2020 is over and now we are ready for a fresh start in 2021. As a real estate enthusiastic and since my main specialization is on law, property, and international tax, I would like to give you my opinion as what to expect to the property market in North Cyprus in 2021 as to international buyers.
First of all, it seems that yet again real estate in Northern Cyprus remains stable in terms of returns and security of asset/rental income.
The effects of last year’s pandemic had several positive reasons increasing the value of North Cyprus properties. We have been one of the securest countries in the world regarding positive cases and always remained a safe destination for holidaymakers. Due to this pandemic, everyone realized how special a small country with its small population is and that being surrounded by nature to move freely has become one of the biggest luxuries last year.
Our government has implemented various measures not just to secure health but also to adopt new ways of doing business (online applications, online meetings etc.) It has been proved to be successful and there is no turning back which at the end worked to the benefit of the economy.
North Cyprus Real Estate Market continued functioning and bringing income to North Cyprus since we are still one of the most affordable holidays, retirement home destination in the Mediterranean with 300 days of sunshine, 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 a digital nomad due to our affordable good relax lifestyle in nature. Northern Cyprus is even better now to invest and live for foreigners due to our currency being Turkish Lira and peaceful environment.
“What if I can’t travel to see potential properties?”
Viewings continued under lockdown in form of 3D tours, with drones and phones. Virtual solutions were proving essential to keep transactions on track.
When the Buyer decided to buy through virtual solutions how did we complete the deal? Did the sale park 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 instructed the agent and the solicitor to prepare the documents for the buying process and if willing to apply for a mortgage from the bank to prepare the relevant documents to for it. The Buyer simply gave a special power of attorney for and on behalf of the solicitor for buying, renting, applying for a mortgage, and opening a bank account. Our governmental offices, banks are still open, and the Land Registry Office is also open too for mortgage registration and contract registration too. Of course, the same is applicable to 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 received the payment and there will be no adverse possible implications on neither the Buyer nor the Seller.
This year, current projects will be finished, new projects will be launched and due to the increased value of North Cyprus property prices will go up.
We expect more foreign people from many different countries and continents. With the vaccine being in a place we believe people will start to fly again in and out commencing from March 2021 and North Cyprus will be on high demand for property buyers.
Until then, we are here for your questions, needs and properties. Please contact us with any further questions.
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.