As all of us now know at least the basics of corona virus effect on health, I believe most of us also are aware of the economic effects too. Since my main specialization is on law, property and tax today I would like to give you some opinion as to the property market in North Cyprus as to foreign buyers.
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The foundation of Northern Cyprus Economy is tourism. Then, we have the real estate market/ building industry being the second largest foreign earner of the economy. Although everywhere the economy and property market is locked down I believe every crises bring opportunities.
First of all, It seems that yet again real estate in Northern Cyprus remains the only “stable” in terms of returns and security of asset/rental income. The various measures might be to our favor with the new way of doing business which might be adopted (online applications, online meetings etc.) If successful, there’s no turning back which might at the end work to the benefit of the economy.
Secondly, Once everything is in place, I believe North Cyprus Real Estate Market will continue function and bring income to North Cyprus and recover from corona effect soon since we are still one of the most affordable holiday, retirement home destination in Mediterranean with 300 days of sunshine, have completed properties with the return of investment of 10%-15%, high yield and capital appreciation, and we are one of the best places to set up an online business and live as digital nomad due to our affordable good relax lifestyle in nature. Northern Cyprus is even better now for foreigners due to our currency being Turkish Lira and peaceful environment.
Thirdly, due to our gas reserves in Cyprus sooner or later the amicable solution between north and south will be found.
Viewings are impossible under lock down but 3D tours, drones and phones are helping. Virtual solutions are proving essential to keep transactions on track while the corona virus pandemic renders face to face meetings impossible.
Should the Buyer decides to buy through virtual solutions how are we going to complete the deal? Is the sale going to be parked with legal agreements in place rather than entirely abandoned and what will be financial and legal implications of pulling out of a deal?
The Buyer can instruct the agent and the solicitor to prepare the documents for buying process and if willing to apply for a mortgage from the bank to prepare the relevant documents to for it. The government is willing to open the Land Registry Office soon for mortgage registration and hopefully contract registration too. The same should be applicable for the courts in order to avoid any unforeseen damage to the third parties’ rights. Once the contract is in place and the registration is done at the Land Registry, the Seller can receive the payment and there will be no adverse possible implications on neither the Buyer nor the Seller.
In addition to all of this, we proved once again we are the one of the safest country in the world with our very low statistics of corona virus. Since, the island is very exclusive and thanks to our independent government being so quick implementing the relevant measures with our very professional health system to stop the spread of it.
Finally as always it is a privilege to live 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.