In this article, we have compiled the advantages of living in Famagusta as well as certain important factors you should pay attention to before buying a Famagusta house for sale, where the demand for real estate is high at all times of the year due to its well-established universities and the dense student population.
There are many different types of properties you can purchase in Famagusta such as villas, flats or private homes. If you want to buy a house in Famagusta, Cyprus, you should first determine your needs and budget, and then start your search for a house for sale in Famagusta that speaks to your needs and budget.
There is no requirement to have Cypriot citizenship in order to buy real estate in Famagusta or any other city in the TRNC. For this reason, foreign nationals can also obtain the right to buy a house for sale in Famagusta after a number of procedures.
Famagusta flats for sale advertisements often attract attention for both living and investment purposes. Buying a house in Famagusta will always be a profitable decision, due to the extremely high demand for rentals as more than 120 thousand students come to Northern Cyprus for education every year and a significant majority of these students stay in Famagusta.
Pros and Cons of Investing in Famagusta
Anyone who wants to buy a house in Famagusta should first do some research on the advantages and disadvantages of the city. Famagusta, which is among the most beautiful cities of Cyprus in terms of its rich history and culture, offers the best real estate options in terms of apartments for sale. It will be very easy to find a house for sale that can fit your budget because Famagusta is a highly developed city in terms of real estate and its housing sector. Among the main reasons for this development are the universities it hosts.
The number of students in Famagusta, which continues to increase with the number of universities in Cyprus, has also increased the levels of real estate investments in the city. Due to the high rental demand that lasts throughout the year, Famagusta is highly preferred by real estate investors. In addition to the existing universities, the demand for Famagusta houses for sale and flats for rent in Famagusta will continue to increase in the coming years, with the addition of 2 more universities that are still in the planning stage.
When you buy and rent an investment flat in Famagusta, the turnover time for the property will be highly low ranging between 8-12. In order to further shorten this period, we recommend you to take a look at the Cyprus house for sale options that offer life in the city center. Real estate turnover time is even shorter for apartments located in the city center.
Famagusta House for Sale Options
Famagusta has many different types of houses for sale. Houses suitable for all budgets are offered to real estate investors with 3+1, 2+1, 1+1, or studio flat options. Some criteria such as the size of the house, how many rooms it has and which floor it is on affect the prices of Famagusta houses for sale. You must also remember that, buying a house in newly built Cyprus real estate projects will always be a better choice as the houses stand out with their construction quality and price advantage.
You can find houses for sale in various regions of Famagusta such as Akdoğan, Boğaziçi, Kuzucuk, Mormenekşe, Ötüken, Sınırüstü, Şehitler and Yeni Boğaziçi according to your budget and needs.
Before deciding on buying a house for sale in Famagusta, it is recommended that you determine your exact budget and research accordingly.
Prices of Famagusta Houses for Sale
In the TRNC, real estate is bought and sold in foreign currency usually in British Pounds. For this reason, you can better protect your real estate investment against the risk of inflation and gain more from your investment with currency increases.
Prices of houses for sale in Famagusta vary between £40,000 and £350,000, depending on the type of house and the facilities it has. For more information about house prices in Famagusta, you can visit this page: Cyprus House Prices for Sale
Things to Consider When Buying a Flat for Sale in Famagusta
Over the recent years, the number of people who want to invest in buying Famagusta houses for sale is seeing an upsurge. Properties in Famagusta can easily be purchased by foreign citizens after a few simple procedures and the ease of purchasing a home in Famagusta is increasing the interest of investors. So, what should you consider before buying a house in Famagusta?
- If you are buying a house in Famagusta for living purposes, make sure you analyse the property based on whether or not it fully meets your needs.
- Famagusta residence flat options for sale can provide you with a consistent passive rental income as they are often in well-connected locations with high demands for rental property. Make sure you do your research on these options apartments before purchasing a house in Famagusta.
- Do not decide on buying a property just by looking at the advertisement photos. Be sure to arrange a viewing of the house and research its surroundings thoroughly.
- If you are going to buy an investment flat, do in-depth research on rent prices in the area.
- Be sure to ask about the title deed type of the house you want to buy. There are 3 different types of title deeds in Cyprus. For more information, read our article titled: Types of Title Deeds in Cyprus: How many are there? How are they different?
- If you are buying a house that already has an ongoing contract and a tenant residing in it, review the lease.
- There are some costs that you will encounter during the transfer of the title deed. Research these costs before you buy to better determine your budget. You can get support from the Costs of Purchasing Property in Cyprus page.
Before buying a house in Famagusta, you can consult us and benefit from our free real estate consultancy service. If you want this service, you can contact us via the contact button at the bottom of the page.