Northern Cyprus is a great holiday destination, and tourists turn up in large numbers to visit the region and its beautiful landscape. Often, these visitors and tourists choose to invest in the Real Estate market for a number of reasons. Generally, Northern Cyprus is a great place to invest in properties and buy houses as it offers you great facilities and benefits. Here is a list of some major reasons to invest in the Real Estate Market in Northern Cyprus.
A Growing Market – Steady Returns – Rewarding Gains:
When you talk about investment, the first thing to mention is the rate of returns. Investments are always made to earn profits and rewards. It is never about breaking even or keeping things at par. Northern Cyprus is a great investment opportunity because real estate prices have been rising for the past 6-8 years. In recent times, real estate values have grown at a steady rate of roughly 10%.
In the context of the global economy, this is a promising figure expected to rise further and grow in the coming years as investors and real estate agents prioritize the real estate market in Northern Cyprus.
Safety and Security:
As we mentioned earlier, Northern Cyprus is more of a holiday destination. There is a great security arrangement in the area with minimum crime rates. This makes Northern Cyprus a great residence location as it promises a safe and secure lifestyle.
So, if you are looking for an ideal house, Northern Cyprus can be your dream destination.
Low Prices/ Inexpensive Houses:
The overall prices of houses and the real estate industry are much lower in Northern Cyprus than in the rest of Europe. The properties in Northern Cyprus are far more affordable than the other parts of Europe. So, if you are looking for a house with a minimum budget, Northern Cyprus can be a great option as it offers affordable housing.
Real Estate Agencies and agents can further help you in finding a suitable and feasible house for minimum costs. Moreover, these cheap investments and inexpensive houses grow steadily, making them a safe and reliable investment option.
Low Tax Rates:
The overall rates of taxation in Northern Cyprus are far lower than in the other parts of Europe. Generally, the whole process of buying a house involves stamp duty, value-added tax, and transfer fees and taxes. These taxes are much lower than the neighboring countries. One of the reasons behind the low tax rates is that the administration understands the country’s tourist attraction and wants the tourists and visitors to invest in the real estate market. Thus, the whole atmosphere for real estate investments in Northern Cyprus is very conducive.
If you are someone who is looking for a supportive environment to buy a house, Northern Cyprus is your dream destination.
Rental Yields and Other Profits:
Investments are strictly based on profits and returns. If you are investing a certain amount of money, you would ideally want to maximize that in a certain period of time. One such way of doing so is by investing it in houses in Northern Cyprus. After the completion of the purchase, you can simply rent these houses to trustworthy tenants. The overall rental yield in Northern Cyprus ranges from 10 – 15% per annum. These are promising numbers as your house’s overall value will also increase over time.
This makes it an added bonus as your money continues to grow and multiply in different ways. This is one of the most common reasons for people to invest in houses in Northern Cyprus.
Climate:
Weather plays such a huge role in governing our moods, lifestyles, and areas of interest. Cyprus has one of the best climatic conditions in the world and offers you more than 330 sunny days per year. This is a great figure considering the overall climatic conditions in Europe, where life can come to a standstill in the months of extreme weather.
So, if you are looking to buy a house to live a life, Cyprus should be a strong candidate on your list because of its suitable weather conditions.
Suitable for Foreign Investors:
As we mentioned earlier, the government has tried to build a system where foreigners are willing to invest in the real estate segment of Northern Cyprus. There are different facilities and flexibilities that make Cyprus a great investment option for foreigners.
Almost anyone can come to Cyprus as the country welcomes most nationalities without any advance visa requirements. Moreover, Cyprus has a highly simplified process for Residence permits. If you own any sort of property in Northern Cyprus, you can easily apply for a residence permit. The residence permit is granted in most cases, and you can base your lifestyle accordingly.
Moreover, foreigners can bring their money to Cyprus without any complex questions and purchase properties without requiring special permissions. All of this is further complemented by a supportive taxation system that facilitates and promotes the real estate industry in Northern Cyprus.
All of this makes Cyprus a great investment option for foreigners and tourists.
Lifestyle and Facilities:
Infrastructure has grown significantly in Northern Cyprus in recent years. The administration is making all possible efforts to facilitate the citizens while offering them all the basic facilities and privileges. The focus has been on improving the overall lifestyle of people while encouraging investors to invest in the beautiful country. This is seen as a great way to boost the country’s economy. The government provides facilities like top-quality education, healthcare services, and safety to make it a better living place. All of this goes pretty well with the natural beauty of the country and its tranquil landscape.
If you are looking to invest in Real Estate Segment in Northern Cyprus or are planning to buy a house, you should contact some Real Estate Agency that may guide and assist you through the entire process.
