In Northern Cyprus, the growth of the market for new buildings has been recorded for the last decade. In the secondary real estate market, transactions are complicated by increased risks due to the fact that part of the land remains in the ownership of Turkish Cypriots, who can lay claim to it. Therefore, the purchase of housing should be treated more carefully. Clients need to look only at those areas that do not have the status of controversial.
Foreign investors can invest for passive income in the future or for personal living. The cost of housing in Northern Cyprus is formed from four factors:
- The area of the premises, readiness for moving in, no need for further repairs;
- Location, which is understood as a settlement and the availability of the necessary infrastructure in the immediate vicinity of housing;
- Proximity to the sea;
- The level of transport accessibility of the area.
Northern Cyprus is different in terms of relief, degree of urban development and proximity to the sea. Buyers can be offered housing in a coastal or mountainous area. Some cities can boast of modern infrastructure, in other settlements apartments are offered at a relatively low price, but with a lower level of transport accessibility.
Сommercial real estate
In Cyprus, favorable conditions for doing business. Companies from all over the world come here, so they need commercial real estate. Therefore, some investors decide to buy part of the office building in order to rent offices to interested organizations. This method of earning provides a high level of passive income due to the ever-increasing value of real estate. There is only one drawback – to start, you need a significant initial capital.
You can make money on residential real estate. To do this, you need to buy a house, apartment or other housing, then rent it out. As a rule, a large flow of potential customers is provided. The reason is the popularity of Cyprus as a tourist and business destination.