CONSTANTA has a wide range of different types of properties. Our continually updating catalogue represents all kinds of properties existent in Northern Cyprus today.
Apartments range in price from around £ 20 000 for a studio and from around £ 25 000 for a one bedroom apartment – to more than £ 75 000 for a large city centre penthouse. Apartments are usually on the lower floors, and penthouses are on the top floor and usually include a roof terrace. Generally penthouse apartments in Northern Cyprus are more expensive than standard apartments.
Villas and bungalows come in all shapes and sizes, again they range from compact 1- or 2-bedroom units from around £ 50 000 to large 5-bedroom properties and luxury seafront villas, sometimes with their own private beach – priced up to £ 500 000. A typical villa will have 3 bedrooms and a private swimming pool, and will be priced between £ 90 000 and £ 130 000, dependant on size, specification and location.
By far the most popular way to buy a property in Northern Cyprus is to purchase a new build off-plan apartment or villa. With this type of property you usually have the option to choose your plot and accordingly the type of property and its‘ specification.
Once you have chosen your plot and property type – the build process usually takes 12 to 15 months for a private villa, house or bungalow, or 12 to 24 months for an apartment on a complex development. During the build period you will make stage payments to the developer via your solicitor as per your contract agreement.
On completion, when you are fully satisfied with the result – the final payment is made and the keys are handed over to you. Once your permission to purchase has been approved by the North Cyprus TRNC Government Council of Ministers – the taxes will become due for payment (VAT, stamp duty, etc), once paid – the Title Deeds are transferred to your name. It should be noted that the permission to purchase procedure is currently taking up to 2 years, this can be an advantage to those buying-to-let as it gives an opportunity for rental income to help pay the purchase taxes.
As the North Cyprus market has grown over the last few years, many properties have become available to buy on a second hand resale basis. The advantage of buying of resale property is “what you see is what you get”.
Other advantages are internal and external furnishings, the connection of the electricity and water supplies to the property and air-conditioning. Many resale properties are offered for sale with such items included in the price.
If you choose to purchase a North Cyprus property on a complex development, you will usually find several on-site facilities such as communal swimming pools, shops and mini-markets, letting offices, bars and restaurants, sports facilities. Your property will have private terraces or garden areas and the site will have shared sunbathing and garden areas. Monthly site maintenance fees vary dependant on the size and location of the development and the facilities available. Developers typically quote between £ 40 and £ 60 per month.
An advantage of buying a property on a complex development is a fixed monthly fee covering everything from gardens to pool maintenance. It should be noted that these fees do not include individual Property Management though. Properties on complexes are often favoured by investors planning to let their property out, and people buying for occasional or holiday use.
This option is usually chosen by those planning to spend more time in Cyprus or people buying with the intention of letting out the property for a fixed period until their retirement, then using it themselves on a regular basis.
The advantages are quite obvious: your plot is private, usually enclosed by walled boundaries, you have a private driveway, carport or garage. You will also have a private swimming pool and private gardens with the option to personalise them as you feel. On the cost side you will have to pay for garden and pool maintenance yourself. Typical monthly charges for swimming pool maintenance vary between £ 25 and £ 60, dependant on the size of the pool and the operation system you use.
Building your own house in Northern Cyprus can be one of the most satisfying or aggravating activities that home buyers can undertake. First of all you must be sure that building “a house of your dream” in North Cyprus is the only right option for you. Second, you need to find a plot of land that appeal to you. We are able to assist you through the whole process starting from searching the location and till furnishing of your ready house.
Although building a house is absolutely individual process – let’s try to formulate the main advantages and disadvantages of this option.
From advantages:
From disadvantages:
In spite of potential difficulties and in order to make you satisfy with this process and the most important with the result of it – we are ready to guide you through the whole process from A to Z. Contact us for professional advice.
The rental property market in Northern Cyprus has never been busier than what it has been in recent years and it’s getting busier everyday. There is nothing quite like the holiday experience of renting a private villa and having your own private pool to relax by, especially when the location is as beautiful as here in Northern Cyprus. It’s extremely attractive to escape from busy life in crowded city by renting holiday apartment in unspoilt beauty of this island, with stunning sea and mountain view.
One of the most commonly asked questions we are asked is “how much rental income can we expect?” While we cannot guarantee any rental income figures quoted, we can give approximate prices of rental market here. A 2-bedroom apartment on a complex development with access to a shared swimming pool will usually rent out for £ 200 to £ 300 per week during the summer season. A 3-bedroom villa with a private swimming pool will attract rental revenue of around £ 500 to £ 600 per week in the summer months. As a free service to our clients CONSTANTA will advertise your property on our Property Rent web page for as long as you own it. Anyway you can use other websites to advertise your property for rent, usually they ask for some fees.
Let’s account approximate annual return from your Buying-to-Let Property
Example: You’ve bought a 3-bedroom apartment for £ 70 000 in a complex development with communal swimming pool, fully equipped, ready to move in, located in Esentepe area not far from new International Golf Course. There are 52 weeks per year, we’ll assume that you let your property 30 weeks per year (during only season time, 7 months from April till October). The rental market price for such kind of property in Northern Cyprus now is minimum £ 350 per week. Let’s account all extra costs that can appear to give a realistic overview of the nett returns available to the individual investor:
| Item | Amount £ |
|---|---|
| Property Cost | 70000 |
| Legal Fees | 1000 |
| VAT 5% | 3500 |
| Land Registry 3% | 2100 |
| Stamp Duty 1,5% | 1050 |
| Service Connections (water, elect., etc) | 500 |
| Property Maintenance p.a. | 1000 |
| Letting Service 15% of gross let value | 1575 |
| Website Advertising p.a. | 200 |
| Total: | 80925 |
Gross Let Value (Income from Letting for 30 weeks) 10 500
Nett Annual Return 12,975%
Notes:
So you can see that we advisedly underestimated the figures in this projection, maximizing costs and minimizing income, to show the worst scenario, and it gives you reason to expect better results on practice.
If you are considering purchasing a property in Northern Cyprus, there are many options open to you. CONSTANTA has a wide choice of properties ranging from new build, off-plan and resale’s, different kinds of villas (separate, semi-detached), apartments, bungalows, penthouses, etc. These properties are available to buy on individual private plots or communal complex developments. But which option is right for you?
Contact our Sales Consultant for professional advice and more details. From your initial enquiry we will advise and help you through the whole process from A to Z.
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