Over the past year, the real estate market in Northern Cyprus has shown a steady increase in demand and prices. Over the past 12 months, the cost of housing has doubled. You can pay on the island in dollars, pounds or euros. It is possible to make a payment by SWIFT transfer from a Russian bank that has not been sanctioned, or by cryptocurrency. Large developers have cryptocurrency wallets.
The main geographical locations for investments are:
- Lefkosha. The capital is far from the sea. Plus Ercan Airport.
- Girne (Greek. Kyrenia) and the districts in it: Lapta, Alsancak, Esentepe. There are international branches of schools and universities here.
- Iskele is a suburb popular with Russians, Famagusta. Iskele beach is one of the most promising for investment according to Forbes magazine forecasts
The average rate of return on long–term rentals is 9%, in the short term - 13% per annum. There is an option with a guaranteed profit of 8%, when the management company pays fixed interest, even if the apartment is currently idle.
International buyers, especially from countries such as the United Kingdom, Turkey, Russia and Scandinavia, are showing interest in the Turkish coast. The potential for capital increase and the opportunity to own square meters in a unique location are among the factors attracting foreign investors.
Forms of ownership of the TRNC
- The Turkish title is the land that was owned by a Turk until 1974.
- The exchange title is the right of ownership of a Turkish Cypriot, who received it in exchange for the southern section, which was previously his property.
- TMD-freehold is the unconditional right of the government to own.
- Leasehold – public land plots. They are leased for 49 years with the right to extend. They are suitable for the tourism sector.
There is no construction on the territory owned by the Greeks, and no use permits are issued for these sites. It is important to issue a title if you want to make a residence permit.
