Tip: If you would prefer to not have to renovate a piece of property upon your purchase then you may want to purchase a home that is being built or was recently built. If you take this route, then you will not have to worry about the risk of a Greek claiming the home if the country was to be reunited.

Resale Properties

Prior to the investment boom in Northern Cyprus, the only type of property available for investment was a used home, or a resale property. The purchaser was then forced to renovate or update the property if they were going to sell it for more than the original price. Those who were on a very tight budget, but did not want to both with the home renovations of a used home, had to go over there budget and build a home of their own. The lifestyle in North Cyprus is much different now. Many people purchase a home only to turn around and sell it shortly after. There is an abundant amount of tourists visiting North Cyprus, therefore there is a huge demand for housing. Those who wish to sell their homes are not having to wait very long.

Approximately 6 years ago the property in North Cyprus was put on the market. A new law was instated saying that any home that was currently built on land in North Cyprus would forever be in the possession of the current owner. This forced a lot of the citizens in North Cyprus to purchase land frantically. Those who are interested in property that is being resold investigate the quality of the land, the size and location of the house, and the attractions located near the property. Homes that are more upscale may be more than what the investor is looking to spend. If so, the owner may reduce the price so that the property can be sold. Many sellers are anxious due to the fact that they want to move on to a bigger and better home.

Buying a new property:

It may seem much smarter to buy a home that is brand new or currently being built. However, there are several benefits of purchasing a home that is being resold. It is a well known fact that a person is more likely to purchase a home that already looks lived in because it seems more comfortable. The purchaser is able to visualize what the home will look like already occupied. This may cause some work on the owners part, because everything in home has to be in tip top shape and not messy. The items need to be kept general with no family pictures or souvenirs so that the person can still see themselves in the home.

By purchasing a used home, there is also the benefit of being located closer to the villages. Homes that were built in earlier years were located so that they were closer to the villages. The amount of land was much greater as well so the plots that the homes are located on are much larger. The properties also come with quaint gardens that are well kept and more mature. There are usually fruit trees and olive trees already full grown and ready to be harvested. The Cypriot owners of used homes usually sell the house “as is”, meaning without renovations. The Cypriots are much more traditional than the Europeans or those from other countries. Therefore, they do not believe in renovating the home before selling it. This is great news for investors because the houses are priced very low. The home can only be sold for what it currently looks like.