Buy To Let Investment In Northern Cyprus

Most people who are not in the property market don't understand what the term "Buy to Let" means. Well it's simple you buy the property and everything has been completed you rent to it out to anyone who wants to stay in your property. The main thing you have to think about when you're doing this is make sure your rent covers your mortgage payments.

If you decided to buy and then rent out your property you must remember there are two seasons, Low Season and High Season. A high season in Northern Cyprus will be around 7 months of the year, while the low season is the remaining months which are left, but don't worry because Northern Cyprus as over 300 days of the year of clear blue sky's and you'll find that families like to get a way from the dull winter to a nice sunny place like Northern Cyprus.

So let's quickly run through a nice example of what it will cost you.

Let's say you looking for a property in the value of €250,000, which you can get with a very nice sea view. If your buying new then you'll have to put a reservation fee down for €3000 this will hold the property for you. After that you'll have to put a 30% deposit down so that will be around €75,000, don't forget you have to take the €3000 off which you have already paid.

So your remaining amount for your mortgage is €175,000. Now you can get a wide range of mortgages so it's best to shop around, I have seen them as low as 2.77%, so I'm going to base mine on this. Your monthly mortgage repayments will be around €481.00. You must remember and this is very important make sure you only get an interest only mortgage. So if you do the sums over a 12 month period you'll be paying out around €5800.00.

The average rental over a 12 month period for a Northern Cyprus property is around 10 months plus. Now on a property valued at this much you can ask for the following rental prices; High Season €1800 Per Month - Low Season €1200 per Month.

So let's say you rent you property out for 6 months in the high season and 4 months in the low season your total rent for the year would be €15600. Now you're telling me that there's no money in renting. There are other charges to pay which include rental management, community fees, the cost of these will range depending on which rental management you take your property out with. But the cost is way less than €1000.

So if your fancy buying a property and renting it out why not try Northern Cyprus, over 2.6 million people visited Cyprus last year and this number is growing year by year, so you can see there is a massive market for renting.