Buing Properties in Northern Cyprus

Property and Land Values

There is no independent register or index values for property and land in North Cyprus. However, certain things can be stated about property and land values. " North Cyprus land remains at good value compared to other Mediterranean counties and also South Cyprus. " Values have been increasing consistently for many years. " Land and property prices vary form one location to another. " Prices vary according to the type of title deed that applies. " It is the value of the land that drives property prices and represents good value for many. It must be remembered that the quality and the extent of new villa and property specifications vary substantially. Two villas may be very similar in terms of size and location but, may be very different in terms of construction quality, materials used and extras included. It is important to keep in mind that the cheapest construction may not be the best value.

How to purchase Freehold property:

• Select property and agree price.
• Contract to be drawn up by a solicitor based in Northern Cyprus, to include price, timescale, payment terms and specification.
• Both vendor and purchaser to sign.
• Purchaser provides deposit (the amount will vary from one property to another)
• Solicitor applies to Council of Ministers on your behalf for purchase permit (this is your permission to buy in Northern Cyprus)
• Final balance payable ( new build properties will be in stage payments spread over the duration of the construction. In most cases a 15% K.D.V. (V.A.T.) will be levied on the property. )
• Once purchase permit has been received vendor transfers title into purchasers name.
• Purchaser pays 6% stamp duty and 1% of the stamp duty charge is paid to the local Authority/Belediye. (You may use the right to be exempt from 3% of the duty on one purchase)
• Sale complete.

  There are a number of leasehold properties in and around the Girne area in Northern Cyprus and the process is very similar to purchasing a freehold, however an application is made to the Ministry of Tourism and not the Ministry of Interior.

How to purchase Leashold property:

• Select property and agree price.
• Contract to be drawn up by a solicitor based in North Cyprus agreeing terms and conditions.
• Both vendor and purchaser sign.
• Vendor applies to Tourism Office to transfer lease.
• Purchaser applies to take over lease.
• Once puchaser application is approved, a 10% desposit is transfered.
• On completion, remaining balance is paid to vendor and the lease is transfered.
• Sale completed.