Famagusta Apartment For Sale Prices - Current Prices 2022
Apartment units have always been the top choice for real estate investors. Apartments that have recently been completed and offer residence privileges are particularly in demand. The reason for this is that such apartments are easy to sell and rent out. In this article, we would like to share with you the current price levels of apartments for sale in the Gazimağusa region of Cyprus for the year 2022.
Gazimağusa
Before we get into apartment prices in Gazimağusa, let’s introduce the city a bit. Located on the southeastern coast of the Turkish Republic of Northern Cyprus, Gazimağusa is the third-largest city in Cyprus. Known as a “city of universities,” Mağusa is home to a large number of students. In addition to the education sector, Gazimağusa is home to many hotels and is quite developed from a tourist perspective. In recent years, Gazimağusa has been seen as one of the best places to invest in real estate.
Apartment Prices in Gazimağusa
As those looking to buy a home in Northern Cyprus likely know, residential properties in the TRNC are priced in foreign currency. The most commonly used currency is the British Pound. Apartment prices in Gazimağusa start at £20,000 for pre-owned units. Prices for brand-new apartments range from £45,000 to £200,000. The average price per square meter for apartments in Gazimağusa is £560.
- 1+0 turnkey new homes: £45,000 and up
- 1+1 turnkey new homes starting at £55,000
- 2+1 turnkey new homes: £65,000 and up
- 3+1 turnkey new homes: £75,000 and above
The prices listed above reflect the averages in Gazimağusa.
Advantages of Buying an Apartment in Gazimağusa
We have previously discussed the advantages of buying a home in Cyprus. Buying an apartment in Gazimağusa will provide you with all of these advantages. The primary advantage is the opportunity to obtain residency. Additionally, property depreciation periods in the TRNC range from 10 to 12 years, ensuring a relatively quick return on investment. Thanks to the student and tourist population in Gazimağusa, as well as the local population’s growing interest in rental apartments and rent-guaranteed housing projects, you can generate uninterrupted income from your investment. In Northern Cyprus, the ability to rent and sell real estate in foreign currency allows you to earn rent in foreign currency and helps preserve the value of your investment in foreign currency.
Contact Us
You can contact us for any questions you may have about purchasing an apartment in Gazimağusa. By filling out the contact form with your information, you can connect with our expert consultants and easily access all the information you need regarding purchasing a home in Cyprus.