Is North Cyprus becoming new Dubai in Mediterranean?
In recent years, North Cyprus property market has seen a significant surge in its property market, leading some to speculate whether the region is on track to become the next Dubai. While the comparison may be a bit premature, there is no denying that the property market in North Cyprus has experienced a massive transformation over the past 12 months.
According to recent reports, the North Cyprus property market has become a seller’s market, with prices rising at an unprecedented rate. Cash buyers are particularly keen on investing in North Cyprus, which has made it challenging for those looking for cheap properties.
Experts attribute the surge in North Cyprus’s property market to its similarity with other Mediterranean property markets that have also experienced a post-COVID boom. As a result, there is a noticeable shortage of affordable “old price” properties, particularly villas built between 10 to 18 years ago.
Despite the rising prices, property investors are still urged to consider investing in North Cyprus. The market shows no signs of slowing down, and prices are expected to continue rising. However, experts suggest that potential buyers act fast to secure the best deals possible.
While North Cyprus is not yet on par with Dubai’s property market, there is no denying that it has come a long way in a short amount of time. As more investors flock to North Cyprus, it is likely that the region’s property market will continue to grow and transform, making it an exciting place for property investors to watch.
The property market in North Cyprus has undergone a significant transformation over the last 12 months. It has become a property sellers’ market, with cash buyers being the primary drivers of the market. This trend has been observed across other Mediterranean property markets that have boomed post-covid. As a property investor, this is a good time to buy as prices are still on the rise. However, it’s recommended to act quickly to get the best offers.
One of the features of the current North Cyprus market is the shortage of affordable “old price” properties, particularly villas that were built about 10-18 years ago. These types of properties are highly sought after by buyers due to their prime locations and classic architecture. However, their scarcity has made them more expensive, and many buyers are now looking for alternatives.
The current market trend in North Cyprus favors cash buyers, as they have the advantage of being able to make quick transactions. This is particularly important in a seller’s market where properties are in high demand. Investors who can make cash purchases are in a better position to secure their desired properties quickly, giving them a competitive edge over buyers who need financing.
While the market in North Cyprus is currently favorable to sellers, it’s still an attractive destination for property investors. Prices are still on the rise, and the market is expected to continue growing in the future. Therefore, it’s recommended for potential investors to act fast to secure the best deals.
North Cyprus Property Market
The North Cyprus property market has become increasingly popular in recent years, with many investors and buyers looking for opportunities to purchase properties in this region. Here are some key details about the North Cyprus property market:
Property prices: The North Cyprus property market offers affordable prices compared to other European countries, making it an attractive option for buyers and investors. The average price of a property in North Cyprus can range from €120,000 to €500,000, depending on factors such as location, type, size, and condition of the property.
Foreign investment: The North Cyprus government has implemented several measures to attract foreign investors, including a citizenship program and tax incentives. As a result, the region has seen an influx of foreign buyers in recent years, with British and Russian buyers being the most active.
Property types: There is a range of properties available in North Cyprus, including apartments, villas, townhouses, commercial properties, and land for development. Properties on or near the coast tend to be the most popular, with many buyers looking for properties with sea views.
Property ownership: Non-Cypriot residents can own property in North Cyprus. However, there are restrictions on the amount of land that foreign nationals can purchase, and permission from the government is required for buying property in certain areas.
Mortgage options: It is possible to obtain a mortgage in North Cyprus, but the terms and conditions can vary depending on the lender and the individual’s financial situation.
Taxes and fees: Buyers should expect to pay a range of fees and taxes when purchasing a property in North Cyprus, including transfer fees, stamp duty, legal fees, and agent fees. These costs can range from around 6.5% to 17% of the property price.
Rental market: There is a growing rental market in North Cyprus, with many buyers looking to invest in properties for rental income. Rental yields of around 5% to 7% are not uncommon, but the potential returns can vary depending on the type, location, and condition of the property.
Overall, the North Cyprus property market offers a range of opportunities for buyers and investors looking for affordable properties in a growing market. However, buyers should be aware of the legal and regulatory issues and seek professional
Make content from this article: The property market in North Cyprus has changed completely over the last 12 months and is currently a property sellers’ market mainly for cash buyers. If you are a property investor, it’s still a good time to buy, as prices are still rising, but we recommend coming as soon as possible to get t
The North Cyprus market shares features with other Mediterranean property markets (all of which have boomed post covid), and you may well have already noticed the following:
* A shortage of affordable “old price” properties (particularly villas) which were built about 10-18 years ago, as this stock is being snapped up very quickly and demand is outstripping supply. If you had a budget in mind a year ago, you may need to be more flexible on what type of property you are willing to purchase for that same budget.
Limited development land, shortage of resale house making prices rise.
In conclusion, the property market in North Cyprus has undergone a significant transformation, becoming a sellers’ market for cash buyers. The demand for affordable “old price” properties has increased, making them more expensive and harder to find. Investors who can make cash purchases have a significant advantage in this market. However, despite the current trend, North Cyprus is still an attractive destination for property investment due to the rising prices and the potential for growth in the future. Therefore, investors are advised to take advantage of the current market conditions and act quickly to secure the best deals for available property for sale in Northern Cyprus.