Northern Cyprus as Seen by Forbes: One of the Best Countries in the World for Buying Property
Are you aware of the advantages of purchasing property in Northern Cyprus? According to the reputable magazine Forbes, Northern Cyprus is one of the best countries in the world for buying a house. Here, we’ll review the advantages of buying property in Northern Cyprus.
Northern Cyprus: Advantages of Buying Property from Forbes’ Perspective Caitlin Peddicord, a writer for Forbes with over 30 years of experience living abroad, has highlighted the best coastal countries for property purchases. Alongside countries like Colombia, Brazil, Mexico, and Belize, buying property in Northern Cyprus holds the first position on this list.
Northern Cyprus, situated in the Mediterranean between Europe and Turkey, might not often appear on American lists. However, this former British colony holds numerous advantages. In terms of the cost of living, Northern Cyprus is the best choice. It’s also considered a safe and pleasant destination with a strong and advanced tourism infrastructure. Among its features are clubs, casinos, and luxury hotels that are much more affordable compared to their counterparts in France or Italy.
Apart from the low costs, the primary attractions of this country are its coastline and sea. With the current exchange rate, one can buy an apartment with direct beach access for as little as $100,000 (property transactions in Northern Cyprus are conducted in British pounds). Additionally, with the assistance of developers, there’s the possibility of a conditional purchase—meaning minimal upfront payment for buying property in Northern Cyprus.
Best Location for Buying Property in Northern Cyprus: the best place to buy property in Northern Cyprus is along the Iskele coastline in the eastern part of Northern Cyprus. This area is renowned for having the country’s best and longest coastline, along with its distinctive seafood.
Retirement in Northern Cyprus signifies a life outside the secure and familiar regions of Europe and America. If, at this stage in your life, you are increasing your retirement budget to have a standard and luxurious life in one of the most beautiful coastal countries, buying property in Northern Cyprus is the best option.
Other areas and countries mentioned in this Forbes article include:
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- Santa Marta in Colombia
- Fortaleza in Brazil
- Mazatlán in Mexico
- Ambergris Caye in Belize
For purchasing property in Northern Cyprus, you can get in touch with the Aretan team. Our experts have extensive experience in investment and property purchases in this country and can guide you in the best possible way.
Advantages of Buying Property in Northern Cyprus
If you intend to purchase property in Northern Cyprus, it’s better to familiarize yourself with its advantages before taking any steps. Investing through property acquisition to obtain residency in Northern Cyprus is a suggested path by many immigration consultants. Some of the advantages of buying property in Northern Cyprus include:
1. Reasonable Prices
Compared to other European countries and even Southern Cyprus, property in Northern Cyprus is more affordable. With half the price of property in Southern Cyprus, you can become a property owner in Northern Cyprus. Property prices in coastal areas start from £87,000 for apartments and £130,000 for semi-villas. Luxurious apartments and penthouses begin from £380,000, while highly luxurious villas start at £500,000, significantly lower than similar properties elsewhere in the world.
2. Annual Real Estate Growth
Property prices in Northern Cyprus have increased by approximately 100% to 300% in recent years. The increase can be attributed to the rising number of immigrants and the development of the tourism industry in the country. Northern Cyprus is a developing country, and by purchasing property there, you can make considerable profits even in the short term.
3. Simplified Administrative Processes
The process of buying property in Northern Cyprus is much simpler compared to other European countries and somewhat similar to Iran. Aretan, as part of its after-sales services package for property purchases in Northern Cyprus, completes all these administrative procedures free of charge for its clients. Many administrative procedures are completed within 3 to 4 business days. However, Aretan will handle all procedures free of charge for its clients within a 40-day to three-month process.
4. Possibility of Obtaining Loans
Many construction companies in Northern Cyprus provide extended installment payment terms without interest over one to four years for their clients, which can be considered as a loan from the developer. However, buying property in Northern Cyprus allows you to access good banking facilities for loans, albeit subject to bank interest calculations.
5. Land Ownership Law
The land you purchase in Northern Cyprus is part of the country’s territory and belongs to you under all circumstances.
6. High Diversity
One of the advantages of buying property in Northern Cyprus is the high diversity of real estate available in the country, including various property types in terms of size and amenities. Moreover, there’s the possibility to buy land and construct a property as desired.
7. Generating Income through Property Purchase
After purchasing property and obtaining residency in Northern Cyprus, you don’t need to be present in the country and can rent out your property on a monthly, yearly, or even daily basis. This method of earning income is one of the best advantages of buying property in Northern Cyprus.
8. Business Setup
You can use the property purchased in Northern Cyprus as an office space and easily establish a company in the country. You can also manage it remotely.
9. Hassle-Free Residency Acquisition
Individuals intending to migrate or reside long-term in Northern Cyprus (for more than six months) need to apply for a residency permit. By paying one-third of the property price, you can quickly start your residency process. After obtaining temporary residency, you don’t need a physical presence in the country. The buyer can enter or leave the country anytime and for any duration.
10. English Language Prevalence
Around 90% of the residents in Northern Cyprus are proficient in the English language. Therefore, when migrating to this country, there’s no need to learn the native language for many daily tasks.
11. Good and Affordable Universities
Universities in Northern Cyprus have a good academic level and low tuition fees. Consequently, buying property and obtaining residency in this country will secure your children’s educational future.
12. High Security
The country has a low crime rate, contributing to increased security and peace for its residents. You can take a stroll on Northern Cyprus beaches at any hour of the day or night.
13. Low Cost of Living
Due to policies attracting tourists and immigrant capital, living costs including property prices in Northern Cyprus are much lower than in European countries and even Southern Cyprus.
14. Currency Flexibility
The primary currency unit in Northern Cyprus is the Lira, but you can make purchases in this country using any currency, including the Pound, Dollar, and Euro.
15. Simple Tax Laws
The low tax rates in Northern Cyprus make investment in this country much more cost-effective. Consequently, Northern Cyprus is considered an excellent place for property purchase, living, and business establishment.
16. Strong Connection with Turkey and Ease of Travel
Northern Cyprus has good relations with Turkey, and travel between these two countries is convenient.
17. Close Proximity to Iran
Northern Cyprus is not far from Iran, resulting in similar time zones between these two countries. The time difference between Northern Cyprus and Iran is 1 hour and 30 minutes in autumn and winter and 30 minutes in spring and summer, with Iran being ahead.
18. Good Weather
Northern Cyprus enjoys a moderate Mediterranean climate throughout all seasons, making it a great place to live.
Final Words
In this article, after reviewing a piece from Forbes, we’ve taken a look at the advantages of buying property in Northern Cyprus. According to Forbes, Northern Cyprus is one of the best countries globally for property purchase and investment. The advantages of buying a house in this country include affordable prices, property diversity, price growth, easy administrative processes, loan facilities, land ownership law, income generation, business setup, hassle-free residency acquisition, prevalence of the English language, good and affordable universities, high security, low cost of living, currency flexibility, simple tax laws, strong connection with Turkey, proximity to Iran, and good weather. By reading this article and familiarizing yourself with the advantages of buying property in Northern Cyprus, if you intend to purchase a house or land in this country, get in touch with our experts at Aretan.