The beautiful island of Cyprus has long been an aspirational place to live, with thousands of visitors discovering an island rich with culture and history, cuisine, coastlines, communities, and affordable living costs that compare to nowhere else.
Many buyers have two primary decisions to make: whether to purchase a holiday villa, second home, or permanent residence in the north or the south, and whether to opt for a resale property from a local agent or to purchase a brand-new or off-plan building within a development.
The property experts at Property Turkey examine the key factors you may wish to consider and some of the top places to buy on the island that offer the ultimate affordability and lifestyle you may be looking for.
Buying Modern Properties in Cyprus: North vs South
While the climate and landscapes across the island are similar, the contrast is that the southern region is officially the Republic of Cyprus, whereas the north was proclaimed the Turkish Republic of Northern Cyprus by Turkey in 1983.
The state is only recognised by Turkey, but remains safe and peaceful, with a ‘green line’ border managed by the UN between the two areas that falls across the city of Nicosia. Although there is an increased border control, there are no strict formalities for visa-holders, and EU passport holders can travel freely as they wish.
Importantly, there has been no conflict on the island since 1974, and both parts of the island remain welcoming. The bigger differences relate to living costs, Cyprus property prices and population density.
Southern Cyprus is largely seen as a tourist destination, with numerous hotels and chains, busy beaches and nightlife, and around 900,000 residents. In the north, people primarily speak Turkish rather than Greek, and the smaller population of 600,000 and quieter coastal towns and villages offer a more tranquil and relaxing pace of life.
Property Prices and Living Costs in Northern and Southern Cyprus
Costs vary considerably since the north uses the Turkish Lira rather than the Euro, meaning that prices are roughly 30% lower. Average living costs between the largest cities in the Republic of Cyprus and the north demonstrate the contrasts – excluding Nicosia, which sits between the two regions and is partially in each.
Life in Famagusta, Northern Cyprus, compared to Limassol in the Republic, is:
31.7% more affordable in terms of living costs, excluding accommodation.44.8% cheaper when including average rental prices.30.3% lower for restaurants and fine dining.31.1% less in terms of buying groceries.Buyers purchasing a home in Famagusta will also find that their monthly utilities are 33.4% less expensive, a monthly gym membership costs just under 62% less, and the price of purchasing a central home in the north is, on average, over 10% lower.
Choosing the Best Places to Invest in North Cypriot Real Estate
The real estate boom in Northern Cyprus is largely attributed to the influx of international buyers looking for holiday properties, second homes, and idyllic coastal villas far away from the crowds, typical of the golden beach resorts around the south of the island.
As interest has grown, more developers have begun catering to global buyers, many of whom want to enjoy the best of both worlds on an island with an average of 320 days of sunshine every year and incredible beaches with some of the best swimming water in Europe.
Our top picks in Northern Cyprus include:
Kyrenia: A city with a heritage dating back to the 10th century BC, located just 40 miles from the Turkish mainland and with a stunning harbour that has been renovated into restaurants and cafes. The charming alleys are packed with artisans and craft vendors, and a boat trip from the harbour is not to be missed.Lapta: Six miles from central Kyrenia, the small town of Lapta is tucked between the mountains and the turquoise blue of the Mediterranean. Although Lapta remains quiet, it has begun to attract more visitors due to the natural beauty of the surrounding landscapes.Bahçeli: If your ideal location is close to mountain peaks, limestone cliffs, sandy beaches and unspoiled coves, Bahçeli is perfect, with a superb championship golf course just 15 minutes from the town centre.Buyers looking for a balance between crowds and vibrancy may prefer Iskele Long Beach, one of the best-known and most-visited regions. In the summer, the area on the Karpaz Peninsula welcomes visitors from the island and around the world, and several opulent hotels and casinos have contributed to the growth of the real estate market.
The Appeal of New-Build Homes for Foreign National Buyers in Cyprus
New builds and off-plan properties are in steady demand and comprise either newly constructed properties available for purchase or currently in development. There are numerous reasons buyers, particularly foreign national investors, ask us to source new-build opportunities:
Buying off-plan gives you ample time to plan and organise a move or ship belongings, with many offering excellent investment returns if you are keen to use your Cypriot property as a rental home for part or all of the year.Low property prices mean even luxurious homes built to impeccable standards are affordable, and some developers can customise the layout, materials, and finishes used in the property.New builds adhere to strict modern standards, with locally sourced and sustainable materials that can withstand even extreme weather conditions, with no exposure to dampness, cracks or subsidence that are more prevalent in resale homes.A newly built property, whether a standalone villa, family home, or apartment, will have excellent energy efficiency certification. This ensures that homes are easy to keep cool during the long summer months and feature insulation to keep the chill at bay during the winter.Running costs are often a key decision-making factor since air conditioning and heating, even in Northern Cyprus, can add to monthly outgoings, alongside other expenses such as heating or cooling outdoor pools.
Professional Help With Your Cyprus Property Search
The property consultants here at Property Turkey are always on hand to offer more guidance about the locations, municipalities, and cities in Cyprus that may suit your requirements or to suggest property listings that match your specifications in terms of area, cost, and efficiency.
Please contact us for more information about buying an investment, rental, or residential home or to review our latest listings.
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