Advantages of Investing in Cyprus
10 reasons to invest in real estate in Cyprus
More Affordable Real Estate Prices
In addition to all other benefits, the TRNC offers the greatest advantage of all: affordable real estate prices. You can easily buy real estate at prices 40-50% lower than those in most European and Mediterranean countries.
Shorter Payback Time on Investments
You are better off investing in real estate in North Cyprus than in any other place in the world due to shorter payback times on your property investments. While the payback time in many European countries ranges between 20-30 years, in the TRNC, it is around 8-12 years.
Hassle-free Processes for Foreign Investors
Foreign investors looking to invest in real estate in Northern Cyprus can manage all transactions in the TRNC with the help of an appointed attorney of their choice. This makes the entire sales process run smoothly, from the preparation of the sales contract to the approval of the sales permit by the Council of Ministers.
TRNC Residency Permits
By purchasing real estate worth € 125,000 in Northern Cyprus, you automatically qualify for an annual temporary residence permit for 3 years. After 3 years, you can then receive a temporary permit for 2 years. After a certain period, you are granted a permanent residence permit, which means your children born in the TRNC also qualify for citizenship and can benefit from these rights.
Increase in Value of TRNC Real Estate
In recent years, the real estate and construction sector in the TRNC has added to the brand value of Cyprus thanks to the numerous new projects and the resulting growth of the real estate sector. In the TRNC, where real estate prices are rising with each passing day, the average increase has been 30% and above just in the last few years.
Rising numbers of Universities and Students in the TRNC
The number of academic institutions actively offering education in the TRNC is currently 27. This number is expected to increase thanks to the establishment of new universities whose permits have been completed and will soon open their doors to students. As a result, the number of university students, which has steadily increased by 10% each year and is currently around 120,000, is expected to rise.
Soaring Investments in the TRNC’s Tourism sector
The increase of the tourism sector’s capacity through government incentives has given rise to investments in hotels and tourist facilities. Building the capacity of the tourism sector in Northern Cyprus will boost the demand for real estate, a sector currently hosting over 1 million visitors each year.
High Rental Demands All Year Round
The high demand for rental homes in Northern Cyprus is non-stop throughout the year. 120,000 university students and foreign visitors coming to the TRNC are without a doubt the most crucial reason for this. The TRNC, with a population of 350,000, welcomes over 1 million visitors annually.
Buying and Selling Real Estate in Foreign Currency
Transactions in buying and selling real estate in North Cyprus are usually done in sterling. Doing so protects the real estate investment against the risk of inflation while providing great convenience for foreign investors.
Discounts for New Launch Real Estate Projects
Real estate projects in North Cyprus are put on sale at bargain prices when they launch. During this period, you can add to your assets by purchasing real estate at discounted prices.