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Acquiring ownership of a new property in North Cyprus requires going through a series of steps. Here’s how we assist you in this process:

1. We research the market and carefully select the best developments on the market

We are 100% independent ‘niche’ real estate advisors, which means we have access to most of the developments on the North-Cyprus market. We are constantly updating our market research in order to be able to present you the best investment opportunities on the local market.

2. We make investment proposals based on your budget and investment objectives

We always take into account all expenses, such as the price of the property, taxes, legal fees, and maintenance when you want to rent out your property on the local market.

3. We look for the best “Location, location, location”

Since we have access to most of the on-going projects in North-Cyprus, we are constantly screening the potential of the locations that we can offer you. We consider factors such as amenities, distance to the beach, activities, other developments that might have an impact on the value of your future property etc.

4. We assist you with the legal aspects of buying property in North-Cyprus

  • Legal Expert: We work with a reputable attorneys who specialize in property law in North Cyprus. They have the expertise to guide you through the legal process and ensure that all necessary steps are taken care of.
  • Title Deeds: Together with our local partners, we ensure that the property possesses a valid and unencumbered title deed. A thorough examination of the title deed will be conducted by the appointed lawyer to ensure that there are no encumbrances or legal issues.
  • We ensure Approval for Purchase: Foreign buyers are required to obtain permission from the Council of Ministers. This process may take some time, but you have the option to proceed with the purchase while awaiting approval.

5. Financial Arrangements

  • If you require a mortgage, it is advisable to make arrangements with your local bank or financial institution. Please make sure you have a clear understanding of the terms and conditions. In most cases, as a foreigner, you will only get a bank loan in your home country when you own property in your home country that your local bank can use as a collateral for your investment in North-Cyprus. This is also a common procedure in other countries.
  • Entering into a Sales Agreement: We facilitate a sales agreement with the assistance of a legal professional to outline the specific terms and conditions of the sale. This agreement will be signed by both parties.
  • Developers ask you to pay a deposit to secure the property. Typically, this constitutes a small fraction of the total purchase cost.

6. Payment Process

  • First of all: make sure to pay the required down payment as stated in the sales agreement. This secures your ‘option’ on the chosen property.
  • If you buy ‘off-plan’, there will be an option to pay monthly ‘installments’. Most developers offer them free of interest.
  • You will make the final payment once you have received the required permissions and all construction or renovation work has been completed.

7. Title Deed Transfer

When buying property in North-Cyprus, like in any other country, there are some taxes and other expenses that you will have to pay.

  • VAT: In North-Cyprus, you pay only 5% VAT on a new development.
  • In order to be able to transfer the ownership, you pay stamp duty, which is 12% of the net price excl. VAT. 6% should be paid upfront, and 6% will be paid upon transfer of the ownership.
  • Land Registry Office: After all payments have been made and necessary permissions have been obtained, your lawyer will help with the transfer of the title deed at the Land Registry Office.

We understand that you would need professional guidance to make sure that every step is carried out and that you don’t have to worry about anything. Feel free to contact us. We will assist you in every detail.

Kyrenia-North-Cyprus

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