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Top 10 Tips to buying property in North Cyprus

Buying property abroad can be a mine field no matter where and North Cyprus is no different therefore below are considered the top 10 tips when considering buying property in the Turkish Republic of North Cyprus (TRNC).

  1. Research the market, re-sale or off-plan and source information from other purchasers for local knowledge to support your decision.
  2. Inspection Trips are readily available from reputable developers and estate agents therefore arrange a visit ahead of your decision.  Don’t act immediately, factor consideration time for all pro’s and con’s.
  3. Appoint an independent Attorney, who will carry out all the necessary legal checks required to support the purchase.  Appoint them as Power of Attorney to act in your absence, and making a valid Will is key to protect your property and personal estate.
  4. Once terms of sale have been agreed, ensure all additional costs are outlined in the contract of sale which include deposit, payment schedule if off-plan agreement and timescales for completion.  Additionally if late delivery by the developers what agreements are in place for this.
  5. Once agreements have been signed your contract of purchase will be recorded at the Land Registry as a statement of your legal interest in the property.  Your Attorney will do this for you.   At this point you will pay Stamp Duty of 0.5% of the contract price of the property.
  6. Your Attorney will apply to the Council of Ministers for purchase authorisation.  This can take some time, and possession of your property is likely ahead of authorisation being approved.
  7. Allow purchase costs i.e. VAT at 5% of the contract price, Property Tax (3% currently) once purchase authorisation is received.  Attorney Fees vary, and ensure you have a full break down of costs ahead of signing any contracts.  Factor in travel costs, inspection of progress if off-plan purchase has been made to ensure developers are on-track with the build.
  8. You must allow for purchase costs. VAT at 5% of the contract price is payable when you take occupation of your property. You will be charged an additional 3% of the contract price (property tax & this can vary), about one  to two years after you move into your property. This delay depends on the time it takes for purchase authorisation.
  9. When your purchase authorisation application is granted, the deed is transferred and at this time you will be asked to pay the above mentioned property taxes.  Some developers market their properties with Title Deeds therefore this process is quicker.
  10. Finally enjoy your home in North Cyprus
About the author

Alexandra Gagan

Editor & Writer of Life North Cyprus. E: [email protected]

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