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UN representative Mr. Downer talks of a solution in Cyprus by the end of 2010:
The United Nation special representative for Cyprus, Mr. Downer showed hope that a deal on the separated island could be brokered by the end of this year...
Fresh Hope Comes with Cyprus Peace Talks:
Ongoing Cyprus peace talks could be a new opportunity for property investors eyeing up North Cyprus property market. ...
The Orams decision and North Cyprus economy:
What does the Orams decision really mean for North Cyprus property market?...
 

North Cyprus Property Purchasing Process



Buying Property in North Cyprus or Land in North Cyprus

The following is our recommended guide to our clients wishing to purchase property in North Cyprus or land and property in North Cyprus:

Prior to booking your inspection trip for your North Cyprus property viewings, we would have short-listed a good selection of suitable properties in North Cyprus for you to inspect.

Following your final decision as to which North Cyprus property to purchase, we shall make an appointment for you to meet our English speaking solicitor.

The solicitor will draw up the sales agreement for your new North Cyprus property ensuring maximum protection to both parties and in line with the terms, payment schedule and conditions agreed with the developer. 

The solicitor will check the title of the North Cyprus property to ensure that (Please read solicitor's note)


•         The person who is selling the North Cyprus property actually owns it
•         There are no charges on the North Cyprus property
•         Necessary building permissions for building your North Cyprus property and licenses are in order
•         The terms and conditions stipulated by the seller of your North Cyprus property are fair and reasonable.
 
Your initial holding deposit to secure your North Cyprus property (usually GBP 1,000) will be paid at this stage to reserve your North Cyprus property and freeze its price. This is essential due to the fact that prices of properties in North Cyprus are constantly increasing.

Solicitor’s fee for services rendered in the search and acquisition of your North Cyprus property is payable following your return to the UK.

Please note:  (The reservation deposit for your North Cyprus property is non refundable.)


The solicitor will then arrange for all the paper work relating to your North Cyprus property purchase to be sent to the title deeds office for the transfer of the title deeds of the North Cyprus property onto your name. This usually takes several months following completion of your North Cyprus property.

We advise our clients to give power of attorney to the solicitor in order to facilitate the procedure; release of title deeds from the title deeds office and registration of the title deed at the government offices. 
  • Please note that giving power of attorney to the solicitor avoids you having to travel to North Cyprus several times within a matter of several weeks/months whilst your North Cyprus property purchasing process continues.
  • Please also note that giving a solicitor power of attorney does not give us or the solicitor any claim over your North Cyprus property, it will be your name and picture on the title deeds.
A payment plan for your property in North Cyprus is usually drawn up at the time of the initial sales agreement as mentioned above.  For off-plan properties in North Cyprus, your payments may be staggered over 6-12 months (usually 20 – 30% is paid upfront as the initial deposit) and for resale properties in North Cyprus, full payment is usually due within 3 months of the sales agreement date.

Your solicitor will inform you once the title deeds of your North Cyprus property have been authorized. This is usually when your final balance of payments is payable together with the buyer’s tax (3% stamp duty) and the water and electricity connection fee.

Your solicitor will then arrange for the new title of your North Cyprus property to be registered with the local council office (for property tax purposes).


Standard Costs of Purchasing Property in North Cyprus

On average costs of buying property in North Cyprus are significantly less (in relation to the purchase price of the property in North Cyprus) than Spain, France, Portugal and Italy.  The following illustrates relative costs of purchasing property in North Cyprus as opposed to in other countries.

Costs of purchasing a North Cyprus property with purchase price GBP 100,000 illustrated below.


GBP 
North Cyprus Property
Purchase Costs

Purchase Tax
4,000
VAT
4,000
Buyer’s Fee
N/A
Solicitor’s Fee
750
Gas & Electricity
200
TOTAL
8,950

Total purchase costs of the North Cyprus property amount to approximately GBP 9,000.  This is 9% on top of the purchase price of your North Cyprus property.  Of the costs above, purchase tax, gas and electricity connection and military application fees are payable upon completion of your North Cyprus property.  This means for off-plan North Cyprus property purchases, upfront costs are only GBP 750 (1% of your North Cyprus property value) and the remaining 8% is due after the completion of your North Cyprus property, which could be 12 months away.   


Furnishing of your North Cyprus property if required

Quality furnishing can be budgeted at approximately 5% of your North Cyprus property value.


Other Ongoing Expenses of North Cyprus property ownership
  • 0.3% annual North Cyprus property tax
  • GBP 60 annual council tax. This is usually paid in two installments (May and November).
  • GBP 250 annual North Cyprus property insurance (depending on size and location)
Communal Charges for your North Cyprus property (if applicable)

May vary according to the size and value of your North Cyprus property. A guideline figure for 2/3 bedroom apartments in North Cyprus would be between GBP 400 and GBP 600 per annum and would include:
  • Pool maintenance (including chemicals)
  • Garden maintenance including exterior repair and decoration
  • Building insurance

North Cyprus Property by Category






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