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Investing in North Cyprus - A Look Behind the Process - What to Know

The sun-soaked city of North Cyprus is a prime location for retirees as it offers attractive taxation laws on top of its impressive infrastructure, commendable communications, and reputable medical and educational sectors.

Due to its increase in popularity, the property prices in Cyprus have skyrocketed as much as 80% over the last five years. While the market is becoming saturated, properties in Cyprus remain top-notch and present good value for investors, renters, retirees, or first-time home-buyers.

With that in mind, you first need to understand the process of buying a property in North Cyprus before you can move forward with your dream location. By equipping yourself with rudimentary knowledge on the housing market in Cyprus, you can make the journey to your investment as smooth as possible.

 

  1. Acquire the Power of Attorney

 

The first step to purchasing the property of your dreams is to set up power of attorney. They are responsible for preparing the contract and can help you evaluate the legalities of the property to keep you away from any tricky potholes. Not to mention, your chosen lawyer will be tasked with overseeing your application to purchase, along with the registration of the contract of sale.

In addition to guiding your course of action throughout the process, the power of attorney enables lawyers to sign documents on your behalf in cases where you are unavailable for the time being.

With plenty of crucial roles in their checklist, it goes without saying that hiring lawyers to guide your property investment is a must. If you ever find yourself in search of certified legal advisors in North Cyprus, Privileged Investment can give a helping hand by providing a list of reliable lawyers.

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4 Tips to Buying Investment Property in North Cyprus - What to Know

Purchasing an investment home comes with quite a bit of work. It’s especially challenging to navigate the real estate market when you’re a first-time property investor. There’s an extensive list of factors to consider—credit scores, down payments as well as other incidentals such as furnishings and storage facilities.

Since you are making a sizeable investment, it’s crucial to arm yourself with the right information. After all, you’re putting your money and investment into what could end up being one of your most valuable assets.

Still unsure of your abilities to invest in a property that will get you a return?
Here are our four tips that will make your journey to becoming an avid property investor in Cyprus smoother and a less stressful ride:

 

Tip #1: Contact a Privileged Investment Agent Who Knows the Area and Market

 

During the process of searching for the home of your dreams, the right agent can turn your hopes into reality. This is due to their knowledge and expertise in the area. They’ll be able to provide you with valuable insight into the properties you’re interested in. Additionally, they’ll be able to direct you to reliable loan officers and real estate attorneys, thanks to their industry contacts. Not to mention, they can give you tried and true tips on how to prove sellers that you’re a serious buyer.

It’s crucial to hire the best real estate investment agent for your needs as this individual can make or mar your home buying experience. You will find that referrals are invaluable when choosing your realtor. 54% of buyers found their agents from referrals from families and friends, though you can also check out for ratings online.

 

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A Guide on Buying Property in Cyprus - What to Know

Cyprus is a beautiful country that is beset with promising real estate investment opportunities. If you want to expand your investment horizons, know that the country has a wide range of properties you can purchase, manage, rent, or even sell for profit. From modern apartments and traditional homes to luxury villas and estates, you have tons of options to choose from.

Investing in a property in Cyprus

 Cyprus is arguably one of the best countries to buy property from. When compared to other European countries, foreigners are free to purchase properties, as long as they provide proper documentation and are free from criminal records.

 Buying property in Cyprus opens you up to a long list of benefits, including obtaining a residence visa for you and your family, freehold ownership, rental income and selling opportunities, permanent relocation opportunities, VAT reduction, and even a chance at citizenship.

 

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