Bright sunshine, turquoise sea, breathtaking nature containing every shade of green, golden sandy beaches… North Cyprus gathers all the shades in a color wheel and combines them with luxury and comfort. Buying a home and living in North Cyprus is a dream come true for many foreigners. Here are the pros and cons of buying real estate in North Cyprus as a foreigner.
Foreigners often choose to buy a property in North Cyprusbecause of the laidback Mediterranean lifestyle, unique experiences, and wonderful environment. But there is more to unveil about living in North Cyprus.
- Affordability: North Cyprus is the perfect place to experience the ultimate Mediterranean dream in comfort and on a budget. Everything is pretty accessible and affordable in comparison to other European countries with similar living standards. Costs of living and consumer prices are nearly 42% less in North Cyprus than in Mykonos, and 24% less than in Crete.
- Safety: Lower crime rates of North Cyprus create a great environment to live in since it’s ranked below countries like Canada, Iceland, or France. Because of the safe environment, North Cyprus is mostly chosen by university students and European second homeowners.
- High investment value: North Cyprus real estate market has a wide range of property options, built with modern features to provide a contemporary lifestyle full of comfort. But also, Europeans often tend to buy North Cyprus real estate because of the high yield potential. In North Cyprus property investment is one of the most advantageous options in terms of annual value gain and profits.
- Modern living: When we look at the listings of real estate agencies North Cyprus stands out with up-to-date housing projects adorned with the modern materials of the latest construction technology. These residential complexes offer on-site facilities and extensive communal areas to socialize, which fits perfectly for an active lifestyle.
- Girne: Girne is one of the most well-known urbanizations of North Cyprus with its well-preserved nature, deep-rooted history, and wonderful environment to live in. But the main highlight of Girne is the city’s wide range of opportunities, including education centers. Girne is mainly known as the city of universities because it hosts the most prestigious high education institutions. This coastal settlement of North Cyprus has everything you are looking for from a Mediterranean city.
- Gazimagusa: Magusa is a well-established historical city on the eastern coasts of the island. The city has one of the biggest ports and has a major role in international trading, which offers high potential for businesses and job opportunities. Its cosmopolitan structure makes it a perfect place to experience living in a metropolitan city on a Mediterranean island.
- Iskele: Shining sun, sandy beaches, turquoise sea, and lush nature. Iskele has the best natural setting to experience a vacation-like lifestyle. In recent years, it has become a favored holiday destination, especially for second homeowners. It is one of the major investment centers and best places to buy property in North Cyprus with its wide range of property options at affordable prices.
- Guzelyurt: Guzelyurt is one of the main production centers of citrus fruit and recently became a city-like urbanization thanks to new housing projects. In the past few years, it has transformed into a rapidly developing contemporary settlement with brand-new residential complexes. Guzelyurt has become a favorable destination for property investment with its healthy environment, affordable housing prices, and great living conditions.
Finding out what you need and expect, then listing them bears great importance in simplifying and shortening the procedure. Since there is a wide range of real estate options in North Cyprus for every budget and preference, knowing what you want will filter the search and lead you to the best options from a shortcut.
Legal procedures may vary from one country to another. The completion period of buying procedures can also change depending on a few details such as following the procedures correctly or knowing what you need to do at a certain stage. Factors, like not knowing the local language or being unfamiliar with the judicial system, may cause failures or prolong the process. Working with an expert advisor comes in handy at this point.
If you work with an expert real estate agency in North Cyprus, all complicated procedures will be redacted into a few simple steps. The complex legal procedures will be easy to follow since there will be a familiar advisor to guide you, or even finish the whole process on your behalf.
Getting professional consultancy from a legal advisor is essential when buying North Cyprus property for sale. A true legal advisor should be experienced, familiar with the whole process, have full knowledge of the requirements of each step, and guide you through it. On the other hand, a legal specialist will safeguard your and your property’s rights to avoid any unwanted circumstances.
In North Cyprus, the title deed types are threefold. There is a Turkish Coupon, a Greek Coupon, and Equivalent Coupon. Greek coupon title deeds were owned by Turkish Cypriots in exchange for the lands that they had to leave in the borders of the Republic of North Cyprus. Since these are unresolved title deeds, foreigners are suggested to buy a property with a Turkish or Equivalent Coupon in North Cyprus.
Foreigners can easily buy a property for sale in North Cyprus. However, there are a few light limitations regarding the property that a foreigner is allowed to purchase. For example, if the foreigner wants to purchase land, the acreage is limited to single land with a maximum of 1.338 sqm. The plot of a house that a foreigner wants to buy also cannot exceed 6.691 sqm.
While working with a professional agency, you will be informed about every aspect of the property purchasing in North Cyprus.
Here’s the catch: All foreigners are obligated to apply to the council of ministers for a permit to buy a property in North Cyprus. The permit is essential for title deed conveyance, so all the procedures must be followed up close by an expert legal advisor. Your admission can be denied in case of an illegal transaction, any behavior against the law, or any missing document. However, it is highly likely that your application can get approval in a short time if everything is done by the book.