North Cyprus Property Search

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Retiring Couple
Rent, or buy a property ? Sell in the UK and invest in North Cyprus ?
Continuing from: Retiring to North Cyprus
Initially you should decide whether to rent or buy ? Keeping your options open could be a good idea; it all depends on your personal circumstances, although waiting for the best deal to turn up and taking action on a sudden whim could lead to pitfalls. Choose the best strategy for you and stick to it; and if the deal of a lifetime pops up, something you didn't originally plan for, take a few days to check it out, before taking the plunge.
Some guidelines: You might have heard or read of people getting their fingers burnt when delving in to the property market in some European hotspots. Whilst this may be true, (there are still some difficult cases lingering on in the in North Cyprus Courts to this day), times & circumstances have now changed. Property developers & their agents have realised that sharp practice & deceit have severely damaged their reputations & business prospects; so in conjunction with the Government, industry associations have sharpened up their act and transparency, honesty and proper legal dealings are now the norm.
Hence, you can be sure that the long-term rental agreement that you may be offered will be legally adhered to; expect a minimum five year lease, with six months notice of termination on both sides. Similarly, should you decide to buy, the Contract will be safe in all aspects and enforceable in law; obviously the engagement of a lawyer, experienced in property conveyance, is a must, but do not share the same legal advisor as the vendor!
Property investment: Are you thinking of downsizing, selling the family home in the UK, buying something smaller, perhaps just for the two of you & banking the balance ? Thousands have done this, but with interest rates in Europe at a sustained all-time low, perhaps banking surplus cash in a deposit account may not be the best option, especially if a good regular income from invested money is necessary.
Should you decide on a permanent move to North Cyprus, you may opt to change your sterling in to Turkish Lira (TL); negotiate interest rates with a few banks before you decide which is best for you - up to 11% is currently available (taxed at source). Seek advice on exchange rates. Banks are Turkish, Turkish Cypriot or European owned.
Thus, investing in property overseas & enjoying a low-cost of living retirement in the sun, may be a good solution for you! Do the mathematics for yourself; here are some factors you should take in to account.
Exactly how much surplus cash do I have ?
How much interest will this cash accrue ? Tax implications ?
Will I be retaining a property in the UK ? If so, what are the likely costs, or will I rent it out ? Income, agent's fees, tax implications ?
Cost of renting in North Cyprus ? Example: A nice new, unfurnished two-bed apartment in Kyrenia, currently available at c. £350.00 per month.
Cost of buying in North Cyprus ? As above at c. £55,00.00 - freehold, but with monthly maintenance costs of c. £50.00. (Fees, duty & VAT not included).
Depending on how much you deposit at the bank, it could be possible for you to pay your rent and live comfortably off the interest (after tax), whilst leaving your pensions and / or other income untouched, or invested; equals a happy and comfortable retirement in the sun !
Property prices in North Cyprus tend to increase year on year. For example, a £25K Upper Kyrenia apartment purchased in 2006 sold in 2016 (with some improvements) for £92k; not a bad investment.
A word about utilities: Electricity, tank gas and water prices are equal or lower than the UK; and don't worry about Council Tax - there is an annual property tax, equal to buying a round of drinks at the Golf Club after you holed in one !
Furniture: You can furnish your property as you would wish, at a surprisingly low cost. Everything is available to suit all styles & budgets; this includes 'white goods'.
The garden: With time on your hands you may wish to spend hours tendering your Mediterranean garden. There is a proliferation of garden centres in Cyprus; they will all offer you good advice, a dazzling array of plants & accoutrements; and remember in this climate you can grow almost everything & the colours, in the garden on in a pot on your apartment terrace, will give you endless pleasure. Furthermore, you can possibly look forward to harvesting your own olives, citrus fruits, figs, grapes etc.
...and finally, is there anything negative to report about retiring to North Cyprus ? Not really, except that for pensioners, it's as well to have Medical Insurance. The Private Hospital Sector here is recognised as one of the best in the world - charges reflect it ! There is no NHS for ex pat retirees, although treatment is available in South Cyprus, so long as the UK is in the EU.
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