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The Number One North Cyprus Property Advisory Website

The North Cyprus Property advisory website site has been set up as an advisory web site for anyone thinking of buying property in North Cyprus. You can read another hundred web sites on how to buy North Cyprus properties and you will not find the quality of information you are about to read on this web site. The writer has been studying the North Cyprus property market on a daily basis for the last 16 years. Before making a decision on buying property in North Cyprus it is essential that you read and understand the following information.


You will learn the following about North Cyprus properties:

     • Property buying process in North Cyprus
     • Title deeds and types of lands in North Cyprus
     • Size of North Cyprus land allowed to buy
     • Permission to buy in North Cyprus
     • Permission to transfer deeds into your name
     • Cost of purchasing property in North Cyprus
     • Why property in North Cyprus is so cheap
     • Using Estate agents in North Cyprus
     • North Cyprus Inspection trips
     • Buying off plan in North Cyprus
     • Buying a resale property in North Cyprus
     • Solicitors in North Cyprus
     • Mortgages in North Cyprus
     • Residency and Staying in North Cyprus

 

North Cyprus Property Buying Process

The process of buying property in North Cyprus can be summarised as follows:

     • Find a property that you wish to buy in North Cyprus and agree the sale
     • Instruct a solicitor of your choice in Northern Cyprus
     • Put a deposit on (usually £1000) to reserve your property in Northern Cyprus
     • Sign a power of attorney with your selected solicitor
     • Agree the exact details of the contract (usually by e-mail over the next few weeks)
     • Sign the contract (your solicitor in North Cyprus can do this on your behalf)
     • Register contract at land registry and make agreed payments to vendor
     • Apply for permission to transfer the deeds into your name, one of the jobs of your solicitor 
     • Get deeds into you name once you permission to transfer has been granted.


All transactions related to property in Northern Cyprus take place using pounds sterling. Please click here for more information regarding North Cyprus property buying process, power of attorney, deposits, getting the contract stamped and registering the contract.

 

Explanation of North Cyprus Title Deeds and Types of lands in Northern Cyprus

The Turkish word for title deed is Kocan and is usually a single A4 sheet of paper containing a lot of useful information and of course all in Turkish. Title deeds in North Cyprus can be placed into one of four categories; Please click here for more information regarding Foreign title (pre 1974), Turkish title, Esdeger and TMD

 

Size of lands in North Cyprus

1 Donum = 4 evleks = 1,338 m2 (a third of an acre) = 14400sq ft

1 evlek = 3600 ayak = 3600 sq ft      1 ayak = 1sq ft


At present non Turkish Cypriots cannot own more than five donum's of land per individual or married couple in their own names. If you want to buy a piece of land larger than five donum's or want to buy more than one property in Northern Cyprus then please contact us for further information. Please click here for more information on size of lands in North Cyprus.

 

 Permission to Buy in North Cyprus

Those who are not citizens of Turkish Republic of Northern Cyprus require permission to transfer the deeds into their name(s) from the Council of Ministers in Northern Cyprus.


A permit to transfer from the Council of Ministers in North Cyprus is applied for by your solicitor. This is a formality. Permission used to take around 2 years but the waiting time has now been reduced to between 6 and 9 months.


The reasons for refusal are: if you have a criminal record, if you already own property in North Cyprus, if the property is next to an army base or if the property is on over 5 donums of land. You should also be aware that Turkish title land is much harder to get permission for.


“We do not market any properties close to an army base also if you are considering buying Turkish Title Land or property on Turkish Title Land please contact us for an update on the latest information”


Cost of Purchasing Property in North Cyprus

The taxes are calculated based on the contract price and are currently at the following rates:

Tax payable at the time of signing of the contract by the buyer

     • Stamp duty 0.5% of contract price.


VAT payable on hand over of key If you are buying a new property from a developer then you will need to pay 5% VAT on the contract price at the time that you take possession of your new property in North Cyprus. However, if your property is a resale then you would normally not have to pay VAT.


Tax payable by the buyer at the time the deeds are transferred into the buyers’ name.

A Land Registry transfer fee of 6% of the contract price. However, every buyer has a once in a lifetime option to reduce this fee from 6% to 3%. At the time of transfer, you will be asked whether you wish to use this option and therefore you will only pay 3% of the contract price. If you would like to read more about costs of buying property in North Cyprus | please click here.

