North Cyprus is very popular among foreign investors. They prefer to buy new property in North Cyprus like villas and apartments. Some people can’t solve what is better to buy. So, let’s check the pros and cons of villas and apartments in North Cyprus.
Apartments
There are many options for apartments in North Cyprus. In this case, it’s possible to find something in compliance with your financial features and preferences. These are the advantages of buying apartments in the country:
- High rate of security. The criminal rate is very low in North Cyprus. According to the data, many people even don’t lock their cars and leave keys from their apartments under the carpet.
- Nice climate. It’s possible to have a rest here.
- Developed infrastructure. You will find many banks, international schools, shops, clinics, and so on on the island.
- Tourism is developed here, that’s why you can rent your apartments to get some income.
- The property price is always increasing. The annual price increase is about 10%.
- Easy way to buy apartments.
You can find objects that are already built and under construction. If you are interested in saving money, it is better to tie a reliable developer like Stay Property. The company has several developing projects in North Cyprus.
There are some disadvantages of buying apartments here too.
- Risk of political instability. Northern Cyprus remains a disputed region, and the political situation may affect the value of real estate and the investment attractiveness of the region.
- Language barrier. Although English is widely spoken in Northern Cyprus, knowledge of the local language (Turkish or Greek) can be an advantage for you.
- Limited Rental market. The apartment rental market in Northern Cyprus may be limited due to the small number of tourists and locals willing to rent accommodation (in comparison with other tourist countries).
Apartments are usually cheaper than villas.
Villas
The villa is suitable for people who want to live without neighbors. It offers more comfort than an apartment. These are the advantages of this type of real estate:
- having your own swimming pool;
- no problems with parking;
- there is a house territory that can be arranged at will;
- the house belongs only to you;
- usually, the villas are located next to the sea.
The only disadvantage of the property is the higher price. It’s reasonable to buy a villa under construction to save money. According to the practice, it is easier to rent a villa to tourists. Native citizens prefer apartments.
In any case, it is profitable to buy real estate in the North Cyprus. There are many objects under construction. So, think about the feature to save money. Moreover, some developers prefer interest-free installments till the end of construction.
