How to choose the right property to buy?

Author of the article:

Anastasia

Northern Cyprus
Real Estate Specialist

Date:  13.04.2024

Reading time: 9 min.

Views:  292

An introduction to the guide to Northern Cyprus: how to choose the right property to buy. Northern Cyprus is a place where history and modernity, east and west, and attractive investment opportunities merge. North Cyprus real estate offers unique opportunities for investors looking for stability, growth and high rental income. However, as in any country, buying property in Cyprus requires knowledge of the local market, an understanding of the legal aspects and the ability to minimize risk. In this guide, we will look at the main factors to consider when choosing a property in Northern Cyprus.

Overview of Northern Cyprus

Northern Cyprus is a unique island located in the Eastern Mediterranean. It has a rich history that can be traced in the architecture, culture and traditions of its people. Its geographical location makes Cyprus an ideal place to live and invest, combining a warm climate, beautiful beaches and a rich cultural life.

The economy of Northern Cyprus is showing steady growth, supported by an attractive investment climate and a constantly developing tourism sector. The culture of the region is permeated by the influence of various civilizations that have left their mark on the history of the island.

Northern Cyprus is also known for its educational institutions offering high quality education in English. Among them are the Eastern Mediterranean University and the University of Cyprus, which attract students from all over the world.

The gastronomic culture of Northern Cyprus also deserves special attention. Traditional dishes such as meze, halloumi and kebabs have made Cypriot cuisine famous far beyond the island's borders.

North Cyprus boasts many natural attractions, including the Karpas Nature Reserve, where wild donkeys can be found, and the famous sandy beaches, which are nesting grounds for rare species of sea turtles.

The infrastructure of Northern Cyprus is developing at a rapid pace, especially in the field of tourism and real estate. Everything from modern hotels and resorts to traditional village houses and villas for rent can be found here.

Northern Cyprus is also the venue for many cultural and sporting events, including international music and art festivals, yacht races and golf tournaments.

It is important to note that despite its beauty and advantages, Northern Cyprus remains an unrecognized state. However, this does not stop tourists and investors finding great opportunities in this region.

Advantages of real estate in North Cyprus

Factors in real estate selection

The following factors should be considered when choosing a property in North Cyprus:

• Budget: Determine how much you are willing to spend on buying real estate and choose suitable properties based on that.
• Property type: Choose the type of property that best suits your needs and preferences - apartment, villa or house.
• Location: Take into account the distance to the sea, proximity to the city and infrastructure, as well as the noise level and quietness of the chosen neighborhood.
• Potential for investment: Consider renovating or updating your chosen property to increase its value and appeal.

ARKADIA

From £105,296

Bogaz, Northern Cyprus

Vavilia Serenity

From £370,000

Karshiyaka, Kyrenia, Northern Cyprus

The Reverie

From £ 125,000

Esentepe, Northern Cyprus

Class 8

From £71,900

Famagusta, Northern Cyprus

Sakarya 3

From £99,500

Famagusta, Northern Cyprus

Aventus Residence

From £98,595

Iskele, Northern Cyprus

• Legal aspects: Make sure you understand the buying process, including the cost of taxes and fees, and that you have everything you need to close the deal.
• Residence permit or citizenship: Evaluate the possibility of obtaining a residence permit or Cypriot citizenship when buying real estate.
• Climatic conditions: Consider the climate of your chosen region, which can affect the comfort of living, the cost of maintaining the property and its value.
• Possibility of renting out: Think about the possibility of renting out the property as an additional source of income.
• Professional assistance: If you are not confident in your abilities, contact realtors and lawyers to help you find a property and complete the transaction safely.

Real Estate Search

The search for property in North Cyprus can be organized in different ways. Firstly, you can use the services of a real estate agency. These are experts who know the local market, understand your needs and can suggest the most suitable options.

You can use online platforms to search for properties. Today, many websites offer extensive property catalogs in North Cyprus where you can view photos, descriptions and prices of properties.