 

Why Property in North Cyprus is so Cheap

North Cyprus is the most beautiful part of Cyprus, it has miles and miles of unspoilt sandy beaches and breath taking mountain views. North Cyprus is Spain 30 to 40 years ago. Anyone buying now is getting into the North Cyprus Property market in its early stages. The properties are so affordable at the moment. If you compare the price of property with that in South Cyprus you find that properties sometimes only a few miles from each other, one on the South side of Cyprus the other on the North have a price differential of 3 or 4 fold. Yes, that is correct; property on the North side is 3 to 4 times cheaper than on the South side. Even though UK or EU passport holders can travel freely around any part of Cyprus. So you can fly direct to Cyprus and stay or live on the North side.


The big question is, how has this situation arisen? The answer is not a simple one, but continue reading and you will learn all the facts. Please click here to find out more about why property in North Cyprus is so cheap?.

 

Using Estate Agents in North Cyprus

On 2nd January 2008 it became compulsory to use a registered Estate Agent in North Cyprus. There are a few exceptions to this. At present there are 129 registered Estate Agents in North Cyprus. Please click for more details about North Cyprus Estate Agents.....

 

Buying Off Plan Property in North Cyprus

Many people decide to buy off plan property in North Cyprus. The following explains the system and also highlights the advantages and precautions you should take.


The main reason for buying off plan property in North Cyprus is that the developer at the beginning of a project prefers to sell some of the properties off plan (they have not been built yet) at a reduced price in order to improve their cash flow. As the project progresses and more sales are made the remaining finished properties are sold for an increased price. The price saving by buying off plan can be in the 25% range. Please click here if you are interested in learning more about off plan property in North Cyprus.

 

Buying a Resale Property in North Cyprus

From a legal point of view there are 2 types of resale properties in Northern Cyprus and you as the buyer must understand this. The first one is where the deeds are still in the name of the original developer but you are buying the property from someone who has bought it from that developer and has a contract of purchase but does not yet have the deeds in their name. The second type of resale property is in the name of the person selling it. The second one is much simpler to deal with and there is often less tax to pay.


It is very important that if you are thinking of buying a resale that you fully understand all the implications of this. For more information on this particular topic please contact us at

 

Solicitors in North Cyprus (Advocates)

 Hiring a Solicitor in North Cyprus:

In Cyprus solicitors are known as advocates. The solicitor’s role includes, ensuring that a proper contract of sale is drawn up, releasing cheques upon your approval to the developer you are buying from, applying to relevant government offices for your permissions to transfer the deeds into your name and acting on your behalf in your absence if you have left them a Power of Attorney.

Make sure the solicitor is independent from the builder. The first action the solicitor should help you with is to arrange a power of attorney. This does not mean you have to go through with a purchase, all it means is that if you do decide to purchase you can sign a contract without having to come back to Cyprus. The solicitors fees normally become payable once the contract has been signed and registered.


Solicitors normally charge around £1000 to £1,300, which should include contract preparation and registration and applying for permission to transfer the deeds into your name.


Mortgages in North Cyprus

The main reason as to why property in North Cyprus is a third cheaper than the equivalent property in South Cyprus is due to the fact that there is no comprehensive mortgage system in North Cyprus. This has meant that prices of property in North Cyprus did not become overinflated as they did in Dubai, United Kingdom, America and Spain. A few developers in North Cyprus offer 3 to 5 year payment plans. However, the deeds of the property will not go into your name until the final payment is made.

Please click here to read more about Mortgages in North Cyprus.

 

 Staying and Residency in North Cyprus

All visitors arriving in North Cyprus are automatically issued with a visa by passport authorities at Ercan airport, this applies to all nationalities. This also applies to anyone arriving from South Cyprus. However, as South Cyprus is a member of the EU you should make sure that you are allowed into South Cyprus (of course all UK citizens and holders of an EU passport are). The Visa will state the number of days that it is valid for and can be for between 14 and 90 days, you should ask for 90 days if you are intending to stay for a longish period of time. If you are intending to move to North Cyprus on a permanent basis or wish to stay in North Cyprus for a period longer than the visa allows, then you must apply for temporary or permanent residency. Or go back out of Cyprus and re-enter therefore being issued with another 90 day visa.
 
Whether you intend to stay for one day longer than your entry visa allowed or the rest of your life, the first step you must take is to apply for a one year residency permit. This will allow you to extend your stay on the island for up to one year and then you can reapply on an annual basis for extensions.


After a period of five years, where five consecutive temporary residency permits have been granted, you can apply for permanent residency. This process removes the bother of having to undergo temporary permit reapplications.

 
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