Houses in northern Cyprus: which option to choose

Real Estate Agency “ATLAS” offers you a unique opportunity to buy a house in Northern Cyprus. Northern Cyprus, with its amazing beaches, rich history and mild Mediterranean climate, is a great place to live, vacation or invest. The economic situation in the region continues to improve, attracting investors and buyers from all over the world.

How can I buy houses in North Cyprus?

Purchasing a home in North Cyprus is a process that requires careful planning and an understanding of the local real estate market. Investors and potential homeowners are attracted by the unique opportunities the region offers, including its beautiful scenery, mild climate and friendly atmosphere. There are a number of key aspects to a successful purchase, from selecting the right property to completing all the necessary paperwork. Here are the basic steps:

• Find the right home that fits your requirements and budget;
• Conduct a full due diligence of the selected property to ensure that there are no legal impediments;
• sign the sales contract after all terms and conditions and price have been agreed upon;
• Make payment and register ownership with the appropriate authorities.

Is there taxation and home insurance in North Cyprus?

Purchasing a property in Northern Cyprus comes with certain tax obligations that need to be taken into account when buying a property. In addition, it is advisable to take care of proper insurance of your property to protect against possible risks:

1. Real Estate Purchase Tax.
2. Annual property tax.
3. Capital gains tax on the sale.
4. Home insurance to protect against natural disasters, fire or other unforeseen situations.

Is investing in houses in North Cyprus profitable?

Investing in real estate in Northern Cyprus can be profitable due to the growing demand for housing and the potential for the value of properties to increase in the future. The region attracts tourists and investors, which contributes to the growth of rental rates and provides good opportunities for investment income.

What is the disadvantage of living in a house in North Cyprus?

Life in North Cyprus can be ideal for some and challenging for others. It is important to consider several aspects before deciding to relocate or buy a property in this region. The cons may include:

1. Relative isolation from major European centers and international airports.
2. Limited access to some international brands and services.
3. Possible difficulties in obtaining European standard medical services.
4. The need to adapt to the local culture and language.

Can I buy a house in North Cyprus without having citizenship?

Yes, foreigners can purchase real estate in North Cyprus even without having citizenship of this country. Although the purchase process is relatively simple for foreigners, there are certain requirements and restrictions, especially regarding land ownership. It is important to familiarize yourself with these requirements in advance and ensure that all aspects of the transaction are in compliance with local law.

What mistakes are made when buying a house in North Cyprus?

Buying a home in North Cyprus can be an exciting process, but it can also be full of pitfalls, especially for foreigners unfamiliar with the local real estate market and laws. Mistakes can cost time, money and lead to legal complications. Here are some of the most common mistakes to avoid when buying a house in North Cyprus:

1. Many buyers do not properly research the North Cyprus real estate market before buying. It is important to understand current market conditions, average prices and future trends in the region.
2. Skipping a thorough due diligence on a property can lead to serious problems. It is important to make sure that the house or land is free of encumbrances, debts, and that all building codes and regulations are met.
3. Some buyers don’t consider the additional costs associated with buying a home, including taxes, recording fees, utilities, and maintenance costs.
4. The process of buying a property in North Cyprus can be different from other countries. Ignorance of these peculiarities may lead to delays or additional costs.
5. Not seeking help from qualified professionals such as ATLAS Realtors, attorneys and financial advisors can lead to poor investment decisions.
6. Some investors expect a quick return on investment or a significant increase in real estate value in a short period of time, which may not be the reality.

By avoiding these mistakes, buyers can ensure a smoother real estate buying process and avoid potential financial and legal problems in the future.

Contact our managers

Whether you are interested in buying a home in North Cyprus or would like to learn more about investment opportunities in this region, our managers at ATLAS are here to provide you with the information and support you need. Contact us today to start your journey to purchasing a property on this beautiful island.