Prices for Apartment for Sale in Cyprus
Investing in real estate in the Turkish Republic of Northern Cyprus promises high returns. That said, apartments are the most popular type of property among those purchasing homes for investment purposes in the TRNC. Apartments or residence units are the first type of housing that both investors and those looking to rent a home consider. So, what is the current price range for apartments for sale in Cyprus?
The apartment prices mentioned here reflect an average across Cyprus. It is always possible to find apartments listed for sale at prices higher or lower than the figures provided.
Apartment Prices in Cyprus
Additionally, the key factors distinguishing apartment units in Northern Cyprus are the building’s age, location, living area, and number of rooms. Another factor influencing apartment prices is the city in which the apartment is located. The cities where apartment prices in Cyprus are highest, in order, are Kyrenia, Nicosia, Famagusta, Iskele, Güzelyurt, and Lefke.
The average prices for apartments for sale across Cyprus are as follows:
- Kyrenia: £70,000
- Nicosia: £65,000
- Famagusta: £60,000
- Iskele: £60,000
- Lefke/Güzelyurt: £40,000
Advantages of Buying an Apartment in the TRNC
Buying an apartment in Northern Cyprus comes with many advantages. Financial opportunities are at the top of the list of benefits awaiting those looking to purchase apartments in Cyprus.
First, the real estate depreciation period in the TRNC ranges from 8 to 12 years, which is one of the shortest periods seen worldwide. Additionally, the Cyprus real estate market is quite active, and rental properties find tenants very quickly. This makes it quite easy to generate a steady income from your investment.
Those reviewing listings for apartments for sale in Cyprus have noticed that homes in the TRNC are transacted in foreign currency. Furthermore, apartment rents in Northern Cyprus are also quoted in foreign currency. This situation offers those purchasing apartments for investment the opportunity to earn rental income in foreign currency.
Furthermore, in addition to all this, Cyprus offers a high standard of living with its low crime rates, unique natural beauty, and favorable economic conditions. Residence permits are granted to individuals who purchase apartments in the TRNC. Thus, those who buy a home in Northern Cyprus gain the chance to live on a dreamlike island boasting some of the Mediterranean’s most beautiful beaches.
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