Real estate investment plays a prominent role in boosting economic activity in many countries. Recently, the island of Cyprus, particularly its northern part, has become a preferred destination for foreign investors, especially those looking to own summer homes or retire in its beautiful surroundings. The real estate sector in Northern Cyprus boasts several unique advantages that make it an attractive investment option. This article reviews the reasons why investing in real estate in Northern Cyprus is an ideal choice, highlighting the best locations for investment, as well as details related to obtaining residency permits through investment.
Attractive Reasons for Investing in Northern Cyprus
There are numerous reasons that enhance the appeal of real estate investment in Northern Cyprus.
- Firstly, property prices in Northern Cyprus are reasonable compared to many other areas in the Mediterranean. This low price curve means that investors can acquire high-quality properties at lower prices, maintaining the potential for strong rental returns in the future.
- Secondly, the tourism sector in Northern Cyprus is thriving, leading to a significant increase in demand for rentals. The beautiful beaches and unique nature of Northern Cyprus attract tourists from around the world, thus providing properties for short and long-term rentals with a good opportunity for consistent returns.
- Thirdly, the authorities in Northern Cyprus are currently developing infrastructure in its tourist areas such as Kyrenia and Famagusta, which contributes to easier access and continuously enhances property values. Improved infrastructure leads to an increase in the number of visitors, raising the demand for renting residential units.
- Additionally, low taxes and the absence of inheritance tax are strong advantages for investors, allowing them to benefit more from their investment returns.
Best Cities for Real Estate Investment in Northern Cyprus
When considering real estate investment in Northern Cyprus, investors should evaluate locations based on specific criteria such as cost, potential returns, and infrastructure availability. The city of Famagusta is an important destination in this regard, offering its wide beaches and historical atmosphere to attract tourists and tenants. This city is also home to the Eastern Mediterranean University, which increases the demand for student housing.
At the same time, Kyrenia is another tourist attraction, with its vibrant harbor hosting numerous events and restaurants, increasing viable investment opportunities. The capital, Nicosia, offers a variety of real estate options, making it attractive among all investors while maintaining the privacy of investments.
Moreover, the Gaziveren area is considered ideal for real estate investment, as it boasts beautiful beaches and increasing property values, making it an appealing choice for investors seeking potential rental returns.
Investment Program in Northern Cyprus for Residency Permit
One of the advantages of real estate investment in Northern Cyprus is the possibility of obtaining a residency permit through property purchase. The process of obtaining the permit involves several steps, where investors must provide the necessary documents proving ownership, as well as financial capability for residency. This method is an ideal option for those wishing to have permanent residence in the area.
Typically, the permit is issued in a short time, but it is important to note that investors must comply with local laws, including regularly renewing the permit. Obtaining the permit is an opportunity to live legally in Northern Cyprus and benefit from healthcare services.
Conclusion
Overall, investing in real estate in Northern Cyprus offers a range of unique opportunities, establishing a solid foundation among real estate options in the Mediterranean. With reasonable prices, tax advantages, and continuously improving infrastructure, Northern Cyprus becomes an important investment attraction. By making informed decisions and consulting experts in the field, investors can enjoy guaranteed returns and effectively achieve their investment goals.
15-02-2024 
