Five reason to start with
1. Price of property
People look for and value different things when it comes to most things in life, and buying property is no exception. But if we could agree on one thing almost all people find important in the purchasing process, it would be the price. In North Cyprus you get new and modern property for prices you might not believe are real. That means that the dream of owning property in the Mediterranean is maybe not so out of reach as you thought, right up till now.
Such moderate prices mean that you will not only be able to afford to actually buy property here in North Cyprus, but also that you might be able to upsize. A one bedroom instead of a studio, a house instead of a semi-detached etc. Buying close to the sea is a definite possibility here, even close to, or in an urban area.
2. Low property taxes
When you come here and see for yourself the possibilities, the modern architecture and the facilities that come with it, and when you have thoroughly checked the price level for different types of properties, seen North Cyprus and gotten to know it, you might easily decide to buy. At this point it would be very advisable to know the tax level as well 😊
- Tittle deed transfer fee is 3% for the first purchase
- VAT for property transactions is 5%
- Stamp duty is 0.5%
- All this amounts to 8.5%
Property tax/Council tax is 1 (one) TL per square meter (internal property size) annually.
Capital Gains Tax is paid by the Vendor.
3. Low cost of living
It is not only that the property is very reasonably priced in NYC, but day-to-day living is very affordable as well. It is one of the most affordable places in the Mediterranean, and extremely affordable for anyone coming from EU/EEA/US.
Below you can see some examples:
- Petrol 1l 95 unleaded = €1
- 19l water container = €1.3
- Bread – local white bread = €0.30; wholegrain = €1.5
- Fruit and vegetables can be bought both in supermarkets and green markets, with prices being very reasonable, usually just a few TL (€1 = TL3.92) per kilo of product.
- Lunch in a restaurant for 2 – anything from €10 to €40.
Located in the Eastern Mediterranean, whole Cyprus is blessed with very mild climate and around 320 sunny days per year. You can go in short sleeves during the day all the way until Christmas, and continue to do so already in February. There will be rain sporadically during the winter, which means from end of December and parts of January. It can rain sometimes even in February, but this will not be daily occurrence, and not every year.
Temperatures will reach 20 degrees C even during the winter, and you can expect sunny days and more short sleeves’ weather in this period as well. March is usually sunny and temperatures reach 25 degrees C. In March water temperature reaches 20 degrees, and from then on it is steadily on the rise, until it reaches 28-30 degrees during the summer.
Summers are warm and sunny, but around noon fresh breeze comes from the mountains and makes it very pleasant to be outside. July is usually the warmest and most humid, which is a constant in the Mediterranean.
5. Friendly people
It is interesting to think of a place with so many attractive qualities, like affordable prices and wonderful climate, thinking this is enough of an enticement in itself. But let us not forget something very important – if you decide to move here, one more thing will become very important, and those are the people. Local people with whom you will have interactions on daily basis. People in your supermarket, in public transportation, your neighbors etc. It will then become evident how important it is to be surrounded with friendly and openhearted people, who will without prejudice start a conversation or give a helping hand.