Investing in overseas real estate in 2022 has taken on a whole new meaning – amid high inflation in many countries, this is a great way to keep your savings. Buying a house in North Cyprus saves cash from depreciation. Moreover, this jurisdiction is very loyal to foreign investors.
Acquiring your Cypriot apartment is also recommended for applicants for a residence permit and citizenship of the country — this is an additional advantage when applying for naturalization. For those foreigners who prefer to earn money by renting foreign real estate, an apartment in Northern Cyprus can bring a solid regular income.
Property in Northern Cyprus — where to buy?
Far not every object can be called profitable. Moreover, in certain regions and on certain lands, residences and other housing stock may not be available for purchase by foreign citizens.
Let’s look at the most popular areas where it is better to buy an apartment or a house in Northern Cyprus:
● Kyrenia (Girne) — a popular location for permanent habitation, prices in the range of 98-115 thousand EUR for small apartments;
● Nicosia (Lefkosia) is the business center of the republic, where your own spacious house can cost you about 450-500 thousand EUR;
● Morphou (Guzelyurt) is a town surrounded by picturesque mountainous nature with a real estate value in the range of 70-75 thousand EUR for a cozy apartment;
● Iskele (Trikomo) is the festival and tourist center of Cyprus with prices in the range of 180 thousand EUR for a spacious house that fits a family of four.
When planning to buy an apartment in Northern Cyprus, we also recommend paying attention to Famagusta (Gazimagusa), where the unique old architecture is combined with high-tech new buildings. Here, the cost of housing varies up to 300 thousand EUR for a private house and an average of 73 thousand EUR for an apartment.
The annual yield of Cypriot houses
The profitability of an object per year (rising in price) can range from 7% to 12%, depending on many factors that form the value of housing. This is one of the reasons why it is better to buy property in Northern Cyprus with an expert. The knowledge and experience of Prime Pro Investment representatives will allow you to avoid mistakes in documents (for example, when translating and apostille), and to buy legally clean housing in an excellent area with the prospect of profitable resale or rent — https://primeproinvest.com/
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