Northern Cyprus is becoming an increasingly popular destination for those looking for accommodation abroad. Favorable climate, beautiful nature and relatively low real estate prices attract buyers from all over the world. Northern Cyprus is famous for its beautiful beaches with clear, blue seas. Popular beaches include Alagadi, where turtles can be seen nesting.
Cyprus’s Kyrenia Mountains provide scenic views and excellent hiking and trekking opportunities. Northern Cyprus is a place where natural beauty, rich history and vibrant culture combine, making it an attractive destination for travelers from all over the world.
But how much does an apartment cost in Northern Cyprus and what should you consider when buying? Let’s look at the main points.
Factors affecting cost
1. Location:
- City or village: Apartments in the capital Nicosia and larger cities such as Kyrenia and Famagusta are more expensive than in smaller villages and suburbs.
- Proximity to the sea: The closer the property is to the coast, the higher its price. Apartments with sea views are especially in demand.
2. Property type:
- New vs. secondary apartments: New buildings usually cost more than secondary housing.
- Quality of construction and finishing: Apartments with modern renovations and high-quality materials will cost more.
3. Infrastructure:
The presence of developed infrastructure (shops, restaurants, schools, medical facilities) in the area increases the cost of housing.
Average cost of apartments
Apartment prices in North Cyprus vary depending on the above factors. Approximate targets for 2024 are as follows:
- One-room apartments (studios): From €40,000 to €70,000.
- Two-room apartments: From €60,000 to €120,000.
- Three-room apartments: From €90,000 to €200,000 and above.
Purchase procedure
- Property Selection: Use local real estate agencies or international platforms to find suitable properties.
- Legal verification: Contact a lawyer to check the documents and the legality of the transaction.
- Signing the contract: After due diligence, the purchase and sale agreement is signed.
- Payment: Payment may be divided into several stages, especially if the apartment is under construction.
- Property Registration: Once full payment has been made, the property must be registered with the Land Registry.
Additional expenses
In addition to the cost of the apartment itself, the buyer should consider the following expenses:
- Taxes and fees: Typically around 3-5% of the property value.
- Lawyer fees: About €1,000 – €2,000.
- Real estate agency commission: Usually 3-5% of the transaction value.
Advantages of buying property in Northern Cyprus
- Economic benefit: The cost of apartments in Northern Cyprus is relatively low, which allows you to purchase quality housing at an affordable price. In addition, investing in real estate on this island can provide good returns in the future, given the growing interest in the region from foreign buyers.
- Pleasant climate and nature: Northern Cyprus is famous for its mild Mediterranean climate, beautiful beaches and picturesque mountain scenery. These factors make it an ideal place for holidays and permanent residence.
- Developed infrastructure: The major cities and popular tourist areas of Northern Cyprus have a well-developed infrastructure, including schools, universities, hospitals, shops, restaurants and entertainment venues.
- Cultural Heritage and History: Northern Cyprus is rich in historical and cultural monuments, making it an attractive destination for history and art lovers. Here you can visit ancient castles, monasteries, museums and other attractions.
Conclusion
Northern Cyprus continues to develop and attract the attention of international investors and buyers. The constant growth of interest in this region contributes to the development of infrastructure, which in turn increases the value of real estate. Buying an apartment in Northern Cyprus can be a profitable investment in the future, providing a stable income and the opportunity to live in one of the most beautiful places in the Mediterranean.
Buying an apartment in Northern Cyprus can be an excellent investment decision or a great opportunity for those who dream of living by the sea. However, it is important to carefully study the market, choose a reliable lawyer and consider all additional costs. This is the only way to ensure the safety and profitability of the transaction.
Buying an apartment in Northern Cyprus is not only an opportunity to enjoy the wonderful climate and nature, but also a profitable investment decision. Thorough market research, choosing reliable partners and taking into account all the nuances will help you make the right choice and avoid possible risks. Thus, Northern Cyprus can become your new home or a reliable source of income in the long term.
