North Cyprus has always been a popular tourist destination in the Mediterranean. The sunny island has now fallen on the radar of foreign investors looking to buy property, once the awareness was raised around the great ROI that North Cyprus offers. Being a country where you can easily apply and obtain a residency permit, North Cyprus boasts with being a country with low taxes, low crime rates, and 340 days of sunshine a year.
North Cyprus is a prime location for investment. Unlike the Southern part of the island, North Cyprus has a relatively lower tax rate. Additionally, the property development sector is seen to be on the rise in the last decade, due to the opening of several different universities in the capital, Nicosia. With the opening of the universities came along students in need of housing.
On the North Eastern coast of the island, tourism investments have become widely popular among international buyers. The Kyrenia region has become a tourist hotspot, and is a prime location for investment. From villas to townhouses, the property market in North Cyprus has something to fit everyone’s needs.
Climate is also without a doubt one of the most attractive factors when investing in North Cyprus. With 340 days of sunshine a year, the island is the perfect Mediterranean paradise for holiday goers. When investing in a property on the island, you have the chance to make it generate an income in both high and low seasons.
Getting a residency permit is relatively simple on the North of the island. Foreigners who possess immovable property are eligible to apply for a renewable residence permit, which will be valid for one year and will need to be renewed every year.
On another note, property development has been rising in parallel with the demands of foreign investors. These developments are also widely supported by the government. North Cyprus is at the beginning of this growth potential and can provide exceptional returns in a short amount of time.
Established in 2015, and having a total of 30 years’ experience, White Lotus Development is interested in progressing in North Cyprus’ growing building sector. Creating unique and modern projects, White Lotus continues to build one-of-a kind buildings to our day.