There are many reasons for purchasing a home in North Cyprus, an Island that boasts of some of the most beautiful holiday destinations with natural beauties, landmark estates, and a fantastic climate. The current property prices for apartments and villas in the region are also almost half of what similar properties in other Mediterranean countries cost. There’s also a high potential of getting a return on your investment as the demand for land constantly increases.
Why are people buying apartments in North Cyprus?
Several factors contributing to the appeal of North Cyprus apartments for sale or rent include:
Apartments are more affordable than villas
While villas are a popular option for people looking for vacation homes, they’re far more expensive to buy and maintain compared to flats and apartments. That’s why more people are investing in North Cyprus apartments for sale or renting, as they can save money.
Investing in an apartment in the country also has the following advantages:
- Everything is accessible within a walking distance
- It’s easy to keep your apartment organized
- The current prices for maintaining an apartment are low, and the process is straightforward
Best investment property
It’s not a coincidence that many international investors are investing in the North Cyprus property market. That might be thanks to the recently-opened, beautiful yacht marina or the new five-star hotel businesses in Kyrenia center with an international golf course. Many property developers are also starting to build apartments in the long beach area.
People looking to buy investment properties or their second homes can enjoy both worlds by purchasing an apartment as it will hold its value. Living in an apartment on the island will also cost lower than living in the UK or other Mediterranean countries.
Many international students rent
North Cyprus has several internationally recognized universities offering high-quality education. Students from many countries take advantage of the international standards present in these universities as they feature many US-based lecturers. As such, an international student will need a Northern Cyprus apartment to rent while studying.
Popular locations to buy an apartment in Northern Cyprus
Some of the best regions in North Cyprus to buy an apartment include:
Kyrenia apartments for sale
Foreign visitors and international students are constantly looking for an apartment to rent in Kyrenia centre for short and long-term stays. Since the tourism industry is well-established in Cyprus, owning a residential apartment on the northern beach of Kyrenia can be extremely attractive and rewarding.
Northern Cyprus is less developed than the South, meaning there are still many stunning sceneries that are largely undisturbed. That makes Kyrenia among the top choices for investors looking to make money from the island. The demand for an apartment for rent is gradually increasing, and you can make money no matter where you live, as property prices are currently low.
Nicosia apartments for sale
The Northern Cyprus capital, Nicosia, is a vibrant metropolitan and home to 100,000+ residents living about 50KM away from the coast. This city is a hub for sports, concerts, business, and entertainment, with most residents living in high-rise buildings. Moreover, there’s a high demand for an apartment to rent in the city due to the large number of tourists and students.
Nicosia features 17 institutions, all attracting students from across the world. That makes it hard to find an apartment for rent in Nicosia. There are other reasons this property type is in high demand in Nicosia.
If you’re considering purchasing an apartment in Nicosia to rent out or as your new home, you’ll find many properties in the city. The price of an apartment in Nicosia can be as little as 60,000 pounds, with most of them costing about 120,000 – 150,000 pounds. That’s considerably lower than acquiring a villa with a pool on the outskirts of Nicosia.
As a Mediterranean Island, purchasing a property in Nicosia also has several advantages, including a solid school system and contemporary infrastructure. The city isn’t as popular with tourists as Kyrenia, but it’s well-connected to other islands through public transportation.
Iskele and Famagusta apartments for sale
The commercial powerhouse of Nothern Cyprus, Famagusta, is similar to Kyrenia in the tourism sector. Construction, manufacturing, and education are also among the city’s key industries, which attract thousands of people every month.
Iskele is also a popular tourist destination, but not many people have been interested in buying a property in the area for years. However, Iskele has become a new trend location in the Island nation as people are constantly looking for more properties for sale in this area.
Is buying an apartment in North Cyprus worth it?
Yes, investing in an apartment is a smart money move whether you’re looking for rental income or a new home. However, people looking to invest in rental property must consult local real estate agents to know the best area to buy the apartment.
Is it expensive to buy an apartment in Northern Cyprus?
The real estate market in North Cyprus is average, with apartment prices ranging anywhere between 60,000 to 200,000 pounds. However, places like Kyrenia will have a higher price.
Can foreigners buy an apartment in North Cyprus?
Yes, a foreigner can own an apartment in North Cyprus. However, all non-EU citizens must apply to the interior ministry to own immovable properties in the country.