What Type Of Property Should You Buy In Northern Cyprus?
Whether you are looking for an exclusive lifestyle, investment property or retirement home Northern Cyprus has the perfect style of property to suit every budget. Should you’ve already got your heart set on a particular city or region of the island, the next steps are to set a realistic budget and then decide the type of property you want to purchase. The latter will be influenced by the amount of money at your disposal, size requirements, frequency of use and the part of the island you want to live.
Villa
While there are plenty of Mediterranean style villas of all shapes and sizes available on the island, it’s worth noting that an average sized villa in Northern Cyprus is what you would typically call a detached house back in the UK. These mainstays of the local property market usually provide three to four bedrooms, a garden, a private or communal pool (depending whether it’s part of a complex), private parking, barbeque area and a stunning view if you’re lucky.
Villas are a popular choice with families who require plenty of space both indoors and out. Couples who choose to purchase a villa can use the extra space to create a home office and to accommodate visitors. The cost of maintaining a private pool — especially if it’s a holiday home — is an important consideration. Whether you choose to conduct the upkeep yourself or hire a specialist company, remember that heating, water and cleaning costs can add up.
Apartment
Couples and retirees searching for a permanent or holiday home are often drawn by the affordability of apartments and their close proximity to amenities and the beach. Despite sacrificing outdoor space for a prime location, apartments often come with a balcony with great views and space for alfresco entertaining. There are many options of apartment types such as garden apartment, penthouse or loft apartment.
If you’re in the market for an apartment in Northern Cyprus, there are many choices especially in Long Beach Iskele. Here you’ll find yourself craning your neck as you take in its ever-growing vertical skyline, much of which is made up of lofty residential developments. Comparisons with Dubai are a little premature.
If you are looking more private residential than you opt for Kyrenia and can have an apartment, penthouse or loft apartment in a boutique development with all the amenities.
If you are looking for investment Nicosia can be also an option for you with good rental income.
Because the tourism industry in Cyprus is booming — up to 1 million tourists head here each year — easy to clean, manage and rent apartments are a popular choice with investment buyers in tourist hotspots like Kyrenia, Iskele and Famagusta.
Duplex
While a maisonette would suggest a traditional two-floor apartment, the duplex is its trendy younger brother, appealing to those that want something a bit new.
Properties on a complex
Whether you choose to live in an apartment or villa, living on a resort complex can be a very sociable existence. Communal facilities, such as gardens, bars, swimming pool, spa, seminar rooms and gym, ensure making friends in your new home is one less thing to worry about. This community spirit comes at an additional cost, however, so be prepared to pay communal maintenance fees. If you fully immerse yourself in complex life when you arrive, you might even find yourself on the committee responsible for looking after your little community — a sort of parish council in the sun.
Rural stone properties
If you want to escape the tourists and enjoy a relaxed pace of life, head to the mountains and forests in the island’s interior. Here you will discover tranquil villages, where traditional stone houses with thick walls that keep the heat out during summer and bags of potential are the norm. Renovating a rural wreck can be a very rewarding experience as you can put your stamp on the property, and it allows you to own a home with real character in a stunning setting. Karmi and Bellapais in Kyrenia are the best spots for these kind of properties.
Bungalows
Bungalows are single-entity residential homes. Instead of a second floor, the first floor is sheltered by a roof. When you buy such buildings the responsibility for the utilities and amenities will be yours to bear.
Commercial building complexes
As the name implies, commercial building complexes are large buildings incorporating several housing units or offices. You sell each unit in the complex or put the units out for rent.
Land
You’ll find plenty of land in Northern Cyprus. Depending on your needs, you can get lands in villages, towns, residential areas, or commercial areas.
Vacation homes
Northern Cyprus is an island country and the premier destination for people who are looking to buy vacation homes. In Cyprus, you’ll find all sorts of vacation homes, some overlooking the sea, beach, and the beautiful mountains.
Hotels
You can also find hotels being put up for sale in Northern Cyprus.
When it comes to property types in Northern Cyprus, the choices are vast. So make sure you buy from the right source.
Finally, as always it is a privilege to live and invest in Northern Cyprus and we are continuing to release content that will be relevant to help everyone on the other side. As well as on www.privilegedinvestment.com you will find out on Youtube, Twitter, Instagram, Facebook, Linkedin.
You can also attend to one of our Live Webinars to have more info as to the current situation and current beneficial property offers in Northern Cyprus including legal and tax advice prepared by our professionals in our team.
Upcoming Webinar is on 23rd of February 2022 at 19:00 (GMT+1) Lifestyle, Investment & Tax Heaven
To spot your seat visit https://www.immobiliennordzypern.de/events
For any possible questions contact us from info@privilegedinvestment.com
