Buy an apartment in Famagusta

How to buy an apartment in Famagusta?

This process requires a thoughtful approach and an understanding of the local market. First, conduct an in-depth analysis of the real estate market in Famagusta. Study the offers, prices, location and potential return on investment. You can use online platforms, specialized websites or the services of local real estate agencies. Here is a step-by-step guide for those who dream of owning their own corner in this beautiful place:

1. Make up your mind – what is more important for you in an apartment? Sea view, proximity to the center, availability of additional amenities? Define your desires and choose an apartment that meets your expectations.
2. Prepare your finances – consider your budget and possible ways to finance the purchase. If you need a loan, research which banks offer the best terms for foreigners.
3. Check for legal cleanliness – Before buying, it is important to make sure that the chosen property is free from legal problems. Contact a lawyer to check the documents and history of the property.
4. Finalize the deal – once you have found a suitable apartment and made sure that it is legally clean, it is time to conclude the contract. The preliminary contract will be signed first, and then, after all conditions and payment have been met, the final contract will be signed.
5. Register your title – registration of your ownership with the relevant authorities, which guarantees your ownership of the apartment.
6. Organize property management – if you do not plan to live in the apartment permanently, think about who will take care of its maintenance and rent in your absence.

ATLAS Agency is ready to become your reliable partner in the acquisition of apartments in Famagusta, providing comprehensive services from the selection of the object to its registration and subsequent management.

What is the difference between apartments and apartments in Famagusta?

Apartments and apartments in Famagusta differ in a number of criteria, ranging from legal aspects to the level of comfort and amenities offered. Apartments usually include a number of additional services and amenities that are rarely found in standard apartments.

1. Legal status – in some jurisdictions, apartments may have a different legal status from apartments, which affects tax obligations and rental opportunities.
2. Amenities – apartments often offer additional amenities such as security, concierge service, pools, gyms, and even spas, which apartment complexes typically do not.
3. Location – apartments in Famagusta are usually located in prestigious areas with the best views and accessibility to infrastructure, while apartments can be in more diverse locations.
4. Size and layout – apartments often offer more modern and thoughtful layouts, as well as a higher level of interior finishes.
5. Price segment – as a result of the above factors, apartments in Famagusta may cost more compared to apartments, especially if they are located in exclusive residential complexes.

Is investing in apartments in Famagusta profitable?

Investing in apartments in Famagusta attracts many investors due to the unique combination of tourist attraction and economic stability of the region. With the growing popularity of Famagusta as a tourist destination, the demand for quality housing here is increasing, creating a favorable environment for investors. The real estate market in the area is showing encouraging growth trends, offering opportunities for capital gains and passive rental income. However, as with any investment, a thorough understanding of the market and an informed approach to selecting investment properties is key. Here’s a more detailed breakdown of the outlook:

1. Tourist Attractiveness – Famagusta is a popular tourist destination, which ensures a high demand for rental accommodation, especially in season.
2. Rising property values – the real estate market in Famagusta is showing an upward trend, which can provide capital appreciation through property appreciation.
3. Permanent income – buying apartments with the purpose of their subsequent renting out can provide an investor with a stable source of income.
4. Variety of options – the market offers a wide range of apartments for investment, allowing investors to choose the properties that best suit their investment objectives and budget.

How can a foreigner buy an apartment in Famagusta?

Foreigners looking to buy apartments in Famagusta should start by thoroughly researching the local real estate market to understand current prices and trends. An important step is to choose an experienced realtor who specializes in working with foreign clients and can provide the necessary support in the search and purchase of apartments. The next step is to conduct a due diligence on the property to ensure that there are no legal issues or encumbrances and that all necessary permits are in place. After the selection of the apartment and successful completion of all checks, the foreigner will need to prepare and submit the necessary package of documents to formalize the transaction. The final stage is the registration of ownership rights with the relevant authorities, which will legally secure the right of ownership of the selected real estate.

What is the disadvantage of living in an apartment in Famagusta?

Living in an apartment in Famagusta can have its disadvantages despite the many advantages. The cost of apartment living can be higher due to the initial purchase price and subsequent maintenance costs, taxes and utilities. Privacy may also be limited as residents are closer to each other and common areas encourage frequent interactions. In addition, there may be certain restrictions set by the complex managers or residents’ association regarding renovations, use of public spaces, or keeping pets. Finally, the social atmosphere of an apartment may not satisfy those who prefer a closer and friendlier relationship with their neighbors, which is an important factor for many people when choosing housing.

Contact our managers and find the right apartment for you

Don’t miss the opportunity to find the perfect apartment in Famagusta! Contact our managers at ATLAS Agency today to get professional advice and start your journey towards your dream acquisition.