North Cyprus: Risks and Opportunities

Most people who have thought about buying real estate overseas ask themselves this question: Is it really worth it? Let’s take a look at some points and compare all of their pros/cons. For example, let’s say our sample was Northern Cyprus, which isn’t recognized as an independent state but rather part of Turkey (TRNC). Since this territory has its own set laws that apply to residents, there are certain risks involved when purchasing property. However, if you’re looking closely enough, then these dangers might not necessarily seem so daunting after all! But first let us see what is there.

Risks to consider

The process in Norther Cyprus is different, and it is important to understand it before making any major purchases. Most buyers who don’t know what they’re doing end up regretting their decision when faced with the risks of buying property there. Especially because you have no control over these issues if your only goal was saving money rather than understanding how things work locally beforehand and trying to bypass correct documentation and legalization. Sometimes “saving money” can cost you a lot more in these cases.

1. Not finishing the project or selling what is already sold, so the buyer is left with nothing.
2. There’s a chance that the developer / agency or someone else can cheat on the deal.
3. Purchasing a property that is illegal in your home country.

Buying property in Northern Cyprus is not without its risks, but if you’re careful enough, then these dangers may seem less daunting. The first thing that needs to be understood about this country’s legal system for residents and the whole procedure on acquiring properties. That’s the best way to avoid unnecessary risks.

Benefits to consider

When it comes to real estate, the price difference between other European countries and Northern Cyprus is huge. In fact, prices are 2-3 times lower in resort areas!

The authorities of Northern Cyprus have been trying as much they can to protect foreign investors. This country becomes a protector for property purchases, and will guarantee your investments with state-level protection (if all transactions were made legal).

The developer’s prices in Northern Cyprus are not higher than other agencies. The client wants to come here and get a discount or bonus, but there’s no reason for that because they can’t make markups on real estate. All the costs associated with developing an affordable house must stay within certain boundaries set by law. Real estate agencies are often able to provide buyers with benefits that they wouldn’t otherwise receive. These extra services and assistance can be a huge help in making your purchase go smoothly, especially if you’re not very familiar with the process! The most important thing is being allowed the opportunity of seeing all options available in your desired area before making a decision!

Banks do not issue credit or installments, it is issued by the developer.

The state does not require any reports or statements, so you can rest assured that no one will be looking into your pocket and asking questions like “where did he get it?”

Northern Cyprus has been on a decade-long development tear. The country’s infrastructure and economic growth are attracting investors from all over the world, who then want to buy homes or properties in this booming region.

Northern Cyprus is one of the safest countries in all Europe, and it has been this way for over 40 years.

North Cyprus is an amazing place to live in. With no advance visa required and property available for purchase by virtually every national, it’s easy as pie! You just need your address so that you can apply for residency after 21 days or less when applying from within the country.

Property owners can apply for the residence permit in North Cyprus with no investment requirements. A free process, it takes about 3 weeks to be approved and afterward they are allowed to stay without a visa or additional fees every year. The property owner needs to own an active bank account and fund it with $10,000 (based on the amount for each family member) in order to prove their economic condition. Every year, the residence permit must be renewed.

The cost to own a property in Northern Cyprus is lower than other areas because the tax on real estate in’t as high as other countries. Northern Cyprus has a lower cost of living than Southern because it uses the Lira currency. This means that you can get cheaper prices when eating out or hiring cars, while still being able to use your Euro if needed for things like hotels and tourist attractions.

With the price of residential properties in North Cyprus increasing every year, it’s no surprise that owners are seeing returns on their investment. The most popular type for holiday homes are studios and apartments with 1 or 2 bedrooms, which can give a 10% return per year.

Conclusion: Is it worth it?

The Republic of Cyprus (South) is a member state in the eurozone, and it’s hard to disagree with this. Even so, nothing prevents us from moving quietly between parties while still negotiating deals individually instead, nobody canceled our option of arriving at either side by taxi/car then calmly driving without restrictions as we please!

With the influx of buyers from across Europe, there has been an increase in demand for property. This can be seen by how many people want to buy or invest into something that’s not just Cyprus’ average price range, but also higher-end items available.