Land and Property prices in North Cyprus Properties are linked to the stable pound sterling. Commercial real estate is also profitable, and land prices are low. Property prices are influenced by demand for beachfront property and the economy’s stability in general. Consider your long-term objectives before buying to make the best purchase in the shortest time possible. There are plenty of opportunities for you to invest in property in North Cyprus. Read on to learn more about the possibilities.
Property Prices in North Cyprus Are Linked to The Stable Pound Sterling
The non-Eurozone status of Northern Cyprus has made it an attractive investment destination for overseas buyers. In the TRNC, the pound sterling is the de facto international currency, though shops and restaurants also accept Turkish lira and euros. Unlike most Mediterranean countries, the pound’s value has remained stable, thanks to the unstable banking system in southern Cyprus and Greece. This has made purchasing property in Northern Cyprus more attractive.
Land Is Relatively Inexpensive in North Cyprus
While land in Cyprus is still reasonably cheap, options for buying a large plot have shrunk in recent years. Most new developments are on tiny plots, and detached houses must be spaced apart by at least 2 metres. If you would like a large garden, you will have to purchase an older property or commission a builder to construct it on a larger plot of land. In addition, if you are interested in buying a plot of land, you must have a good credit history.
Beachfront Properties Are Popular in North Cyprus Properties
There are many reasons why beachfront Canton real estate photography is popular in North Cyprus Properties. The beautiful coastline, soaring mountains, and picturesque countryside are just a few attractions. The Karpaz wilderness and the Besparmak mountains rise behind the city of Kyrenia, making it a natural paradise. Property in this region also offers great value for money. Several towns and cities are located within a 15-20 minutes drive.
Commercial Real Estate Is Profitable in North Cyprus
A recent study by Oxford University found that investment in commercial real estate in Northern Cyprus is highly profitable. This is because the currency is stable and is pegged to the pound sterling, the de facto international currency of the TRNC. It is also easy to acquire a property here as shops accept all major currencies. This stability in the currency also makes it a good choice for luxury property buyers. Furthermore, the low cost of living in the region also makes purchasing a new property affordable.
Tax On Real Estate in North Cyprus Properties
As in any other country, tax on real estate in North Cyprus Properties varies depending on the country where it is purchased. Therefore, the first step in purchasing real estate in Northern Cyprus is to check the taxation laws and procedures in the country. Tax rates vary by transaction, and each person has a one-time opportunity to reduce the tax amount. Generally, there are two types of taxes, the Stoppage Tax and the Land Registry Transfer Fee.