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Buying Property in North Cyprus
North Cyprus Property / North Cyprus Properties / Real Estate Agents in Northern Cyprus / North Cyprus Villas / North Cyprus Rentals
North Cyprus Buyers Guide
Nokta Homes in Northern Cyprus offers their unique clients the flowing information’s and many more;
- North Cyprus Property Buyers Guide
- North Cyprus Property Purchase
- North Cyprus Properties Title Deeds
- North Cyprus Property Management
- Moving to North Cyprus
- Construction in North Cyprus
- North Cyprus Property Furnishing
- Solicitors & Lawyers in North Cyprus
- Buy to Let ( Investment in North Cyprus )
Buying a Property in North Cyprus
When purchasing a Property in Northern Cyprus there are certain regulations and restrictions that must be adhered to, to enable you to take the North Cyprus Property Title Deed (known locally as a kocan pronounced koc-han) to be transferred into your name. These include checks carried out by the Ministry of Interior in Northern Cyprus. The transfer of the North Cyprus Property Title may take more than 12 months to fully complete, this however will not affect you being able to take possession of your Property in North Cyprus. Large investment companies usually do not have to wait more than 3 months.North Cyprus Properties For Sale
Buying a Property in North Cyprus cannot be easier when you purchase with the leading North Cyprus Properties specialist Nokta Homes in North Cyprus.
Nokta Estates and Construction Company in North Cyprus is proud to offer some of the most wonderfully designed North Cyprus Villas, North Cyprus Apartments, North Cyprus Bungalows, North Cyprus Rentals and all about North Cyprus Propety.
A foreign investor may purchase up to 1 donum of land (1338m2 = 14400 sq ft), 1 villa or apartment into their name. People who wish to purchase larger amounts are able to use family names for the title deeds or form companies with the help of solicitors.
There are a number of types of deeds in North Cyprus Properties, these are;
- Foreign ownership PRE-1974: For example; British, German etc. this title deed category provides the quickest route to purchase as there is no requirements for the ministers approval.
- Turkish Cypriot owned PRE-1974: Before the property can be registered in your name, an application must be made to the Council of Ministers for approval. Foreigners are limited to one donum per person (husband and wife count as one person).
- T.R.N.C.: Kesin Tasarruf Absolute Possession Document title deed (Exchange): Land or property, originally owned by a Greek Cypriot prior to 1974, with deeds issued by the North Cyprus Government on a points basis in compensation for land given up in the South. The owner of such a title deed is allowed to sell to foreigners. It seems unlikely in any settlement of the dispute between North and South, that anyone who has been so compensated through Government Issue of such a title deed, or indeed any subsequent purchaser of such a title, will lose the value of such issue or purchase.
- Greek Cypriot Title Deed: Land or property. We advise against such purchases.
The Process for Buying a Freehold Property is as follows;
- Decide the best property for you and agree price.
- a) For an off plan property the purchaser will be required to provide a ?1,000 reservation fee (amount negotiable)
b) For an established property the purchaser is expected to provide an initial deposit of ?1,000 (amount negotiable) - Contract to be drawn up by a solicitor based in Northern Cyprus, setting down the terms of sale i.e. price, timescale, payment specification and any special conditions.
- All relevant paper work to be signed by the Vendor and Purchaser.
- a) Up to two weeks later and after signing of contracts the agreed initial deposit minus reservation fee must be paid. Thereafter stage payments will be made until completion and final payment on customer satisfaction and hand over of keys.
b) For an established property all remaining monies will be payable after signing of contracts.
For the client who wishes to purchase land and build a house or villa, the laws are as follows, outside the municipal boundaries, there are restrictions on the area that one can build on:
- 15% covered area of the land size, for a bungalow on the mountain side.
- 20% covered area of the land size, for a villa on the mountain side.
- 20% covered area of the land size, for a bungalow on the sea front.
- 25% covered area of the land size, for a villa on the sea front.
- 100% - 120% covered area of the land size, in the cities and villages.
There is also a height restriction for houses, one storey = 17 feet, two storey =27 feet and three storey = 37 feet. Once the plans have been lodged with the District Office, work may commence.
In addition to the purchase price of the actual property, other costs you are likely to incur are as follows;
Solicitors fee approx.: ?1,000.
Deposit: 15% (negotiable) of purchase price.
Stamp Duty: 6% - First time buyers has a one off option to use their right to pay 3%
VAT: 5%
Approximate for annual property tax: ?15.
Connection fees.
It is true to say that retired people and families who come to live in Northern Cyprus enjoy a much higher standard of living than their UK counterparts, with pensions having a much higher purchasing power and the reassuring knowledge that one is living in a safe environment. For people who are thinking of buying for investment purposes, what better way than to rent your property. A house with a private swimming pool will bring you at least ?500 per week during the high season!
North Cyprus Property Search
Choose from 1,000’s of North Cyprus Properties For Sale from the Nokta Estates & Construction’s North Cyprus Property portfolio. Conveniently search for all types of Properties in Northern Cyprus including North Cyprus Villas, North Cyprus Luxury Apartments, North Cyprus Penthouses, North Cyprus Bungalows, North Cyprus Lands and many more types….
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