Krympress reports:
The popularity of Northern Cyprus in terms of investment in real estate is growing every day. More and more foreign investors come to this sunny region in order to get comfortable housing for personal use or rental. However, planning to buy apartment in Cyprus Inexpensive, you should familiarize yourself with the pros and cons of the purchase of housing on the island. The region has a special political status and its nuances of the conclusion of transactions that any potential owner should know.
Advantages of buying apartments in Northern Cyprus
TRSK is an unusual place where Western comfort is peacefully coexisted with the colorful culture of the East. The housing market of this region is in active development and is becoming more interesting for buyers from abroad. The most popular locations for the purchase of housing are coastal areas that tourists regularly visit. Good offers can be found in Espertpeope, a spark, Famaguste, Kyrovia, Gaziveren.
There are many reasons why it is worth buying an apartment in Cyprus. Here are some arguments in favor of the acquisition of housing in this location:
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Relatively low prices. Compared to other resorts of the Mediterranean Mediterranean, the city of TRK can offer customers a more affordable real estate. The cost of apartments in tourist areas of Northern Cyprus starts at 70,000 €.
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Large selection of real estate. For sale, many housing options are offered in both the primary and secondary markets. Buyers can choose comfortable apartments, villas, townhouses, two -level apartments.
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High profitability from leasing. The profit of the owners from renting apartments can be 7-12%. The most profitable objects on the coast are considered, which in the summer are in high demand among tourists.
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Loyal taxation. The tax rate in the transfer of ownership in TRK is only 1.5 to 4%.
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Simplicity in the legalization of living. The acquisition of housing gives foreigners the right to apply for a residence permit or citizenship. Loyal requirements are presented to the applicants, and the residence permit can receive not only the property owner, but also members of his family.
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A favorable climate and clean beaches. Northern Cyprus has a soft climate with warm winter and hot summer. Living here is comfortable throughout the year. Apartments are often located near the beaches, so it is ideal for resort rest and year -round living.
Cons of purchasing apartments in Northern Cyprus
One of the main disadvantages of the acquisition of housing in TRK is the controversial rights of real estate owners. Some objects on the territory of Northern Cyprus are still claimed by residents who, after the conflict in 1974, moved to another part of the island. To avoid possible problems, before making a transaction it is worth carefully studying documents for a house or apartment, and even better — to enlist the support of professionals.
Other disadvantages of investment in real estate TRK include:
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Insufficiently developed infrastructure. Despite the active development of the country, in some areas there is a limited access to infrastructure facilities and transport reports. In order not to encounter difficulties, it is worth purchasing housing within popular tourist centers.
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Unscrupulous developers. Some construction companies may not fulfill their promises or delay the deadlines for the delivery of complexes. Therefore, an important condition for the purchase of primary real estate of the Northern Cyprus is a thorough study of the reputation of the developer.
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Hidden expenses that the buyer may not know about. In addition to the cost of housing, the purchase provides for a number of additional costs (property tax, registration fee in the land register, a fee for connecting communal networks, etc.). On average, these expenses can be up to 20% of the price of the apartment.
Useful recommendations
To buy housing in TRK I left only pleasant impressions, you should carefully read the contract of purchase/sales. It will not prevent you from personally to come to the island and make sure that all the seller’s promises are real. Before buying, it is advisable to study the real estate market of the Northern Cyprus, evaluate the living conditions, and also find out how much housing costs in the country. The optimal solution is to appeal to an experienced realtor who will help find suitable options and ensure the safe completion of the transaction.
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