Real estate in Famagusta: types of residential property and the benefits of buying
Just a few years ago due to the conflict between North and South Cyprus, residential real estate in Famagusta was not in a great demand. Now the situation is getting better: the economy is growing, medicine is developing, and large retail chains are entering the city. Accordingly, residential property is becoming in demand: it is actively bought up by people wishing to obtain a residence permit or arrange a place for regular recreation.
Where you can buy property in Famagusta
Clean sandy beaches are the main attraction of the city. In olden days, the best hotels in Cyprus stood next to them. But after the war the concept was changed, and now they are increasingly replaced by modern residential clusters with small studio apartments and spacious two-bedroom and three-bedroom apartments.
In other areas you can find accommodation for every taste:
- Luxury villas with private swimming pools and a large outdoor space. The highest cost of villas in Famagusta is recorded in the historical district of Varosha. In the outskirts your acquisition will cost cheaply.
- Townhouses united in architectural ensembles.
- Apartment houses enabling you to buy property in Famagusta at a bargain price.
Cheap one-bedroom apartments tend to be the most popular in such houses. They are easy to rent out, sell, and, moreover, they have the lowest taxes.
Benefits of buying
In recent years, prices for residential property in Famagusta have increased by 8-10% and continue to grow. According to forecasts, in 5 years a square meter will raise in price by one and a half times. Therefore, now it is high time to buy a real estate in Famagusta and its outskirts. It is especially important to those who are going to relocate for permanent residency.