Where to buy property: Northern Cyprus or Turkey? Complete Comparison
Emigration for new jobs, education, and investment in apartments or private houses is considered the most popular phenomenon in Turkey and Northern Cyprus. Both of these countries are very favorable for foreign investors.
General comparison of Turkey and Northern Cyprus
Before comparing the countries mentioned above, it should be noted that Northern Cyprus is under the administration of Turkey, but is an independent country. Both countries are dependent on each other and are characterized by strong economic growth, which is why they are so popular with investors and immigrants. Let's look at each of them point by point. We will take into account the legal, economic, and cultural differences between Turkey and Cyprus.
Comparison of real estate types
In both countries, residential and commercial real estate is in high demand, so there are no global differences between them. However, it should be taken into account that Northern Cyprus is a relatively young country, which offers lower prices for living and purchasing any real estate.
Peculiarities of buying real estate
The main differences in buying property in North Cyprus and Turkey are the conditions. Currently, all types of real estate in Northern Cyprus are more in demand than in its competitor. It's all about the prices of houses and apartments, which are slightly lower than those in Turkey. The easier buying procedure in North Cyprus also plays an important role for the consumer.
Comparison of cultural characteristics
The culture in Northern Cyprus and Turkey is very similar as they are quite close. Most of the indigenous people in both countries are Muslims and speak Turkish.
Comparison of features of the employment sphere and unemployment rate
To live peacefully in both countries, one must have education and professional experience. Today, most jobs are in Turkey and immigrants are actively recruited for them. In terms of minimum wage, Northern Cyprus wins, which is done to attract specialists. If we compare the mentioned countries in terms of the unemployment rate, Turkey loses significantly with a rate of 17%, at the same moment Northern Cyprus has only 7% of unemployed citizens.
Peculiarities of immigration policy
Tourist and immigration travel to Northern Cyprus does not require a visa, but it will be mandatory when you enter. Of course, you can enter Turkey for a tourist experience, but for full immigration, it is simply necessary.
Possibilities of obtaining residency
Automatic citizenship in Turkey is possible when purchasing any real estate, the value of which will be equal to or more than 400 thousand dollars. After the purchase, it is necessary to apply to the relevant authorities and request citizenship. The situation in Northern Cyprus is slightly different and when purchasing real estate for 75,000 pounds foreigners are granted only temporary residence. To obtain permanent residence will take several years and during the procedure often come refusals. On the other hand, the attitude towards foreign investors in both countries is very positive.
In conclusion, we can safely say that Turkey and Northern Cyprus are excellent countries for emigration and real estate. However, the dry balance of the best conditions today is in Northern Cyprus. It is more favorable for residence and investment in residential and commercial real estate.
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