North Cyprus is a pearl among the seas with a mild climate, diverse nature and attractive conditions for life and investment.
Advantages of Buying North Cyprus Real Estate
Both a resident and a foreigner can buy property in North Cyprus. Such a transaction has a number of advantages:
- Affordable prices. Housing in North Cyprus is cheaper than in other Mediterranean countries and the Republic of Cyprus.
- Low taxes. Taxes related to real estate are lower than in EU countries.
- Ease of registration. A simplified process for acquiring real estate for foreigners and less complicated bureaucracy in general.
- Prospects for growth in value. The North Cyprus market shows stable growth, both in the future and in terms of offers.
Key Features of Residential Property for Sale in North Cyprus
When purchasing real estate, it is important to consider the following aspects:
- Stamp duty. 0.5% of the value of the property, paid upon registration of the purchase and sale agreement.
- Property transfer tax. 6% of the property value for foreigners.
- VAT. 5% when purchasing new housing; Resale properties in North Cyprus are not subject to VAT.
- Documents. For registration, a sales contract, identity card (passport), proof of payment of taxes and fees are required. After this purchase, the registrar is transferred to the land registry for a period of 21 days from the date of signing the contract.
- Requirements. Foreign buyers can purchase one property with an area of no more than 1,340 m². The rules require obtaining permission from the Council of Ministers of the TRNC for the purchase of real estate.
Property Prices in North Cyprus
Real estate prices directly depend on the location, such as the property and its condition. In 2024, the cost of apartments will average from 80,000 to 150,000 euros, depending on the stage of service, location and other characteristics.
Property prices in North Cyprus by city:
| |
Kyrenia (Girne) |
Famagusta (Gazimagusa) |
Iskele |
Esentepe |
Alsancak |
| One-bedroom apartments |
€80,000 to €120,000 |
€70,000 to €100,000 |
€60,000 to €90,000 |
€75,000 to €110,000 |
€70,000 to €100,000 |
| Two-bedroom apartments |
110,000 to €150,000 |
€90,000 to €130,000 |
€80,000 to €120,000 |
€100,000 to €140,000 |
€90,000 to €130,000 |
| Villas |
€200,000 and up, depending on the area and location to the sea |
€180,000 and up |
€150,000 and up |
€220,000 and up |
€200,000 and up |
Property for sale in North Cyprus is very common, so it should be taken into account that the price is affected by proximity to the sea, accessibility and development, secondary and primary status of the property, as well as the year of its construction.
Popular Cities and Areas of North Cyprus for Purchasing Housing
Northern Cyprus offers a variety of areas for purchasing real estate. The most popular are:
- Kyrenia (Girne). In any case, the heart of the region, famous for its resorts, harbors and historical sites. The average cost of housing in Northern Cyprus in Kyrenia for apartments is € 1,400 per m².
- Iskele. An area with beautiful beaches and new residential construction. Ideal for reducing due to affordable prices and economic growth.
- Famagusta (Gazimagusa). A city with a rich history and a university center. Here you can find both budget options and luxury real estate.
- Lefkosa (Nicosia). The capital and business center of Northern Cyprus, where modern residential complexes and infrastructure are presented.
- Alsancak. A family-friendly area that offers proximity to nature and developed infrastructure.
