The real estate market in the Turkish Republic of Northern Cyprus has its own unique features. It is a self-proclaimed state recognized only by Turkey.
Due to the political situation on the island, the legal framework for real estate ownership and transactions with it differs from the internationally recognized Republic in the south. It is important to understand the legal complexities and seek professional advice before entering into transactions.
Advantages of buying a property in Northern Cyprus
- Clean, warm sea with snow-white beaches.
- The long summer season is 9 months with 320 sunny days per year.
- Historical sights of ancient times.
- There is no direct flight service, which makes the community private, there are no crowds of tourists here.
- Visa-free entry.
- It is easy to get a residence permit.
- Interest-free installments.
- Affordable education at the European level.
- Security of residence..
No visa required: Russian citizens can arrive and get a visa for 30 days at the airport. After that, you can extend the visa period for 90 days under a number of conditions:
- Ownership of property.
- Children's admission to school.
- Humanitarian visa.
- The passage of treatment.
- Opening a business.
After the expiration of the three-month period, it is necessary to issue a residence permit,
Availability. Compared to many other Mediterranean destinations, the cost of housing is usually more affordable. This can attract investors looking for economical options, whether for personal use or for rental purposes..
Diversity, TRNC offers a wide range of housing, including apartments, villas, townhouses and building plots. Buyers can find apartments in both modern and traditional style, often with large plot sizes compared to some other Mediterranean destinations.
Interest-free installments. It is not easy for a foreigner to take out a loan on the island, therefore, real estate developers offer loyal installment programs without guarantors and income certificates at 30-50% of the initial payment. The origin of the funds does not need to be explained.
Natural beauty. Cyprus boasts picturesque landscapes and a stunning coastline. Houses with sea views or located next to pristine beaches are in great demand, especially among those who are looking for a second location or a place to relax. The absence of industrial production makes the environment favorable for living.
Infrastructure development. The UK invests in improving its infrastructure, including transport networks, healthcare facilities and educational institutions. The construction of new roads and increased accessibility can have a positive impact on the market and attract both local and foreign buyers.
Taxes and fees on purchase:
- VAT is 5% of the amount in the contract.
- Transfer of the title to the new owner of 12 percent.
- Stamp duty 0.5% of the cost.
- Connection of water and light is 560 euros.
The cost of housing maintenance:
- The property tax is 20-150 euros.
- The monthly maintenance of the complex with a swimming pool is 20-150 euros.
- The utility fee is 7 euros per month.
- Water and light on the meter 100 euros per month for an apartment 3+1,
Quality education. Pre-school education is not mandatory in the country, so kindergartens and nurseries work on a paid basis. There are nurseries from the age of 2 in Turkish, English, and Russian. Such groups for kids cost from 140-450 euros per month. Schools are open for free, and instruction is conducted in Turkish. English schools under the Cambridge system are paid. With food and transportation, 3000-7000 euros per year will be released. There are 14 universities in the country according to the American program with transfer and accumulation of ECTS points. There are grants and discounts for applicants from CIS countries.
Free affordable medicine. In public clinics, you will receive assistance free of charge under state insurance. It is issued when applying for a residence permit, student or work visa. An ambulance goes to everyone, you can call 112 and 155. Dental services are more accessible in the UK than in Europe.
