Northern Cyprus, located in the Mediterranean Sea, is becoming increasingly attractive to investors and those looking for a high-quality vacation spot. This region offers a variety of real estate options at affordable prices and excellent conditions. Northern Cyprus is part of the Turkish Republic of Northern Cyprus (TRNC) and is experiencing a surge in demand for real estate. It offers all the amenities for comfortable year-round living. The region is renowned for its mild maritime climate, affordable food prices, excellent ecology, and a friendly attitude towards foreign citizens. Northern Cyprus is among the top 10 countries chosen by foreigners for retirement. It boasts low crime rates, creating a peaceful atmosphere and a high quality of life, surpassing many other countries, including Turkey itself.
In the first half of 2023, demand for real estate in Northern Cyprus reached a historic high, increasing by 94% compared to May 2022. This demand covers almost all areas of Northern Cyprus, except Nicosia. However, property prices in Northern Cyprus are still relatively affordable. Various types of properties are being purchased, including residential homes, offices, land plots, and commercial real estate.
The cost of real estate in Northern Cyprus depends on various factors such as the development of transportation infrastructure, location, proximity to the sea, and the condition of the property. The internal infrastructure of residential complexes in Northern Cyprus includes standard services such as cleaning, security, garbage collection, and maintenance. The cost of these services is usually low, around 5-10 euros per month. If a residential complex provides additional amenities such as a pool, landscaping, and security, the cost of services may be higher, ranging from 50 euros per month and beyond. In elite residential complexes, the cost of services can reach 100-150 euros per month.
When buying property in Northern Cyprus, it is also necessary to consider the property tax, which is 0.25 euros per square meter of purchased area.
The cost of property in the region varies depending on various factors and ranges from economical apartments to luxury sea-view apartments. Currently, for relatively modest sums, you can purchase fully renovated apartments by the sea, starting at 50,000 euros. Many developers also offer installment plans with a down payment of 30% of the total property value.
Northern Cyprus offers attractive investment opportunities, especially for those planning to rent out their property. Comparatively low living costs, good transportation infrastructure, and an increasing influx of tourists make this region appealing for investments. Northern Cyprus has its own status, and although the international community does not recognize it as an independent state, this does not deter foreign investors from investing in real estate. However, it's worth keeping in mind the left-hand traffic on the roads and the fact that large global companies are not as widely represented here. Nevertheless, investment opportunities in Northern Cyprus continue to attract interest, especially considering Turkey's negotiations to join the European Union and the growth in the number of investors in recent years.
Elite Sinerji specializes in creating innovative residential complexes, offering clients modern and comfortable solutions. Our projects include various real estate options, ranging from stylish apartments to luxurious villas, among which you will surely find the perfect investment or living space.
Elite Sinerji places great emphasis on quality and innovation, ensuring that each property meets the highest standards. We also provide professional support to clients at every stage of the property buying process, ensuring worry-free ownership of your new home in Northern Cyprus.