You can simply go to Cyprus and see the properties you are interested in in person. This will give you the opportunity to get to know the area better, assess the infrastructure and, of course, see the property with your own eyes.

It is also worth contacting lawyers specializing in real estate, who will help you check the legal integrity of the object and comply with all the necessary formalities in the transaction. Take into account the cost of living in the chosen region and the potential liquidity of the property. If you plan to buy a property to rent out, it is important to assess its potential profitability and the demand for rent in the area.

Don't forget the importance of real estate insurance, which will help you avoid unexpected expenses if your property is damaged or lost. In any case, searching for real estate is a process that requires careful consideration and attention to detail. Don't rush your choice and be sure to consult with professionals.

Minimizing risks when buying real estate

Purchasing real estate carries certain risks, but they can be reduced if you know what to look out for.

First, a mandatory procedure is to check the property documents. Confirm that the seller is the legal owner of the object and that there are no encumbrances or mortgages on it. This will help avoid legal problems in the future.

Secondly, it is necessary to thoroughly inspect the property before purchasing it. This will enable you to identify possible problems and defects that may require additional investment in the future. It is recommended to invite an expert or independent appraiser who will be able to give an objective assessment of the condition of the property.

Thirdly, it is worth considering the possibility of engaging the services of a lawyer. This is especially important if you are not familiar with the local legal system. A lawyer will help you understand all the legal aspects of the transaction, ensure that all the necessary procedures are followed and help you avoid potential pitfalls.

It is also worth considering the financial side of the issue. Before making a final decision on the purchase, it is recommended to conduct a thorough analysis of the cost of the object, take into account all possible taxes and fees. This will help to avoid unpleasant surprises and make sure that the purchase will be profitable.

Financial aspects

When investing in North Cyprus real estate there are some financial factors to consider. First of all, it is important to consider taxes, which include property tax, change of ownership tax and VAT. The amount of these taxes is determined based on the value of the property and other conditions.

The second important aspect is the cost of maintaining the property. This can be utilities, insurance, repair costs and property maintenance. If you intend to rent out the property, you should also consider the costs of managing the property.

In addition, there are other financial aspects to consider. When buying real estate abroad, it is necessary to take into account the exchange rate, as exchange rate fluctuations can significantly affect the total value of the investment.

You should also consider the costs of legal support for the transaction. When buying real estate in a foreign country, it is important to ensure compliance with all local laws and regulations, so the services of a lawyer may be necessary.

Don't forget about real estate insurance as well. This will help protect your investment in case of unforeseen circumstances, such as natural disasters or property damage.

Finally, it is worth considering possible fees for money transfer and other bank transactions. All these factors together make up the total financial cost of buying a property in North Cyprus.

Investment potential of Northern Cyprus

Northern Cyprus is an attractive investment destination, especially in the real estate sector. Thanks to the current economic recovery, the real estate market in the area has shown steady growth and the outlook for the future also looks encouraging. This implies that the value of a property purchased today may increase significantly in the long term.

In addition to this, investing in North Cyprus real estate can guarantee regular rental income. This is particularly applicable to properties located in popular tourist areas or near universities.

Thus, investing in real estate in North Cyprus can be an effective way to not only preserve and increase your financial assets, but also to generate a steady income.

Northern Cyprus is a place where history, culture and nature merge into a unique harmony, creating a wonderful environment for living and investing. Real estate here offers attractive opportunities for those seeking stability, growth and rental income. However, as in any country, buying property in Cyprus requires knowledge of the local market, an understanding of the legal aspects and the ability to minimize risks.

In this guide we have looked at the main factors to consider when choosing a property in North Cyprus. We hope that this information will help you make the right choice and maximize the return on your investment.

If you still have questions or need help finding real estate in North Cyprus, do not hesitate to contact us. Our team of professionals will be happy to assist you in navigating through the variety of investment offers and selecting the most suitable option.