Northern Cyprus offers numerous benefits for vacation homeowners, including a warm Mediterranean climate, beautiful beaches, and rich cultural history. The region is still emerging as a tourist hotspot, making property prices more affordable with great potential for future appreciation. Investing in a vacation home here can lead to significant upsell opportunities as the area continues to develop and grow in popularity.
Additionally, Northern Cyprus has a thriving seasonal short-term rental market, particularly during the summer months. Homeowners can take advantage of high tourist demand to generate rental income, making it both a relaxing getaway and a smart investment.
Sparkling Beaches: Cyprus Ranks #1 for Cleanest Waters in the EU
A report issued by the European Environment Agency (EEA) examined the water quality at 22,276 bathing sites across the 27 European Union nations, plus Albania, Switzerland, and the U.K. The island nation of Cyprus achieved a perfect score of 100%, earning top honors for having the highest quality standards of swimming waters tested between May 1 and October 31 of 2020.
In fact, all 212 swimming sites in Cyprus earned an "excellent" ranking.
Northern Cyprus
Northern Cyprus Real Estate: Prices, Costs, and Key Insights:
Floor Space Range (Residential Properties):
- Apartments: 50 m² to 200 m²
- Villas: 120 m² to 500+ m²
- Townhouses: 80 m² to 250 m²
Price Range:
- Apartments: €50,000 to €250,000+
- Villas: €150,000 to €1 million+
- Townhouses: €80,000 to €400,000
Utilities (Monthly Averages):
- Electricity: €50 - €100
- Water: €20 - €50
- Internet: €20 - €40
- Gas (bottled, as there’s no mains supply): €10 - €30
Taxes:
- Property Transfer Fee: 3% of property value
- Annual Property Tax: Approximately 1% of the property value
- VAT: 5% on property purchase
Distance to the Beach:
- Properties near the coast (within 1 km) are highly sought after, with premium pricing.
- Inland properties (5 km or more) offer more affordable options.
Average Cost of Living (Monthly for Single Person):
- Rent (1-bedroom apartment in city center): €250 - €400
- Rent (1-bedroom apartment outside center): €150 - €300
- Groceries: €200 - €300
- Dining Out: €8 - €20 per meal
- Transportation (public): €1 per single trip
Other Related Factors:
- Popular Areas: Kyrenia (Girne) and Famagusta are prime locations for coastal properties.
- Rental Yields: Short-term vacation rentals offer yields of 6%-8% annually.
- Climate: Mediterranean, with mild winters and hot, dry summers.
- Accessibility: Regular flights to Ercan International Airport (via Turkey).
Our team of experts can assist with any questions regarding:
- Property purchase
- Sale
- Management
- Maintenance
- Short & long-term rentals
Contact us via phone or WhatsApp for personalized support. We are fluent in English (EN), Turkish (TR), and Farsi (FA), and are ready to assist you in your preferred language.
Your Local Expert: Shafagh Hesam
Phone or WhatsApp: +90 533-880-00-62