Buying penthouses and villas in North Cyprus has become a popular trend among EU citizens since the TRNC became a full member of the European Union. The island nation is known for offering some of the most scenic vacation destinations, offering everything from beautiful beaches to cultural and archeological festivals.
Considering the beautiful environment, warm weather, low property prices, and favorable tax regimes, North Cyprus is a haven for real estate investors. Besides the return on investment, North Cyprus penthouses make good homes for people looking to live in a country with low crime rates.
What are the prices for penthouses in Northern Cyprus?
North Cyprus property prices have gradually risen over the last 8-10 years. However, property experts in the area describe the growth as booming over the last five years. It’s clear that penthouse prices are higher in the secondary market than in the primary market, but it’s easy to find your ideal property. The buyer might also avoid paying VAT on the secondary market.
At the moment, it’s possible to purchase a one-bedroom penthouse in a good city like Kyrenia or Famagusta for around €80,000 – €110,000 (a while ago, that would cost €50-85,000 maximum). A two-bedroom penthouse in Kyrenia and other desirable areas, like the ones near North Cyprus International Airport, in North Cyprus will cost around €90,000 – $165,000.
A Holiday Home
A holiday home with three or more bedrooms, a pool, a garden, and multiple bathrooms will cost around €190,000-€400,000+. Of course, you’ll pay more for a penthouse that’s located near the beach or offers sea views. However, these prices apply to a penthouse without renovation, just the shell, and core.
If you want a fully furnished penthouse ready for moving in, you should consider adding €10,00-€20,000 to the prices above. One-bedroom apartments on the primary market sell for about €50,000-€65,000. However, the number of such property offers in North Cyprus decreases daily. Also, don’t forget to use the online viewing feature if available.
Properties Under Construction
New properties under construction are selling between €75,000 and €120,000, but such a price is only available at the beginning of the construction. The more the property is built, the high the price gets. However, most developers offer investors payment plans, and the deposit is normally below 30%. Some even offer an interest-free payment plan at the beginning, but you’ll still pay the VAT.
The best areas to buy a penthouse in Northern Cyprus
While the price of a property in North Cyprus is still rising, many investors are finding the area relatively more friendly than the UK and other Mediterranean countries. However, many investors need help finding a good area to buy their dream villas or penthouse in North Cyprus.
Here are several cities you can find your dream penthouse in Northern Cyprus:
Penthouses for sale in Famagusta
Known as the North Cyprus marine capital, Famagusta is among the most scenic cities in this island nation. The busy city has a diverse and rich cultural heritage that attracts thousands of tourists who are always looking to rent a penthouse for short-term and long-term stays.
This city has a huge appeal for investors, corporations, and other business operator stores. That makes it the Island’s economic hub, boosting its rich corporate landscape. It has also made dynamic strides to improve its residential property industry to create affordable living opportunities.
Since the city center is close to the beach, Famagusta is a great place to buy a penthouse in North Cyprus if you like the sea views. Famagusta is also home to the best university in North Cyprus (the Eastern Mediterranean University), which explains the increase in demand for apartments and other residential properties in the city.
Penthoues for sale in Kyrenia
If you’re looking for a penthouse for sale in Northern Cyprus, Kyrenia is another beach town you must explore. This coastal town is the place to be in North Cyprus if you love mountains and walking on the beach, as it’s home to the beautiful Five-Finger mountains.
Two of the most popular areas in Kyrenia worth buying a penthouse in include Esentepe and Alsancak. These areas host big communities and have many useful facilities around. Esentepe hosts the Alagadi Turtle beach, which hatches green turtles every year.
A local animal protection organization welcomes residents and visitors to see turtles hatching yearly. That’s good news for property investors, as you can rent out your penthouse to tourists between May and November. Residents can also enjoy the best golf course in Cyprus – Korineum Golf and Beach resort, located in Esentepe.
Penthouses for sale in Long Beach, Iskele
With beautiful sandy beaches, Iskele is a fast-developing area that’s great for buying a family penthouse. At 1.5 miles long, the city boasts the longest beach stretch in North Cyprus, making it a great place to connect with nature without losing the urban touch.
Iskele is a developing area in North Cyprus, with better infrastructure and planning than other close areas. Parking lots are included in housing projects, and there are no problems with irregular parking.
While there’s no swimming allowed in downtown Kyrenia and residents must travel east or west to access the sea, Iskele has the distinct advantage of a long beach. You can swim almost anywhere in Iskelle all year round.
Choosing a penthouse in Iskele is also healthier as most buildings are new and designed with modern architecture. That’s a unique benefit to homeowners looking for a solid investment asset in North Cyprus. As such, buying a penthouse in Iskele, North Cyprus, is considered a solid opportunity for property investors to make money. You can also find villas and any other property type you desire in Cyprus.