The main questions that future house owners ask before buying property overseas are, why should I choose one particular country over the other? What are the pros of a given offer on the market over similar ones? As a matter of fact there are plenty of offers on the market, and any savvy buyer would want to invest his savings optimally and enjoy the benefits. There is an increasing number of people who found the right answers to these questions and bought property in North Cyprus, and I am going to explain why.
Currently, the real estate market in North Cyprus is offering the best prices in Mediterranean region. The prices for affordable property in coastal regions start from £ 20, 000 for apartment and £ 62, 000 for villa. Luxury apartments and villas are currently sold in the range of £ 250, 000 for apartments and up to over a million for villas.
Annual growth of your investment in real estate ranges from 5 – 12 %. This is true of acquisitions mostly on the stage of development.
There is no need to establish a legal entity in order to buy property in North Cyprus. The legal procedures required to buy real estate are quite simple, and are sufficient to establish your sole ownership of the property.
Most developers offer 3-year interest-free payment plan or 10-year mortgage on your house. The rates vary from 5.2 to 11% per annul.
Visa free entry
The only thing you need in order to travel to North Cyprus is a valid passport. One can stay for up to 90 days as a tourist, and after that make a re-entry to continue living in the country. However, it is best to apply for residency if you are staying in the country for more than 180 days per year. There is no restrictions on residence for foreign nationals over 60 years old.
Those who are planning to stay in North Cyprus for longer than 6 months per year are eligible to obtain residency. It is an easy process and will only take 21 days. In order to obtain residency you have to become a property owner, fill out the paperwork and apply to the appropriate office. Residency does not imply that you have to stay in Cyprus permanently, but grants you a right for re-entry for as long as your residency paperwork is valid.
Following the 6-year residency in Cyprus, foreign nationals have a right to become permanent residents.
Life in Northern Cyprus
And finally, the main reason people love Cyprus is because of its 320 sunny days a year. Even today, on April 7th, the weather outside is +28 Celsius! Summer begins sometime in April, and lasts until the end of November. The colder season, which people here regard as winter, lasts from November until March, with average temperatures of 15 degrees Celsius. Mediterranean Sea and never ending sunshine make people happy yearlong!
One of the lesser-known benefits of Cyprus is the fact that it is virtually crime free. Having arrived to Cyprus for the first time tourists are surprised to see people’s doors and windows wide open. What’s more, people leave their cars open with the keys in ignition – it is that safe. In general, people around are nice and always willing to help. The island’s rich history created a mixture of many different cultures and made its inhabitants extremely friendly and tolerant towards foreigners.
North Cyprus has plenty of places for entertainment and recreation, both for adults and for children. Five star hotels offer a variety of entertainment activities, including casinos, fine restaurants, nightclubs that are open to patrons who are not staying in the hotels. There are bowling centers with lots of attractions for children, cinemas with facilities for kids and much more. Also, there are many historical sights that you must visit in Cyprus. And of course the most important highlight of the island – its golden beaches!