Benefits of Buying Property in North Cyprus
One of the benefits of buying property in North Cyprus is that the properties are really affordable due to the price of houses and apartments. The real estate market in North Cyprus offers the best prices among the Mediterranean countries. Property prices in coastal areas start at £20,000 for an apartment and £62,000 for a villa. Luxury apartments and penthouses with the best prices at a maximum price of £200,000. These prices are much lower than those of similar properties in the rest of the world.
According to experts, the price of houses and properties will increase by 2 or 3 times. At the moment, the price of property in South Cyprus is 2.5 times more than the property of the North Cyprus. This will be a great chance for people to buy property in North Cyprus and invest.
The annual growth of buying property in North Cyprus is about 8 to 16 percent. This is is even more for pre-sold properties. Because of the tourist attractions of North Cyprus, there are plenty of tourists here each year. With the observation of the situation, they decide to immigrate and stay in North Cyprus. So the property purchasing demand is rising year by year.
Another benefits of buying property in North Cyprus is that there is no need to establish a company to buy a property in North Cyprus. The legal process for buying property in North Cyprus is very simple. As a result of paying 30% of the total amount, the property is registered in the name of the customer. In other words it is immediately possible to apply for residence permit in North Cyprus which last for a maximum of two weeks.
Cihanara provides you premium terms for up to 2 years without interest and up to 5 years with a 9% interest rate. Such a situation makes it easy for the customer to pay. Regardless of the payment method of installment or cash, the terms of residence are the same. For customers with cash payments, facilities such as the provision of some kitchen appliances are considered as gifts.
The only thing passengers need when they travel to North Cyprus is a valid passport (with at least 6 months validity). Upon entry, people will receive tourist visas and will be able to renew their stay if they wish.
People intending to immigrate or stay in North Cyprus for more than 6 months must apply for a residence permit. In order to receive a residence by buying property in North Cyprus, they must obtain the relevant documents to the tax authorities and register property in the name of the buyer. Issuing residency for individuals doesn’t obligate people to have permanent presence in North Cyprus. The buyer can enter or leave the North Cyprus at any time. In the same way, some people will leave Cyprus and leave the house for annual rent by purchasing property and obtaining a residence permit.
1. Is it affordable to buy a property in North Cyprus?
Yes, Property prices in North Cyprus are very low compared to the rest of the counterpart countries and in these few years the real estate has grown very well and most importantly the VAT is very low and is paid only once.
2. Is it possible to rent the property during the loan repayment period?
Sure, buyer will be considered as the owner of the property has full authority to sell or rent it
3. How much do I need for a down payment?
You have to pay 25 up to 30% of property price to get residence permit in North Cyprus0