INFORMATION REQUEST: Home Inspection Trip
Cheap Property Overseas
Simply Stated: Property values in North Cyprus are undervalued and have been for fifty years. The question is: Why?
- Cyprus is a single Island, same geography
- The people here all have the exact same DNA
- Building techniques are the same everywhere. So why would the same house be worth half as much ten meters on the other side of a rusty fence?
Prices for International Homes
Below is a series of videos breaking homes out in general price categories. These videos will give you a rough idea of how much house you can have for a certain amount of money. These short videos are not intended as sales material, however if you do see some cheap property that you want to know more about, the Property Number is at the front of each segment. Just scroll to the bottom of this page and let us know which property your'e interested in and we will connect you with the right person.
Living in a country that's unrecognized can result in a few odd experiences:
- Burger King but no McDonalds
- Banks maintain an office in Turkey to handle International transactions
- The US & UK Embassies are not; they don’t have a flag pole outside
- Millions of tourist fly in but they ALL must de-plane in Istanbul
- Direct flights to the airport are banned but the seaports are open
- Citizens are considered EU residence even though the country is not an EU member.
So you have a country that’s not, a huge tourism sector in a place with no flights, a booming construction sector-that’s supposedly under embargo, and a stable, Democratic Government that doesn’t exist. Understand now? No? Your’e not alone.
Now, there is an important point to be made: the area is stable and has been for decades, there is no war or terrorism. By scouring YouTube it is possible to find agenda laden videos filled with half-truths and outright lies. The area is an island in more ways than one. Home prices are fixed to the British Pound which further dampens any price fluctuations.
The area where you should exercise caution is to never purchase Greek Cypriot property unless you are buying directly from the Greek Cypriot owner. Fail in this and you could find yourself open to legal exposure at some later date. These homes are usually empty and falling down because the locals will never buy such a house... The home is probably stolen! As an aside, the same rule would apply in the South to Turkish Cypriot homes.
By doing short research, you will understand that Northern Cyprus is the fastest growing market in the Eastern Mediterranean and you will see that it is an excellent opportunity for medium or long-term real estate investments. KIBRIS EMLAK MERKEZ
Precautions to take:
- Always make sure the land is not mortgaged;
- Use an agency with a good reputation;
- Have a look at any properties already finished by a developer if buying off-plan to ensure you know what standards you can expect;
- Check that your lawyer is independent and not in some way related to the developer/vendor or estate agent.
EXPATRA RESEARCH
Perhaps the best analogy would be that North Cyprus is like a miniature Taiwan; it’s part of China except it’s not. It may be a country but, yeah, no seat at the UN for you. Absolutely everything about the place says it really an independent country, you just can’t call it that.
Perhaps we should clarify, because there is one big difference: nobody is threatening to invade North Cyprus. There is no war or threat of violence.
However, we are not here to discuss politics, we want to know how this would affect a Real Estate investment. As we said in the first sentence, it held values down. But importantly, homes now appreciate, they just started at a lower initial spot. Buy a Villa or Apartment, hold it for three years and it will sell at a profit. Just like anywhere else.
Now, there are Casinos here and you don’t have to play to be a big winner. We understand from a local Estate Agent that property values are expected to jump 50% in the first month should the two halves of the Island reunify. We don’t recommend buying with hitting it big in mind, anywhere in the world. We only mentioned it as part of an article on Real Estate values.
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