What To Do Before Buying Property

Buying property in Northern Cyprus seems harder yet it more easier than you think, however, it depends on how well-prepared and informed you are. With the right guidance, the process can be smooth and rewarding. Our international real estate agency, Senilk Real Estate with extensive experience in Northern Cyprus properties, is here to guide you through every step of the purchasing phase and provide support after the sale.

What to do before buying property in Northern Cyprus

Northern Cyprus offers potential investment opportunities. Understanding the local real estate market is crucial. Study property prices, trends, and the areas that best suit your needs. Consider the following:

1. Research the Market

  • Learn About the Island: Understand the geography, culture, and lifestyle of Northern Cyprus. This knowledge will help you decide which part of the island suits your needs best.
  • Property Types and Locations: Identify the type of property you are interested in (e.g., villa, apartment, land) and the specific areas where you wish to invest. Popular investment areas include Kyrenia, Esentepe, Long Beach, and Famagusta.

2. Evaluate Your Financial Status

  • Budget Preparation: Assess your financial situation to determine your budget for the property purchase. Consider additional costs such as taxes, legal fees, and maintenance.
  • Financing Options: Explore different financing options available like a mortgage for purchasing property in Northern Cyprus.

3. Consult with a Local Estate Agent

  • Expert Advice: Seek guidance from a reputable estate agent with local knowledge. They can provide insights into the best investment opportunities and help you navigate the local real estate market.
  • Legal Assistance: A local agent can also recommend legal experts who can assist with the legal aspects of the purchase.

4. Understand Property Ownership

  • Ownership Limitations: Foreign individuals are generally permitted to own only one property in Northern Cyprus. This is crucial for planning your investment strategy.
  • Title Deed Awareness: Ensure you understand the type of title deed you will receive. Title deeds in Northern Cyprus can be complex, and it’s important to know what you are getting to avoid potential legal issues.

5. Title Deed Types

  • Pre-1974 Turkish Cypriot Title Deeds: These properties were owned by Turkish Cypriots, or by other foreign nationals, before 1974. These are internationally recognized deeds known as ‘Turkish Title, Pre74 Title, or Foreign Title’. These deeds are seen by some as the safest, but there is a premium payable on these deeds.
  • Esdeger Title Deeds: Also known as “exchange” deeds, these are given to Turkish Cypriots in exchange for properties. While often considered secure, they might require scrutiny to ensure there are no underlying disputes or claims.

By following these steps and utilizing our expert guidance, you can make a well-informed decision and enjoy a smooth property-buying experience in Northern Cyprus. We are here to support you every step of the way, ensuring that your investment is sound and your transition into property ownership is seamless.

Expenses When Buying Property in Northern Cyprus

  • 5% VAT: Calculated based on the value of the property written on the contract
  • 6% Sales Tax: Calculated by the Land Registry Office based on the assessed value
  • 6,5% Stamp Duty: Payable to Land Registry Office based on contract value
  • £ 1.500: Lawyer’s fee to follow up on your buying procedure.

Other Expenses

  • Water registration for brand new properties: £ 200 (+/-)
  • Water registration for resale properties: £ 100 (+/-)
  • Electric registration for brand new properties: £ 300 (-/+)
  • Electric registration for resale properties: £ 100 (+/-)
  • Annual Property Tax: 1 TL per square meter (m2)

Please visit our portfolio for properties in Cyprus to explore more opportunities and find the perfect property that meets your needs. We look forward to helping you make your investment dreams a reality.

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