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Buying property in Cyprus is a sophisticated decision requiring a clear and comprehensive understanding of all the aspects of living on this island. It includes costs, culture, traditions, laws, tax regulations, expenses, and so on. But first of all you have to know that the state is split into Northern and Southern parts, each of which has its own pros and cons.
The Northern part is a state accepted only by the Republic of Turkey, while the Southern one has all the privileges of being a part of the EU.
This article will lead you into all details and nuances you may be interested in (relevant for 2023).
Southern is inhabited with over 900000 inhabitants (The Greek Cypriots prevail), the main language is Greek.
The Northern part has a smaller population (about 600000 inhabitants), who speak Turkish and practice Islam.
The most popular cities are Larnaca, Limassol, Ayia Napa and Paphos.
In the North, the most inhabited are Kyrenia, Famagusta and Iskele.
You have to make a submission for a Cyprus National Visa in order to visit the South. Owners of Croatian, Bulgarian, Romanian or Schengen visas do not need to get it.
The length of stay does not have to prevail 90 days within half a year.
As for the North, inhabitants of most states are not obliged to own a visa. The continuation of the stay is 30 days.
In order to get a residence permit in the Republic of Cyprus, you are obliged to acquire an estate for at least €300000. In the North, housing of any type will be suitable for getting a permit.
Both South and North offer public and private medicine.
In Southern Cyprus, the state GESY system, which provides free admission to clinics, cannot be used by third-country inhabitants, so you have to be ready to pay a big sum of money for medical care.
Owners of a residence permit in Northern Cyprus are offered costless services in public clinics. Nevertheless, a lot of foreigners choose private ones. They offer assistance from professional doctors and are equipped with contemporary equipment.
Owners of residence allowance of Southern and Northern parts of an island are authorized to costless study for kids in public education establishments. In both states there are paid private schools.
After completing the study in these schools, graduates have an opportunity to enroll in universities in Europe or America or carry on their education in local institutions.
As a rule, one of the reasons to choose Northern Cyprus is private British schools. The yearly price of studying begins from 2000 British pounds.
What concerns kindergartens, they are presented in Southern Cyprus, unlike the Northern.
The main distinction between Northern and Southern Cyprus is property prices.
Property for sale in Northern Cyprus is much more budget-friendly than in Southern one. The starting cost for flats is €80000, and in a new Gaziveren area, studios on the first coastline begin from €60000. Additionally, acquirers can be offered long-term costless installments with an initial fee of 30%.
The dissimilarity in costs with the Southern part reaches 30-50%, which also indicates the appeal of North: costs for 2022 grew by 30%.
Eventually, it has to be your decision in which part of Cyprus to acquire property for sale, since both of them have their advantages and disadvantages.
Nevertheless, the Northern part is becoming a more and more popular destination for foreigners, but it is still necessary to take into account all the risks associated with the island.
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