North Cyprus properties are very affordable and profitable for investors from abroad. Those who examine the Cyprus real estate ads and housing projects already notice the advantages. Seeing the unique nature and cheap housing prices in Northern Cyprus, first thing investors do is to investigate about the purchase process.
In this article, we will share the details of the purchase process in Northern Cyprus. We’ll walk you through this process step by step.
Research About North Cyprus
Northern Cyprus may be the island of your dreams, or maybe not. There are two ways be certain. On-site inspection and research.
Even if you have visited Cyprus before, you may not be able to master everything in a limited time. Luckily the internet offers the opportunity of unlimited access. Do as much research as you can about a variety of topics such as Northern Cyprus, life in Northern Cyprus, North Cyprus properties. Research the company you intend to work with, the housing project you are planning to buy.
As Kıbrıs Emlak Merkezi (KEM), the one and only real estate news and ads portal in Cyprus, we offer a wide range of information. Have a look at our articles. If you have any questions, you can always contact us directly.
North Cyprus Property
You can easily access properties in North Cyprus on the internet. Many companies publish their real estate on the internet through their own websites or through advertisements.
Here are a few things to consider.
The first thing is the price. Sometimes the same advertisement is placed on similar sites with different prices. Unfortunately, this is misguiding the investor. Be sure to check the price.
Investigate about advertised companies. Is there really such a company, does it really have such a product? Are the conditions too good to be true, are there any hidden charges? Ask a lot of these questions…
If you are going to buy a resale property, the condition of the property is important. If you are considering an off plan development, be sure to clarify the delivery date and delivery details of the project. You should also be aware that the price you agreed for buying a house in Northern Cyprus is not all-inclusive. The cost of the purchase and some additional taxes will be added to the purchase price. It would be wise to calculate an average of 10 percent for those costs. As this is standard procedure in Northern Cyprus, sometimes companies might forget to point this out to the investor during sales negotiations.
TRNC Tittle Deeds
Title deeds are issued by the land registry of the TRNC. All of them.
You might come across information that there are different types of title deeds. Not according to the Turkish Republic of Northern Cyprus. There is only one type of title deed. The bearer of the title deed owns the property.
However, in property business there is a distinction of types of title deeds based on their origin. There is an ever-growing list based on the origin of the land such as Turkish title deed, Pre 74 title deed, exchange title deed, allotment title deeds, martyr’s child title deeds…
In the past, the difference of the pricing of the deeds based on the origin was as significant as 25%. Many people were looking for properties with original Turkish titles, although having in mind that they were overpriced. That difference is quite balanced these days. Property prices are similar for all types of title deeds.
To be on the safe side you may ask your real estate agent or construction company about the type of title deed. Bear in mind that the type of title deed is not a legal issue but a political one. If this matter is important to you make sure to double check with a solicitor.
Be aware that the status of the title deed is of a much greater importance for the investor than the type of title deed. When buying a resale property make sure to have the title deed transferred to your name immediately. Make sure that there are no mortgage claims registered on the title. If you are buying a new property you have to annotate the deed with the sales contract. It would be advisable to get legal support at this stage.
Solicitors in North Cyprus
Considering that you are buying a property in an unfamiliar country it is vitally important that you get impartial legal advice.
Therefore, we recommend you to make use of the services of a reputable lawyer / solicitor, besides the real estate agency or construction company you deal with.
If you are buying a resale property, you have the chance to inspect the property as is. It’s the buyer’s responsibility to check the condition of the property before signing the sales agreement. The process of transferring the title deed is straight forward and usually handled quickly. But if you are going to buy an off plan new development, you will have a timetable to take care of, such as the project’s delivery process, access date, contents and transfer of the title deed. You will visit the plot where the property is going to be built, have a look at plans, renders and other presentation material provided by the contractor. You will get to see materials and depending on the progress of construction, you might be able to make amendments to the property. This is all a lot to take in.
The assistance of a legal representative will ensure that there are no injunctions or other charges, no shortcomings or errors in the property register, orderly building permits etc. Matters like penalty for delay of construction, cancellation conditions of the purchase and getting back the full amount including interests, legal guarantees and other related topics will be covered so that you sign a contract to buy a property in accordance with the TRNC laws and are safeguarded in the event of mishaps. Your legal representative will guide you through the process and will protect your interests only.
As a foreigner you will need to apply for permission for the ownership of the property to the Council of Ministers. This process might take several months to be completed so don’t be disheartened. You can move in, rent out or resell your property during the waiting phase if you wish. Usually the follow up of the procedure is included in the agreement with your legal representative.
NOTE: There are restrictions for foreigners about buying property in the proximity of military zones. This is a ban imposed for security reasons. Should the property you buy be at the border of a military zone, you will not be able to transfer the title deed in your name even if you have paid for it. This should be one of the issues to be immediately clarified with the support of a lawyer.
On another note… We emphasized the importance of legal support quite bluntly, please make sure that the legal representative you choose is not a real estate agent at the same time. There has been an increase in the number of lawyers working in property business recently. You would do best by employing an impartial lawyer who would have only your interest in mind.
Residence Permit in North Cyprus
You bought your property, the title deed has been released… It’s time to apply for a residence permit in Northern Cyprus.
The place to contact is the TRNC Ministry of Interior. Generally, real estate agents / construction companies or lawyers you work with will assist you in this process. Residence permits have to be renewed annually.
Frequently Asked Questions About North Cyprus Properties
At Kıbrıs Emlak Merkezi, we receive instant questions from our visitors. Users entering our Q&A page ask about issues they are curious about and our experts reply to the best of their knowledge.
At the Q&A section you will find an extensive archive about Cyprus properties.
QUESTION & ANSWER
We would like to encourage you to review our Question & Answer page or read the Invest in Cyprus section for issues related to Cyprus citizenship, establishing a company in Cyprus and Cyprus inspection trips.
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