Northern Cyprus is one of the finest places in the world to live and enjoy life to the fullest. The Mediterranean location, calming Landscape, and excellent facilities for tourists make it a perfect destination for nature lovers and visitors. With consistent growth in the tourism sector, the Real Estate Market has also grown steadily. The steady growth in Real Estate and Properties in Northern Cyprus has resulted in a growth in residential properties. Cyprus’ Real Estate Market recorded average annual gross yields for apartments at 4.97%. This shows that more and more people are looking to invest in Apartments in Northern Cyprus. Not only that, but many people also look for Apartments for rent in Cyprus as it economically suits them.
Apartments in Cyprus | Renting and Purchasing Apartments in Northern Cyprus
Apartments in Cyprus saw a 4.7% increase in their prices in the year 2022. One of the driving factors behind the increase in prices of apartments was the increase in demand for rental properties in Northern Cyprus. It is easier to rent an apartment in Cyprus than to rent a house because the apartments are relatively affordable. People can easily rent an apartment in Cyprus for a few hundred euros. The most common types of apartments in Cyprus have two to three bedrooms. Generally, students and tourists rent these apartments as apartments offer them the option of affordable housing in Cyprus.
Tourists rent these apartments for the duration of their holidays, while citizens rent these apartments on a monthly or annual basis. In recent years, a new trend has seen people move to Cyprus on a permanent basis. This trend is fuelled by the fact that the quality of life in Cyprus is better than in other parts of Europe. Moreover, houses and properties in Cyprus are relatively cheaper than in other parts of Europe. As a result, many people have moved to Cyprus in the past couple of years.
Often, these immigrants choose to rent apartments in Cyprus to get used to the societal norms and culture before purchasing their dream house in the country. Thus, apartments are in high demand in Cyprus these days. The prices are on the rise as a large number of people are looking for apartments to rent in Cyprus.
How to Apply for Renting an Apartment in Cyprus?
Many people are unaware of the procedure for renting a property in Cyprus. They are totally unaware of the entire procedure of renting an apartment in Northern Cyprus and end up making several mistakes in the entire process. Here is your guide about the process of renting an apartment in Cyprus.
If you want to apply for an apartment in Cyprus, you must first find a suitable apartment.
One way of finding your apartment is to hire the services of a real estate agent or visit a real estate agency like Four Vision Development. These agents and agencies are experts in the real estate market and can help you in finding your required apartment in Northern Cyprus.
Once you have found your dream apartment to rent, there is a legal procedure to rent an apartment in Cyprus. Firstly, you need to inspect the apartment and ensure it meets all your needs and quality standards. Once you are satisfied with the apartment’s quality, you can finalize the agreement between you and the owner of the apartment.
You may hire a lawyer or a real estate agent to finalize your contract. The contract includes legal details like the agreed rental price, included services, costs of electricity and other facilities. Once the agreement is finalized, you need to obtain your residence permit from the local municipality office(required in the case of foreigners).
Once you receive the permit and approval of your rental contract, you have successfully rented your apartment and can live in the apartment like an owner.
What are the Requirements to rent an Apartment? | Residence Permit for Foreigners in Cyprus
In order to rent an apartment, there are no specific requirements for the citizens of Cyprus. However, if foreigners want to rent a property in Northern Cyprus, they must obtain a residence permit from the municipality office. Without a residence permit, a foreigner cannot rent an apartment in Cyprus because it is a crime, as per the constitution of Cyprus.
In addition to the residence permit, you need to enter a legal agreement to rent the property.
The local citizens of Cyprus do not require a residence permit and can directly enter a legal agreement to rent a property or an apartment in Cyprus.
Questions to Ask When Renting an Apartment:
This is one of the most asked questions by people who want to rent a property in northern Cyprus. What are the questions to ask before renting an apartment in Northern Cyprus?
Below are the five things that you must ask about before renting an apartment in Cyprus:
- When was the apartment first constructed?
- What’s the condition of the roof of the apartment?
- What does the locality look like?
- Are all the basic services and requirements like electricity and water available at the apartment?
- Has anyone rented the apartment in the past?
These questions will help you in making the right decisions about your apartment.
Conclusion:
If you are looking to rent or purchase an apartment in Northern Cyprus, you must check the Four Seasons Life Apartments by Four Vision Development. These apartments have transformed luxury living in Cyprus with their lavish facilities and beautiful Landscape. You can also purchase these apartments if you are searching for apartments for sale in Cyprus.
