How to choose your dream home in North Cyprus and manage your property? Making the decision to get a new home is both thrilling and a terrifying. This is because you are essentially picking out your home for several years or even a lifetime. Certain questions pop up: What type of house should you buy?
- An apartment?
- A townhouse?
- A house?
Which location will be the best?
- A dynamic city center or a peaceful suburb?
What kind of facilities come with the property?
- Does it come with a basement, a pool, or an additional separate entrance?
What additional costs you will face besides the listing price? Should you believe your intuition or should you just work with the bare facts only? These questions and many more will definitely cross your mind especially as you are buying a home in another country.
The answers depend on your preferences and on how much you are willing to spend on your new home. This article seeks to help you understand the core attributes of property in Northern Cyprus as you get ready to buy your dream home.
Houses and prices
In Northern Cyprus, the property market is diverse. There is a wide variety of property in different configurations and styles; villas, bungalows, townhouses, apartments, etc. The prices depend on several factors including location, size and configuration. For example, properties that are located in the mountains are relatively cheaper than their counterparts that are situated closer to the sea. Check our offers for particular examples of properties and their prices.
A standard house in Northern Cyprus sits on at least half a “donum” or 600 square meters. They usually have a swimming pool installed. By the way, a swimming pool is a great thing to have during the summer months in Northern Cyprus. Average maintenance costs for the swimming pool is 200-250 TL (approximately 60-80 Euros) per month. However, if you intend to live in an apartment complex, it will be shared by all the residents of the complex as well as other facilities’ maintenance charges. Detailed information about the costs of owning a house or apartment in Northern Cyprus can be found in our articles.
Deciding on a Location
A large number of foreigners who choose to relocate to Northern Cyprus usually buy homes that are located in coastal villages such as Karsiyaka, Lapta, Aslancak, Ozankoy, Catalkoy or Bellapais. They are a part of larger Kyrenia. Life here is generally quieter and more relaxed than in the city. Furthermore, there is easy access to a lot of holiday resorts situated close to these villages.
About 20-50 kilometres from Kyrenia, there are reasonably priced villas, houses and apartments in Esentepe, Bahceli and Tatlisu villages. These quiet and peaceful locations are ideal for holiday homes. You cannot mention these villages without mentioning Guzelyurt. It is quaint little town to the west of Kyrenia, renowned for its beautiful gardens and a favourite for locals and foreigners alike.
Famagusta, Bogaz and Iskele deserve your attention if you are looking for a more authentic experience without sacrificing your comfort. Fewer people and, particularly, foreigners live in these areas. If you seek for a getaway, these locations are perfect for you. You will be able to enjoy solitary the scenic allure of the Karpassian National Park or the Golden beaches of Karpaz. Incidentally, this stretch of shoreline has been described as one of the best beaches in Europe.
The quickest way to pay for a home in Northern Cyprus is by making direct and complete payment during the purchasing process. This usually attracts a 5-10% discount. This works for both newly developed property as well as resale property. The resale property market in Northern Cyprus can be a real treasure trove, because there are usually a lot of high quality resale properties available in the market.
On the other hand, construction companies generally provide a variety of opportunities to pay for your new home. Interest-free instalment payment plans are provided by almost all construction companies for up to three years. After making the down payment of around 25-30% of property price, you simply repay the remaining part without any additional fees. If a longer payment plan is needed, you can obtain a loan from the construction company. Loan can be issued for up to 15 years with an interest rate of about 5-10%.
New, resale or build
Generally, 70% of the property purchased in Northern Cyprus falls into the new property category while about 30% falls into the resale property category. This is largely because newly finished houses are usually 10-15% cheaper. Furthermore, construction companies provide an instalment plan or a loan for buyers who might need such a plan. However, if you choose to buy resale property, the 5% of VAT may be already paid by the previous owner.
For those who choose to build their dream home in Northern Cyprus, the first step would involve contracting an architect and a construction firm to plan, design and build the property. An average villa would take approximately 12-14 months to build.
Property management in Northern Cyprus
If you are not going to live in Northern Cyprus throughout the year, you can hire a property management company to take care of your property during your absence. In addition, they can rent it out and make returns to you. The property management company will find tenants, manage rent collection and pay property taxes in your name. Income tax on the rent is 10%. In our opinion, this is a great investment because your Northern Cyprus assets work for you even while you are not here.