Northern Cyprus
FAQ about buying property in the Northern Cyprus
Turkish Republic of Northern Cyprus
Northern Cyprus occupies the northern part of the island. Most countries in the world do not recognize the state without separating it from Turkey, and the only recognized power of the island belongs to the government of the Republic of Cyprus.
Northern Cyprus is separated from the southern part of the island by the "green line", which is a protected border. On its territory, with an area of 3.35 thousand square meters. km, home to almost 295 thousand people. The bulk of the population is Turkish Cypriots and ethnic Turks.
It is noteworthy that both the Republic of Cyprus and Northern Cyprus have a common capital - the city of Nicosia (Lefkosa Turkish name) which is also divided by the "green line". This is a real urban pearl, which belongs to the oldest cities in the world. 1/3 of the population of the island lives in the city.
The official administrative center of Northern Cyprus is the city of Famagusta (Gazi Magusa). This is a large and colorful port city on the southeast coast with a population of about 40 thousand inhabitants. Other economically significant cities are Kyrenia (Girne). Guzelyurt (Morfu) and the Karpas Peninsula.
Local currency - Turkish lira
Northern Cyprus was once under British rule, so the British culture still lives on among the locals, and property prices are set in pounds sterling. Even though the currency used in Northern Cyprus is the Turkish Lira, the British Pound Sterling is still used in the real estate sector.
Also in Northern Cyprus, euros, dollars and bitcoins are accepted in shopping centers and shops.
Thus, there are five working currencies in the country:
- Turkish lira
- British pound
- Euro
- Dollar
- bitcoin
Daily living expenses can be covered by relatively low prices due to the fact that the Turkish Lira local currency is currently relatively weak for European investors.
Real estate value
Rental rates are as follows:
- One-bedroom apartment in the city center 417 €
- One-bedroom apartment outside the city center 275 €
- Apartment with 3 bedrooms in the city center 762 €
- Apartment with 3 bedrooms outside the city center 612 €
The price per square meter in an off-plan project starts from 1500 euros.
Northern Cyprus Residence Permit
A foreigner can apply for a residence permit in Northern Cyprus when buying a property. The price of the object is not important, since the law does not define the requirements for the minimum purchase price to obtain a residence permit.
A residence permit through the acquisition of real estate is issued for one year with the possibility of renewal every year. The main condition is that the property remains in the ownership of the investor.
Note that a residence permit through real estate purchase gives the right only to live in Northern Cyprus. It does not provide the right to get a job or open a business in the country.
Also, Northern Cyprus's residence permit does not provide the possibility of visa-free entry into EU countries.
Why is it profitable to invest in real estate in Northern Cyprus
In 2021, Northern Cyprus was ranked first in the Forbes “5 Best Beachfront Buys For 2021” ranking.
Analysts noted the best value for money in terms of living conditions and real estate values compared to other well-known coastal countries.
Northern Cyprus is also a safe and welcoming destination with a developed tourist infrastructure including clubs, casinos, and luxury hotels more affordable than their counterparts in France or Italy.
. Best real estate deals in Northern Cyprus
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