Rental income
Buying real estate abroad is a great opportunity not only to preserve but also to increase your funds. Northern Cyprus is considered one of the most attractive regions for investment, with demand for real estate growing every year. You can purchase a luxury villa, a stylish apartment or a seaside apartment. This will not only allow you to earn passive rental income, but also to use the property for personal purposes.
No more hotel bookings, planning trips months in advance, or overpaying. Having your own property by the sea will allow the whole family to enjoy a vacation for as long as your heart desires.
Rental options
There are two types of rental options for properties in Northern Cyprus – long-term and short-term. Long-term rentals (over 1 year) are preferred mainly by students, as over 150,000 foreign students are enrolled in local universities annually. Popular universities are located in Famagusta, Nicosia, and Kyrenia, where apartments are in demand year-round.
The average annual rental income is around 6-7% of the property value. The minimum rental period according to local rules is 1 year, and the property owner receives an initial deposit for the first 6 (sometimes 12) months of rent immediately upon signing the lease agreement.
Short-term rentals are also popular and widespread in the resort areas of Northern Cyprus. Properties in these areas are rented on a daily basis, and property owners earn the most income during the tourist season. The high season here is one of the longest in the Mediterranean and lasts for 6 months – from May to October.
Income from short-term rentals during the resort season is around 10-14% of the property value, and with effective management, it can reach 18%. Resort properties also offer a so-called guaranteed rental income option, which generates a 6-8% annual return. The developer takes care of all the rental matters, so the owner does not burden themselves with any extra tasks and can simply earn passive income.
How to maximize rental profit?
The potential of the real estate market in Northern Cyprus is huge, and the region is considered one of the most promising and reliable for investment. To maximize rental profit, it is important to carefully choose the property to purchase:
- Give preference to new complexes with developed infrastructure.
- Evaluate the level of finish of the property.
- Choose areas with interesting landmarks.
We can help you choose the best property to purchase, and select an investment project with the best return on investment! Contact us at info@everhome-invest.com and we will send you the most promising properties of 2023 within a day! We can help you choose the best property to purchase, and select an investment project with the best return on investment! Contact us at info@everhome-invest.com and we will send you the most promising properties of 2023 within a day!
