to consider investing in North Cyprus. Let’s dig in!
1. Perfect Climate
One of the most important reasons to consider buying a home in the Turkish Republic of Northern Cyprus (TRNC) is the pleasant climate in the region. This island in the Mediterranean has a good climate all year round, with over 300 days of sunshine each year and some of the warmest winter temperatures in Europe. It provides relief from the scorching sun by softening the summer heat with cool Mediterranean winds.
While the temperature remains around 35 degrees Celsius in summer, the minimum temperature in winter will not fall below 5 degrees Celsius. Thanks to its pleasant climate all year round, Northern Cyprus has become a leading tourism center and investment destination.
Wondering where to start? Or what type of property to will enable you to make the most outof your investment? There are several affordable properties in North Cyprus where you can be sure to get your investment’s worth in return
2. Safety and Low Crime Rate They say “location” is the most important factor when buying property. If you buy property in a prime location, you’ll benefit from various amenities, not to forget the increase in property value due to the upcoming developments in the neighborhood. But what exactly defines a prime location? One critical factor is the region’s safety and crime rate. The last thing you want is to buy a home where you can’t even walk alone at night for fear of being mugged. But not in North Cyprus! This island in the Mediterranean has the lowest crime rates in Europe. According to the latest safety data compiled by ValuePenguin, Cyprus ranked fifth among the one hundred countries that were analysed. Better still, it was ranked the safest place to live and travel among countries with a population of less than 5 million people.
3. Low Tax Rate A country’s tax policy can thwart an investor’s plan to invest and do business in a foreign country. If you’re an investor, you’ll be glad to know that North Cyprus offers some of the lowest taxes in Europe. Property taxes are also pretty low, which cannot be said for many European countries.
The favourable tax regime in North Cyprus makes this island attractive to investors.
North Cyprus is one of the best places in the world to invest in real estate
4. Low Property Prices Nowhere in the world will you find more affordable housing by the sea than in North Cyprus. While property prices continue to increase across Europe, North Cyprus provides relief for investors, offering quality and affordable housing for all budgets. This island offers properties such as villas, holiday homes, and residences at very competitive rates. Depending on the location, you can buy houses in North Cyprus for as little as €100,000 or even €60,000 if you opt for apartments. One of the reasons for the low property prices in North Cyprus is the government concessions to support development in the region. And these privileges aren’t only offered to Cyprus citizens. The state also provides opportunities for foreigners, including numerous tax benefits. 5. Higher Rental Yields When you buy property in North Cyprus, you can expect high rental yields. With tourism booming in this Mediterranean region, visitors are increasingly choosing to rent apartments and villas to stay with their families and friends rather than booking hotels. The thing with booking apartments and villas in North Cyprus is that these establishments give tourists the freedom to enjoy their holiday with all the comforts of home. The most popular rentals are studios and 1-to-2-bedroom apartments. If you own a studio or an apartment in North Cyprus, you can expect a 7 – 10% rental yield on your investment.
Most days of the year are sunny in Northern Cyprus, making it the perfect vacation spot all year round! Your properties in North Cyprus can be your sanctuary whenever you need a routine break.
6. Rich Culture Cyprus is known for its rich culture. The diverse palette of cultures is not only due to the country’s traditions but its cuisine, classical music, and festivals that attract all kinds of tourists. The island’s multicultural character welcomes every culture and tradition with Cypriot’s hospitable and friendly approach. Where else in the Mediterranean region can you find annual music festivals against the backdrop of idyllic Bellapais Abbey, delicious cuisine with a wide variety of world-class eating places, traditional craft, and rich history of tombs, crusader castles, and Roman cities? You guessed right, only in North Cyprus. This island in the Mediterranean is endowed with many attractions that draw in a diverse culture. 7. Easy to Get Resident Permit If you’re a Russian looking to buy a home and live in North Cyprus, you’ll be glad to know that the process of obtaining a residence permit is straightforward. Anyone who owns a property in North Cyprus can apply for a resident permit, and no minimum investment amount is required for one to be eligible. Additionally, the application is free, and the process takes only 21 days. However, you’ll need to prove your solvency. In this case, the state requires the property owner to open a bank account and fund it for $10,000 per family member. Once you have resided in North Cyprus for at least seven years, you can apply for citizenship.
The Turkish Republic of North Cyprus (TRNC) is an investment hotspot and attractive tourist destination for anyone visiting Europe. Located in the Eastern basin of the Mediterranean Sea, the island of Cyprus offers a pleasant climate, rich culture, and low tax rate, making it the perfect place to buy investment properties. Moreover, properties in this region are competitively priced, and the rental yields are high for those interested in rental properties. If you’re a looking to buy investment property in North Cyprus, you can benefit more by contacting our Russian-speaking real estate agent in North Cyprus. At Kıbrıs Developments, we offer real estate services to Russian nationals, allowing them to buy real estate in North Cyprus and walking them through each stage of the process in a language they can understand. Get in touch with us today to learn more about how we can help you invest in North Cyprus.