Get ready to pack your sunscreen and dive into the top 10 reasons why investing in Northern Cyprus property is the way to go!
the wechsel estateNorthern Cyprus’ fast-growing economy, coupled with its strategic location and robust infrastructure, sets it apart from other destinations. The region offers affordable property prices, ideal conditions for business establishment, and a secure and serene living environment.
The Turkish Republic of Northern Cyprus, celebrated for its rich cultural heritage, scenic vistas, and balmy Mediterranean climate, is a highly sought-after tourist destination that also offers a promising prospect for potential investors. With a steadily growing economy, expanding market opportunities, and a thriving real estate sector, it is an attractive choice for those seeking profitable investment ventures.
This blog post aims to examine the ten most significant reasons why investing in Northern Cyprus provides an excellent opportunity for investors looking to expand their portfolios and leverage the country’s exceptional advantages. Northern Cyprus boasts favorable market conditions, a steady rate of economic growth, robust legal frameworks, and lifestyle benefits. These factors make Northern Cyprus a worthwhile investment destination with a vast potential for growth.
- An advantageous location
Cyprus, situated at the crossroads of Europe, Africa, and Asia, stands out as one of the most captivating islands in the Mediterranean. This makes Northern Cyprus not only a dreamy spot for settling down and earning a living but also a coveted hub for smart investments.
- Popular Tourism Destination
Northern Cyprus has emerged as a popular tourist destination in the Mediterranean. Its unparalleled weather, extended beach season, mild winter, delicious cuisine, and pristine landscapes have distinguished it from other holiday spots.
The high influx of tourists translates to a consistent demand for accommodation, making it an opportune moment for property investment. Rental income from vacation homes or apartments can be financially rewarding, particularly in sought-after tourist locations such Iskele, Yenibogazici, Bogaz, Esentepe and many other coastal regions.
- Appealing property prices & taxes
Even with recent price hikes, Northern Cyprus remains one of the most affordable investment-attractive destinations when compared to other peers. In addition to the convenience of property registration and VAT, the title deed and land taxes are notably more affordable in this location.
- High Rental Yields
The rental market in TRNC remains robust, with a considerable number of individuals preferring to rent instead of purchasing property. This high demand for rental properties presents an opportunity for a steady stream of rental income and a potentially sizeable return on investment.
- Investment appreciation
The real estate market in North Cyprus has never been more promising for foreign buyers and investors. Given Cyprus’ status as an island, the number of development plots for residential properties is limited. Following the global pandemic of COVID-19, Northern Cyprus properties have become increasingly popular with overseas investors and expats due to the region’s unique geographical advantages and excellent lifestyle conditions. The island remains a favored location for holidaymakers and investors alike. Notably, property prices have increased by an average of 10% compared to the previous year (2022).
6.High standard of living while keeping expenses low
Northern Cyprus has gained widespread attention due to its significantly low cost of living compared to other countries. The region boasts affordable healthcare services, both private and public schools offering high quality education, significant scholarships for universities, availability of organic fruits and vegetables, as well as reasonably priced supermarkets and restaurants.
7.A streamlined process for obtaining a residence permit
Acquiring a residence permit in Northern Cyprus will enable you to reside in TRNC. Although the process is not overly complicated, it does require the submission of various documents, as is typical in any country. It’s important to note that obtaining a residence permit does not provide the ability to work or establish a business, as additional requirements and procedures must be met.
8.The Intersection of Infrastructure and Lifestyle
Advanced infrastructure and contemporary amenities such as healthcare facilities, internationally recognized educational institutions, and recreational activities augment the country’s appeal, thereby increasing the value of properties in prime locations.
9. High level of safety
Residing in a country that guarantees safety at any given time of the day is paramount. North Cyprus boasts a reputation of being one of the safest tourist destinations globally, backed by low crime rates. As such, it’s an ideal place to visit or even reside in.
10. Delicious cuisine
One of our previous blog topics highlights the significant features of the local cuisine. It’s worth noting that if you decide to relocate or visit North Cyprus as a tourist, the flavor of the local delicacies will be a memorable experience.
