About the cost of real estate in Cyprus

About the cost of real estate in Cyprus

Northern Cyprus, also known as the Turkish Republic of Northern Cyprus (TRNC), has remained an unrecognized state by the international community since 1983, officially recognized only by Turkey. This status has an impact on the local real estate market, which is divided into properties with Turkish and Greek titles.

The value of real estate in Northern Cyprus is constantly growing, which attracts the attention of foreign investors interested in purchasing real estate and obtaining residence permits. Favorable tax conditions and the opportunity to invest in entire residential complexes with guaranteed income make this region attractive to international investors. In addition, the low tax burden on real estate and the variety of investment opportunities make it an attractive destination for those who seek to diversify their portfolio.

The construction market and new buildings are becoming the leading trends in Northern Cyprus. The sector is experiencing a real boom, especially in coastal areas, which are almost completely built up. Construction activity is now moving to sites a few kilometers from the sea, as well as to areas that previously did not attract investors.

With the tightening of building regulations, many new low-rise projects are emerging in the country, focused on seismic safety and proximity to the sea. Developers mostly prefer small chamber complexes, leaving multi-storey construction only in the center of the island.
There are complexes representing entire towns with a variety of infrastructure, including swimming pools, gyms, restaurants, shops, kindergartens, fitness centers, spas and much more.

The market is witnessing the emergence of new developers, mainly from mainland Turkey, which leads to an increase in the quality of construction and the implementation of new concepts for organizing space within complexes.

Unlike some European countries, where the real estate market is under pressure due to high interest rates on loans and the economic recession, Northern Cyprus is in a stable state of growth and development. Some analysts compare the TRNC with the UAE 15-20 years ago, noting the potential for long-term stable economic development.

The terms of purchase with developers are very flexible, with the possibility of interest-free installments for the construction period and after receiving the keys.

Currently, the most promising are villas, small complexes and real estate in the regions that are just beginning to be built up. It is also important to pay attention to special offers from developers, such as guaranteed leases or contracts for the payment of guaranteed income.