If you have a limited budget and a strong desire to live by the sea, consider cheap real estate in Northern Cyprus. Budget housing has its advantages and disadvantages, so it’s essential to make a serious choice. Let’s go through the main pros and cons of budget apartments on the island.
1. Obtaining Permanent Residency
Owning real estate allows a foreign citizen to apply for permanent residency in Cyprus. It’s not necessary to buy expensive housing; a budget apartment will suffice. If you don’t have the full amount to purchase, it’s recommended to buy an off-plan property in installments. In this case, you make an initial payment of 35%, and the rest is paid according to a predetermined schedule over several years.
2. Real Estate Investments
Buying a property in Northern Cyprus is a quick way to profit from investments. To make the purchase of an apartment more convenient, you can grant power of attorney to a lawyer and buy the property remotely, saving time and money on travel expenses.
Buying an Apartment Under Construction in Northern Cyprus
For reselling property, consider purchasing homes at the construction stage. These options can yield substantial dividends due to a reduced cost of 15–25%.
When buying an apartment at the start of sales, you may earn up to a 40% profit. During the launch of a new project, the developer offers minimal prices on apartments and provides an additional discount of up to 10%. This offer is valid for 1-2 weeks from the start of sales. Afterward, apartment prices typically increase by 25-30%.
Apartments for Rent
Furthermore, cheap real estate is a profitable business that allows for passive income. Apartments can be rented out for short-term or long-term periods. The choice of a specific rental method depends on the property’s location. In non-touristic areas, long-term rentals are profitable, while in resort cities, short-term rentals are more popular.
3. Beachside Living
Cyprus is known for its favorable climate and abundant sunshine. Many people dream of moving to Cyprus, but not everyone has the funds for expensive housing. Therefore, if you lack the full amount for a high-quality property or want to experience life on the island without significant expenses, consider buying cheap real estate in Cyprus.
Live temporarily in a small apartment, explore the market, various regions of the island, and then decide on a permanent residence. This approach allows you more time to familiarize yourself with the real estate market and assess the quality of life in the country.
1. Hidden Defects and Lack of Repairs
When purchasing the cheapest real estate in Northern Cyprus, be prepared for additional expenses for repairs, furniture, and household appliances. Before signing a contract, assess potential expenses and benefits from the purchase.
Hidden defects may emerge after buying real estate, such as issues with engineering communications, leaks, and low winter temperatures. If you’re not ready to face such difficulties, consider buying a higher-class property to avoid future problems.
2. Waiting for the Completion of Construction When Buying an Apartment in a Developing Building
Apartments under construction are usually cheaper, but the initially set completion date may be postponed. It’s advisable to carefully research the developer to select a quality property.
3. Buying an Apartment Far from Infrastructur
Sometimes, budget housing lacks nearby roads, shops, or cafes. You need to personally inspect properties and the surrounding area on the island. This way, you can compare real estate in different price categories and different regions to find the optimal option.