North Cyprus is a Mediterranean basin state where real estate is the most inexpensive. Many reasons entice investors to invest in property Northern Cyprus, including the turquoise sea and beautiful beaches.
In this post, we will discuss why the price of real estate in North Cyprus continues to rise year after year and the benefits that will be accessible to real estate buyers.
Reasons to Invest in North Cyprus Real Estate
North Cyprus' administration has achieved a significant breakthrough in the state's growth over the previous decade. The range of advantages for real estate Kyrenia investment is rising every year.
To now, we've identified the following indisputable benefits:
The construction industry is booming.
North Cyprus has been secluded for more than 30 years, and the European Court of Human Rights' ruling ended the long-running conflict. Since 2010, the land problem has been addressed firmly, and the island has seen a development boom.
Because the price of real estate in the northern portion of the island is several times cheaper than equivalent structures in the Republic of Cyprus and Greece, demand for houses for sale in North Cyprus exceeds supply.
Flexible payment terms
It is not essential to pay for real estate in one lump sum. It is always feasible for the developer to offer interest-free instalments for several years or grant a long-term mortgage loan. Simultaneously, there is no need to prepare an entire bundle of documents or seek sureties. It is sufficient to possess a foreign passport and the intention to become a villa Kyrenia owner.
Real estate is in high demand.
In terms of finance, property Northern Cyprus is a very attractive location. The demand for flats and villas continues to outstrip availability. Constant rental demand for real estate is supported by both visitors and a significant number of students.
Renting out your flat may bring in 8-10% of the entire worth of the property each year, according to years of experience. As a result, even the costliestvilla Kyrenia will repay its costs in ten years and generate a profit in the future.
Visa procedures have been simplified.
To enter the nation, no extra documentation is necessary. It is sufficient to possess a standard foreign passport. The border guard will place the seal on a separate page and insert it into the foreign passport as soon as it passes customs. This easy procedure entitles you to a 30-day stay in the nation. The length of stay in North Cyprus can be prolonged to 90 days with very little work.
There are rumours that crime and disorder are rampant in North Cyprus, but the facts show that this is not the case. Only 8 robberies (!) were reported on the northern half of the island in 2018, and no more significant crimes were reported at all. This rate is far lower than that of the Republic of Cyprus or Greece, which are both neighbours.
There are several casinos.
Casinos and gambling halls are prohibited almost over the entire European continent. North Cyprus is a good exception to the norm in this regard. Almost every central hotel (four or five stars) has a high-end casino.
Excellent higher education
The Turkish government did everything it could to ensure that North Cyprus profited from visitors and real estate Kyrenia investors and became a true student hub.
The institutions provide a very high quality of education for a fraction of the expense of studying in England, Spain, or Italy. So, naturally, this has resulted in annual growth in the number of travellers from Europe looking for a good education.
A fantastic healthcare system
In North Cyprus, there is a scheme called "Plus 10 years of life." As a result, older individuals live ten years longer thanks to advanced treatment, sound ecology, and excellent local products. As a result, it's not surprising that many elderly foreigners in the nation wish to extend their lives.
People in North Cyprus do not rush to pack up their lives at the age of 60 because the average life expectancy is 82 years for men and 87 years.
Products and services at a low cost
Despite the absence of big European chain stores, most items are more affordable in North Cyprus than in Europe. And the price difference might be as much as 50%!
This is owing to the country's extremely flexible tax structure, which does not impose significant extra levies on items. This also explains why Greek Cypriots from the southern half of the island and Turks from the mainland frequent North Cyprus retail malls on weekends.
North Cyprus is a small yet charming country that is suitable for a serene and quiet existence. After you've learned about the benefits of this country, you'll be able to acquire real estate in North Cyprus, on the Mediterranean Sea's coasts.