The Turkish Republic of Northern Cyprus, which has become the shining center of the real estate sector in recent years with its high rental income advantage in foreign currency and price options suitable for every budget, has also become the favorite of the tourism sector with its climatic features. Moreover, according to the latest data shared by the European Environment Agency, Northern Cyprus has the cleanest sand and sea in Europe.
The Turkish Republic of Northern Cyprus has a limited surface area due to its geographical structure as an island. With its ever-growing economy and tourism investments in the region, the Northern Cyprus, which adds value to its land assets day by day, is earning more and more for land investors.
New İskele and Esentepe regions, which have attracted attention in terms of the value they have gained recently, also stand out in land investment with both completed housing estates and luxury housing projects under construction.
The Turkish Republic of Northern Cyprus, which offers a fast return on investment to its investors, is ahead of many investment countries with this advantage, and is also attractive to investors due to its foreign currency rental income, title deed purchase and sale costs, real estate tax rates and affordable real estate prices compared to Europe. Northern Cyprus is ranked 3rd in the safest European countries with a low crime rate. ranks first. On the one hand, Northern Cyprus, which has made a great breakthrough in the field of education and tourism in the last five years, has become the choice of many students who want to receive well-equipped and quality education, and the center of attention of tourists who want to have a holiday with its magnificent Mediterranean climate and history dating back centuries.
House sales in Northern Cyprus are mostly realized in British Pounds. You can rent or sell the house you bought for British Pounds in British Pounds.
Economic stability, supply and demand dynamics in the region affect the increase in value. The country-wide value increase in the last one year is 30%. Some regions experienced value increases of 200% – 300%.
Real estate turnaround times in Northern Cyprus vary between 8-12 years. This is considerably lower than the 25-30 years we see in many European countries.
It is 3% of the sale price of the house.
5% of the sale price of the house.
It is the process of formalizing the sales promise contract from the municipality. It amounts to 0.5% of the sales price of the house. There is also a 6% Transfer fee tax calculated on the sales price of the house. In addition, there will be a property tax that will be calculated on the total square meters of the house starting from the delivery of the house.
It is 5% of the sale price of the land.
It is 0.5% of the sale price of the land.
Foreign investors have the right to acquire property in the Northern Cyprus, subject to the permission of the Council of Ministers. The application for a building purchase permit to the Council of Ministers takes between 4 and 8 weeks.
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