North Cyprus Property

Are you looking for value for money (cheap and affordable property in Northern Cyprus)?  The good news is that the whole of the North Cyprus property market is much more affordable than the equivalent properties in other comparable European countries, especially in South Cyprus.  This includes villas and apartments at both the luxury and economy price levels.  This is the main reason why many people are attracted to buying cheap property in Northern Cyprus as they seek their dream home in the sun.

There are so many reasons other than cheap prices, for buying North Cyprus property.  ”We should also tell you that Senilk Real Estate properties are offered at the bargaining prices cheaper than elsewhere.” Of course – everyone loves a bargain and sometimes gets the genuine property at discounts or grabs resale homes at special prices below market value.   But here is some important advice:  buying the very cheapest property does not necessarily give you the best value for money and can sometimes lead to unforeseen property problems.   We at Senilk Real Estate will help you buy safely and use our 15 years of experience to avoid any issues in the future.

What factors affect the price of the property?

Your starting point is often to use the property listing portal on our website.  You will often start searching purely by size – the number of bedrooms, area, location, price ranges, etc.  You will have built up an idea of the average prices for a studio, 1, 2 3, or 4-bedroom apartment, villa, or bungalow in the North Cyprus property market.  Then you notice that there is a huge difference in the price range between the cheapest properties, of the same size, and the most expensive.

There are obvious reasons why some properties with the same number of bedrooms would be more expensive or cheaper than other North Cyprus villas or apartments of a similar size.  Bearing in mind that new build properties are generally more expensive in any case, here are the main factors:

  • Location and closeness to beach/sea
  • Quality of Sea/mountain views
  • Quality of build/age
  • Whether new build or resale (new builds are generally higher priced)
  • Quality of furnishings (if included)
  • Facilities on the site (if on a site)
  • Closeness to amenities, shops, restaurants, golf course, etc
  • Closeness to Kyrenia or Famagusta cities
  • Rental Guarantees (for new build)
  • Whether the title deed is ready, whether individual or shared and/or in the owner’s name
  • Whether 5% Vat is paid or still due
If you see a resale property like an apartment or villa, for example, which seems to have everything you wish for and yet it is priced well below market value – even as low as half the price of others which seem similar – you should ask the question: Why is this?

Is a cheap property a genuine bargain?

The short answer is no!  We are talking here about used or “resale” property, as this is usually the cheapest. Generally, both owners and estate agents are fully aware of the market value of a resale property.  This is affected by factors such as size, location, views, quality, etc.  There are of course sometimes genuine used property bargains.  Genuine property discounts would be found when for personal reasons of the owner, the property is priced low for a quick sale – sometimes due to needing to return to a home country for family or health reasons, etc.   In addition, both developers and private owners may be willing to offer discounts for cash purchases more readily in the quieter winter months, than in the summer when there are more visitors viewing properties and properties are selling more quickly.

There are, however, less visible factors that would cause the value of a property to be priced cheaper than the market value and which could potentially cause future problems which could require more investment to correct the problems.   These issues are sadly not things that are always explained to potential purchasers during viewings nor are the factors which are easily visible on first viewing.  These include a long-term lack of title deeds, legal problems connected to the site, unpaid management fees of the previous owner, or problems with the management of a complex.

Properly verified before listing

It is extremely important to go with SRE as we do basic checks and verified on all the properties which we list on our website.  However, SRE is NOT responsible in any way for the accuracy of the property descriptions nor the legal status of any property which appears on our portals. The listing portals are only for marketing purposes. Please read our Terms and Conditions as well as the Disclaimers that they have no responsibility for the legalities of any property advertised on their sites.

You MUST use an independent and competent lawyer and never send any deposit or money to anyone unless legal checks have been carried out. At Senilk Real Estate (SRE) we try to check and verified the status of all properties prior to listing.  This means that our properties listed on the websites are well-documented and we oftentimes confirm all listings from other estate agencies and agents.  We refuse to list properties that have issues with their paperwork or other legal issues.   We want you to have genuine value for money whilst buying affordable Senilk Real Estate property with no hiccups!

Questions to as:

A reputable agent should immediately be able to answer and explain why! Every property built has to have 5% vat paid to the government.  You need to check whether it’s been paid on the property you wish to buy.  If the Title Deed is not yet in the owner’s name, you may have to pay it again, even if it has been paid. At SRE we recommend that the deposit is ONLY paid to your chosen North Cyprus-based lawyer. This is because the lawyer still needs to verify the information above, as well as carry out other checks on whether or not there are any outstanding debts, mortgages, or other legal issues associated with the land on which the property is built.

How can I buy a property safely?

Senilk Real Estate properties are located at prime locations and thus make them a fabulous investment.  Property values in Northern Cyprus are rising and there is a huge demand for owning a piece of this paradise island, both from British and Nordic buyers, as well as expats from the Middle East and many from all over the world.  As with any overseas property purchase, you have to do your due diligence.  Nothing in life is without risk – and we at SRE can help you reduce that risk by only showing you the cheaper properties where all the checks have been carried out.  We believe it’s always worth paying a little bit more to ensure that you buy a GENUINE property bargain safely.   Our professional staff at Senilk Real Estate (SRE) have years of experience in helping hundreds of happy property owners from all over the world to find and buy their dream homes in a way that will avoid future property problems. We may not be the cheapest.  But we will show you the best!

Why should buy Northern Cyprus Property?

Cyprus is an accessible location in the Eastern Mediterranean with two airports, Ercan and Larnaca, linking residents to Turkey, Europe, and the whole of the middle east as well the rest of Europe.  Simply this is an affordable cost of living in mid of the Eurozone.  The property market is priced in Pounds (GBP) sterling which makes it easier for British buyers.  The fact that cars drive on the left, is the same as in the UK!  As you seek your bargain apartment, villa, or bungalow in Northern Cyprus, there are several reasons why you should own property on the sunny island.

  • The fabulous Cyprus sunny climate.
  • The beautiful and varied geography of North Cyprus.
  • The friendly Turkish Cypriot people.
  • The delicious Cypriot cuisine.

Before you go…don’t forget that the North Cyprus property market apart from the cheaper prices is increasingly in demand!  Contact us at Senilk Real Estate (SRE) for details or book your inspection trip, and property viewings and complete our easy online Property Inquiry to be sent with your property requirements.

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2 thoughts on “North Cyprus Property”

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