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No Responses 30 July 2023

Advantages of Buying a House in Cyprus

Advantages of Buying a House in Cyprus
Advantages of Buying a House in Cyprus

Does it make sense to buy a house in Cyprus? Let’s say it right away for those who are wondering: Since the housing prices are affordable and the return it provides is high, buying a house in Cyprus is undoubtedly a valuable investment.

Cyprus, one of the most popular destinations on the Mediterranean, never leaves the limelight of holidaymakers. Kyrenia and Nicosia, in particular, are among the most preferred places.

Cyprus, which is one of the first stops of both local and foreign tourists in the summer season, is perfect for those who yearn for the island atmosphere and nature.

Cyprus, which has a young socio-economic population, offers attractive opportunities to investors in parallel with the developments in the real estate market. While housing projects continue to attract more attention than ever for the past 3 years, the advantages of buying a house in Cyprus continue to be a matter of curiosity for many people.

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Why is it advantageous to buy a house in Cyprus?

Cyprus, which attracts attention with its magnificent beaches and quiet-calm nature, also makes its name with real estate investments. In particular, Kyrenia stands out among the most suitable regions in Cyprus for construction and dec. It is known that real estate projects in Kyrenia have increased with the change in the zoning law.

The fact that the house prices in the TRNC are economical creates a great opportunity for investors. TRNC, where it is possible to find a house for every need, appeals to those who adopt a modest lifestyle and those who seek luxury.

Usually 1+1, 2+1, 3+1 while the density of apartments built as, flamboyant villas also find a place in the real estate alternatives of Cyprus.

When it comes to house prices for villas in Cyprus, they start from 600 – 800 thousand TL. The fact that the villas are close to the sea also increases the cost.

Rental house prices in Cyprus can reach 6000 TL starting from 1.800 TL.

It is Easier to Buy a House in Cyprus for Turkish Citizens

Turkish citizens who own a residence in Cyprus can obtain a one-year residence permit. This permit must be renewed every year. However, retirees are not required to have a residence permit. This means an important convenience for them.

Meanwhile, we would like to remind you that; A Turkish citizen has the right to purchase only one immovable property in the TRNC. In order to purchase more than one real estate, it is required to establish a company in Cyprus.

Does it make sense to buy a house in Kyrenia, Cyprus?

Kyrenia, one of the most populated regions of Cyprus, attracts more and more tourists every day due to its climatic conditions and tourism opportunities. This place, where the real estate market maintains its vitality at all times, is a priority region for investment. Kyrenia, which has become more and more important with new infrastructure investments, is known as the region with the highest number of hotels in Cyprus.

Kyrenia, which has a large student population, is also the center of attention for those who come to Cyprus for a holiday. Nevertheless, it is obvious that it is advantageous to buy a house in Kyrenia.

Does It Make Sense to Buy a House in Alsancak, Cyprus?

Alsancak, which we can call the pearl of Kyrenia, is one of the most ideal places for those who are considering buying or renting a house in Cyprus. This region, where many construction projects have been put into operation one after another, has also won a Recreation Application Award.

The town of Alsancak, located about 10 kilometers west of the Kyrenia district, is between Karaoglanoglu and Lapta. dec.

This charming town, which attracts travelers with its attractions and historical places, is especially full in the summer.

Buying a house in Alsancak, which is considered one of the most popular places in Cyprus, can be a very profitable investment in the long run. There are a lot of people who want to buy or rent a house here, because it is a more isolated place away from the crowds of the city and compared to other parts of Cyprus. If we were to describe it in three words; this district, which we can summarize as ‘tourism, sea and development’, is a unique opportunity to invest in real estate in Cyprus.

Can I Buy a House in Cyprus?

Offering the opportunity to spend every day in a holiday mood, Northern Cyprus also provides great advantages in the field of real estate investment. Increasing its student population and number of tourists day by day, Cyprus owes this to its cultural and historical heritage and unique natural beauties.

Cyprus, one of the places where the real estate market is most active, is also in demand with its universities that provide education in accordance with European standards.

On the other hand, Cyprus is among the countries with the lowest crime rates. Cyprus, which provides the opportunity to lead a peaceful and comfortable life, is one of the first addresses for those who want to settle abroad as there is no cost of living.

Budget-Friendly Prices

Compared to other Mediterranean and European countries, buying a house in Cyprus requires less budget. The price of 1 house in a different country may be equivalent to the price of 2 houses in Cyprus. On the other hand, prices may be cheaper during the launch phase of the project. Cyprus, which includes the most beautiful and lowest cost house options close to the sea, attracts investors with this feature.

Opportunity to Earn Income in Foreign Currency

Another aspect of the advantages of buying a house in Cyprus is the realization of real estate rental and purchase and sale transactions in foreign currency. Pricing, which is generally realized in British Pound instead of TL, protects investments against inflation risk. If you want to make a risk-free investment, does it make sense to buy a house in Cyprus? We can answer your question ‘yes’ for you.

High Return Guaranteed

From a broad perspective, it is possible to say that buying a house in Cyprus for investment purposes will earn a lot in the future. Because it is predicted that the tourism capacity will increase in the coming years. In addition, new university projects are planned to be implemented, which indicates that the population that will need rental housing in Cyprus will intensify.

Nicosia, Famagusta, Kyrenia and similar cities stand out as the places with the highest number of students in Cyprus. These cities, which are also rich in tourists, are the most suitable places for real estate investment in Cyprus.

Short Property Depreciation Period

How soon can you pay off the money you give to the real estate with the rent you get? The answer to this question is expressed with the concept of ‘depreciation period’. Can I buy a house in Cyprus? It is important to consider this when doing research.

In many countries, this period varies between 17-25 years on average. Sometimes, even a waterfront house purchased in a metropolitan city can take up to 50 years to depreciate. Advantages of Buying a House in Cyprus, on the other hand, you can earn back the money you paid for real estate in 8-12 years with only rental income. Moreover, the continuous increase in real estate value can reduce this period even more.

In summary, does it make sense to buy a house in Cyprus? Those who think so need not hesitate! There are many advantages of buying a house in Cyprus, whether for investment or living. Those who have the opportunity are advised to act quickly to seize the opportunities. Of course, while doing this, it is important that you work with someone who has a good grasp of the current dynamics of the local real estate market and knows Cyprus very well.