Real estates in Cyprus, are generally 3+1 and 2+1. The available space of the houses on the island is usually not very small. (70 m² – 150 m²). The rate of return on investment in Cyprus varies between 8 and 12 years in foreign currency. It is also stated that an investment in the island is safe in the long term. House prices are lower compared to Turkey. Investments in the real estate sector are increasing. The number of students living in the counrty increases every year. For this reason, new housing units are increasing according to the needs of students. In new real estate projects, immovables with smaller square meters are being built. With these projects, it is thought that students will prefer to rent a house more and there will be a great mobility in the real estate sector. Real estate prices are higher in Southern Cyprus than in Northern Cyprus, but it is expected that real estate prices will increase in North Cyprus with new projects.
House Princes in Cyprus
The rate of return on investment in Cyprus varies between 8 and 12 years in foreign currency. There has been a significant increase in construction activities in recent years. The number of students reaching 100 thousand has a great impact on this situation ( the resident population was stated 374 thousand in 2019). There is an increase in home projects with more minimal designs to suit the needs of students. While house prices in small cities in Turkey evaluated as affordable, you can own a new and luxury estate with same price in Cyprus.
Due to the regulations in the island, citizens of Turkey can buy 3 houses. Although sales on the island gained momentum, T.C. nationalities are recognized as foreign nationals in Cyprus. Therefore, they are able to buy and sell real estate according to some laws. The purchase of immovable property by Turkish citizens is carried out with the permission granted by the Ministry of Interior.(approximately 2 months). Thus, the real estate purchase rate of Turkish citizens is increasing.
Investment Return Period is Shorter in Cyprus
The rate of return on investment is at a satisfactory level both for the residents of the island of Cyprus and investors from Turkey. The rate of return on investment in Cyprus varies between 8 and 12 years. In Turkey, this time varies between 18-22 years. In some cities and regions, this period can raise to 25 years.
As the return period is shorter in Cyprus, it also attracts the attention of investors. Thanks to new housing projects, investors started to spend more time on Cyprus investments. If this interest continues, it is expected that the economic conditions of the island will improve and there will be great economic activity.