Real estate of Northern Cyprus
Cyprus real estate is popular among many foreign investors, especially this applies to any real estate in the northern part of Cyprus. The interest is based on real opportunities for obtaining stable cash income.
Cyprus has many advantages compared to other warm countries. These include a long summer season, excellent climatic conditions, ideal ecology, as well as inexpensive real estate coupled with a stable growth in its value in recent years. Moreover, in this country you can get a residence permit (RP) fairly quickly. It is possible to purchase real estate through a mortgage at a rate of 10% per year.
In Northern Cyprus there are excellent conditions for recreation – pristine ecology, well-groomed beaches, national monuments and various historical sites. The excellent attitude and friendliness of the local population towards regular tourists, exceptional quality of products, level of service and provision of services to the country's population – all these characteristics are like the business card of Cyprus. You can see this for yourself by going on a sightseeing tour of Cyprus real estate properties, or just for a vacation.
The market of real estate in Northern Cyprus is very diverse. There are many different options for residential or commercial real estate both on the primary and secondary markets, and there are also land plots for individual private construction.
Real estate from the primary market is interesting for various interest-free installments from the developer for the entire construction period. Installments can be provided for up to five years or more. Recently, many construction companies even offer a loan for 20 years at 5% per annum. This opportunity applies to both unfinished construction projects and already completed housing.
As a rule, developers (construction companies) use standard monthly payment schemes. At the first stage, the initial deposit is paid. At the second – 25% of the contract amount minus the already paid deposit. At the next stage (at the stage of completion of installation and construction work on the construction of the building frame), a prepayment of 25% of the contract amount minus the payments already made is made.
Next comes a scheduled payment of 25%. It is made upon completion of intermediate construction work (at the stage of connecting electricity and laying the pipeline). The fifth payment, amounting to 20% of the total cost of the property under the contract, must be made at the stage of full completion of all construction work on the roof, as well as upon completion of work in the building (flooring, windows, installation of external and internal doors). The last payment of 5% is made by the buyer only upon receiving the keys to the coveted property.
The purchase of any real estate property from a private individual on the secondary market can also be carried out using similar installments. There are no mandatory standard payments, and all payments depend on mutual agreement between the buyer and seller. Basically, real estate transactions involving private individuals are carried out with 100% prepayment. And only in some cases, the seller can provide a deferment, but no more than 180 days.
New Cyprus Real Estate Listings
A studio apartment with an area of 52 sq. m with furnishings and household appliances in the center of Girne is sold for 25 thousand euros. The studio has utility rooms and storage rooms, a terrace of 30 sq. m. Also in the room there are three water storage tanks with a total volume of 5 tons. This apartment was built in 2006.
A four-room apartment located in Girne with an area of 150 sq. m, of which 40 sq. m is occupied by a roof terrace. There are three large bedrooms, a living room, a kitchen and a bathroom. This apartment is sold for 70 thousand euros. It is partially furnished and equipped with necessary household appliances, there is a shower, air conditioner, gas heating system. There is a winter garden on the terrace.
A villa from the Elysium Park complex in Ozanköy (not far from the center of Girne) is sold for 140 thousand euros. The complex has a swimming pool, a recreation area, a network of shops. The villa is two-story. On the first floor there is access to the terrace and kitchen, dining room and bedroom, guest toilet. The second floor houses two bedrooms with a toilet and shower. There is also a separate bathroom with access to the terrace, which offers an amazing panorama of the sea. The distance to the beach is less than a kilometer.
PR