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No Responses 30 July 2023

Your Guide to Home Ownership in Cyprus

 

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How good does it make you feel to take a vacation? So, how does it sound to take the first step of living a life like a vacation? You can realize these dreams by becoming a host in Cyprus, one of the rarest “island countries” of the world. It is possible for you to have the opportunity to personally experience the reflections of a long-established history on the present day and its integration into cultural life. Along with all this, Cyprus, with its entertainment venues and rich hotel population, is the number one choice of millions of tourists from all over the world.

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As such, it is both a country where foreign people want to live and a country that encourages investors to buy houses in Cyprus. On the other hand, real estate projects have given a great impetus to the real estate sector, especially in recent years. For all these reasons, a large demand graph has also been formed in terms of preferability and home purchase. So, how to become a landlord in Cyprus? What are the conditions for buying a house and in what band are the prices for this real estate? You will be able to discover the answer to all these questions in our content. Your Guide to Home Ownership in Cyprus

Owning a Home in Cyprus

What cities come to your mind when you hear the word “Cub Homeland”? Regardless of your answer, three main cities stand out both in terms of attracting the attention of investors and in terms of the potential of the city. These are;

  • Nicosia,
  • Kyrenia,
  • Famagusta.

However, they are highly preferable for buying a house. However, there is a very important thing to be aware of. If you are a TRNC citizen, there is no limit to the number of real estate you can buy. Likewise, if you have a company with international capital, there are no restrictions in terms of laws. However, even if you are a citizen of the Republic of Turkey, you are in the position of “foreign investor”. But this is not a problem for owning a house in Cyprus. In fact, if it is necessary to examine the event from another perspective as required by law; different individuals from a family can also buy 1 house. Moreover, you do not need any prerequisites to buy real estate! This naturally increases the investment attractiveness of Cyprus. Your Guide to Home Ownership in Cyprus.

Well, you bought a house in the Turkish Republic of Northern Cyprus, and then decided to take up residence here. What awaits you when such a situation occurs? First of all, you should know that the TRNC attaches great importance to tourism. Foreign capital coming to the country is of great importance in this sense. Therefore, special privileges are granted to investors within the framework of the laws. Your Guide to Home Ownership in Cyprus

So much so that when you buy a house here, you also get a 1-year residence permit. On the other hand, it is also possible to obtain an indefinite residence permit. If you are building your future plans entirely on Cyprus and you want to live here, this will be an essential requirement for you. However, in order for such an infrastructure to be formed, you need to fill a period of 3 years. Also, in order for this to happen, you must not renew your residence permit with your title deed transfer every year for 3 years. Otherwise, unfortunately, you will not be able to meet the conditions for a residence permit. After completing 3 years, you can apply for an indefinite residence permit. In fact, if you are a retired citizen of the Republic of Turkey over the age of 65, when you buy a house from the TRNC, you also get an indefinite residence permit.

House Prices in Cyprus

If you have previously visited the Turkish Republic of Northern Cyprus, it is highly likely that you have formed ideas about it in your mind. But if you don’t have complete information yet and are in research, we will help you create an algorithm in your mind. Let’s talk a little more about the characteristics of their city, which are most preferred by investors, and the real estate market.

Buying a House in Nicosia

It is the capital of the TRNC and the most populous city in population. Accordingly, cultural activities and social activities are on the line in Nicosia. It is a historical city that monarchs and nobles have declared as the base center since ancient times. It is also the capital of the Republic of Cyprus and the Turkish Republic of Northern Cyprus, known as Cyprus. With this feature, it is the only city in the world with the capital of 2 countries. It attracts the focus of both domestic and foreign investors in terms of both tourism potential and strategic importance of the city.

As such, the square meter price, which is taken as a basis for determining house prices, is slightly higher than in other regions. So much so that when you want to buy a house in Nicosia, the square meter price is evaluated as 1500-1600 pounds. This price band applies to central locations. If you are considering buying a 100 square meter house, it will cost you around £150,000-160,000.

Buying a House in Kyrenia

Kyrenia, a port city, can also be characterized as a city of living history. In this sense, Kyrenia Castle, Aga Jafar Pasha Mosque, Archangel Michael Church are historical places and artifacts such as. Of course, this versatility is also reflected in the culture of the city.

For investors, buying a house in Kyrenia is a great advantage. So, are the prices within your budget? It is possible to own a house with a smaller budget in this regard than in Nicosia. The average prices of houses per square meter in the central locations of Kyrenia are in the band of 800-900 pounds sterling. Assuming you’re going to buy a 100sq m house again, you could own a house in Cyprus for between £80,000 and £90,000.

Buying a House in Famagusta

Just like Kyrenia, it is a port city in Famagusta. It is even one of the most powerful port cities in the potential sense of the Mediterranean. The Eastern Mediterranean University, where thousands of students from our country study, is also located in this city. Buying a house in Famagusta, which has tourism, cultural, historical, educational and many other valuable phenomena, attracts every investor, as well as attracts our attention as citizens of the Republic of Turkey.

House prices in Famagusta are on average around 600-700 pounds sterling per square meter. when you are going to buy a house of 100 square meters, you can realize this dream with a budget december the range of 60,000 to 70,000 pounds sterling.

Buying a Safe House in Cyprus

You have decided to buy a house. However, there are some question marks in your mind in terms of trust. First of all, you need to know how the process works. In this sense, we, as Kaynarca Construction, want you to know that we are with you. On the other hand, there are 3 different types of title deeds for those who buy a house in the TRNC. These;

  • Allocation Deed,
  • Equivalent Deed (ITEM),
  • Turkish Land Registry

is in the form. Allocation title deed, as you can get an idea from the name, are the titles given for the places designated by the TRNC. However, in this type of title, banks do not give housing loans. The most valuable and the most solid type of deed is the Turkish Land Registry. Real estate and places owned by Turkish and British before 1974 are in the Turkish Land Registry category.

You can contact us for more detailed information about owning a house in the Turkish Republic of Northern Cyprus.