Nowadays, property investment in Cyprus is considered as a lucrative business. This is especially by nationals from other European countries who are seeking to invest in the European Real Estate. There is therefore no doubt about the fact that the stable market of North Cyprus has caught the attention of many international investors. It is however worthy to note that not only the coastal areas and industrial regions are being targeted by investors as the properties in the most secluded and remote villages of North Cyprus are also not left out. Of course, there are a variety of properties for sale in North Cyprus but that’s not our topic for today as this article focuses on the reasons to buy a property in the North of Cyprus. Let’s look at some of the reasons in the subsequent paragraphs;
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1) Favorable climatic conditions
One of the reasons many people decide to buy properties in Cyprus is the fact that the country has a favorable climate. Of course, Cyprus has the Mediterranean climate which is characterized by hot and dry summers as well as cool and somewhat wetter winters. This warm climate is however an attraction for many Europeans, especially the ones from extremely cold countries like Sweden, Denmark, Norway, and Germany etc. The influx of these people as a result of the great climatic conditions of Cyprus has gone a long way to add the value of real estate in the country.
2) The lower cost of purchasing properties
Another reason why Cyprus is an ideal place to buy properties is that the cost of purchasing properties is comparatively lower than other European countries. Even though the prices of real estate increased in Cyprus in the early 2000’s, the average cost is still 40 percent lower than in Spain and 50 percent lower than in France. With that said, it is possible to purchase an old village home and modern apartment for as little as €100,000 and €130,000 respectively. Meanwhile, fairly large detached villas can be purchased for around €430,000 depending on the location of the property.
3) Lower cost of living
Cheaper cost of living in Cyprus has also gone a long way to add value to its real estate. The reason is that more and more expatriates and foreign nationals from other European countries where life is far more expensive have been taking advantage of the cheaper cost of living to relocate to Cyprus. For instance, groceries in Cyprus, especially fruit and meat is far cheaper than in the UK. In terms of transport, buses are available and fairly cheaper too. The cost of renting apartments in Cyprus is equally relatively lower compared to European countries with stronger economies.
4) Great laws to protect buyers
Above all, North Cyprus has great laws as well as legislatures that protect buyers. It is however apparent that most buyers are more comfortable buying properties in a country which has laws to protect them. For instance, the ‘Trapped buyer’s’ law of 2015 was one of the laws put in place to protect property buyers in Cyprus. The main objective of this law is nevertheless to transfer properties to purchasers who, although have fulfilled their contractual obligations to the vendor, are unable to obtain its Title Deed.