Things to Consider When Buying Property in North Cyprus

How to Buy Your Dream Property in North Cyprus: A Guide for Foreign Buyers

Are you looking for a sunny and affordable place to buy your dream property? Do you want to enjoy the Mediterranean lifestyle, culture and cuisine? If so, you might want to consider North Cyprus as your destination.

North Cyprus is a beautiful island with stunning beaches, mountains, historical sites and natural wonders. It offers a variety of property types, from studios and apartments to villas and penthouses, at reasonable prices and with attractive incentives. It also has a friendly and welcoming community, a mild climate, a low cost of living and a high quality of life. However, buying a property in North Cyprus is not as simple as it may seem. There are some things to consider when buying property in North Cyprus. In this guide, we will cover the most important aspects of buying a property in North Cyprus.

By the end of this guide, you will have a clear idea of what to expect and how to avoid potential pitfalls when buying a property in North Cyprus. You will also learn how to contact us for more information and assistance.

So, let’s get started!

Choosing the Right Property Type

Studio, apartment, villa, bungalow or penthouse?

Studio

A studio is a small apartment that consists of one room that serves as a living room, bedroom and kitchenette. It is usually suitable for singles or couples who want a low-maintenance and affordable place to stay. However, it may not offer much privacy, comfort or storage space.

Apartment

An apartment is a unit in a building that has multiple units. It usually has one or more bedrooms, a living room, a kitchen and a bathroom. It is ideal for families or groups who want more space and facilities than a studio. However, it may have higher maintenance fees and less privacy than a detached property.

Villa

A villa is a detached house that has its own garden, pool and garage. It usually has multiple bedrooms, bathrooms, living rooms and kitchens. It is perfect for those who want more luxury, privacy and independence than an apartment. However, it may have higher purchase costs and utility bills than an apartment.

Bungalow

A bungalow is a single-story house that has its own garden and garage. It usually has two or three bedrooms, a living room, a kitchen and a bathroom. It is suitable for those who want more space and comfort than an apartment but less hassle than a villa. However, it may have less security and natural light than a multi-story property.

Penthouse

A penthouse is an apartment that occupies the top floor of a building. It usually has large windows, balconies or terraces that offer panoramic views of the surroundings. It is ideal for those who want more prestige, exclusivity and luxury than an ordinary apartment. However, it may have higher purchase prices and maintenance fees than an ordinary apartment.

There is no one-size-fits-all answer when it comes to choosing the right property type for you. You need to consider your own needs, wants and budget before making your decision.

Finding the Best Location

A brief overview of the main regions and what they offer.

Another important factor to consider when buying a property in North Cyprus is where you want to buy it. The location of your property will affect its value, accessibility, amenities and lifestyle.

North Cyprus is divided into five main regions: Kyrenia (Girne), Famagusta (Gazimağusa), Nicosia (Lefkoşa), Guzelyurt (Morphou) and Karpaz (Karpasia). Each region has its own characteristics, attractions and advantages.

Kyrenia

Kyrenia is the most popular region for property buyers in North Cyprus. It is located on the northern coast of the island and has a stunning natural harbor, a picturesque castle and a lively town center. It offers a variety of properties, from seafront apartments and villas to mountain cottages and golf resorts. It also has many restaurants, bars, shops, casinos and hotels. It is ideal for those who want a vibrant and cosmopolitan lifestyle with easy access to the sea and the mountains.

Famagusta

Famagusta is the second most popular region for property buyers in North Cyprus. It is located on the eastern coast of the island and has a rich history, a sandy beach and a modern city. It offers a range of properties, from city apartments and penthouses to beachfront villas and bungalows. It also has many cultural, educational and recreational facilities, such as museums, universities, cinemas and water parks. It is suitable for those who want a dynamic and diverse lifestyle with a mix of old and new.

Nicosia

Nicosia is the capital and the largest city of North Cyprus. It is located in the center of the island and has a unique divided status, as it is shared by both the Turkish Cypriot and the Greek Cypriot communities. It offers a variety of properties, from traditional houses and apartments to modern offices and shops. It also has many governmental, commercial and cultural institutions, such as ministries, banks, markets and theaters. It is perfect for those who want a central and convenient lifestyle with a lot of opportunities and activities.

Guzelyurt

Guzelyurt is the least developed region for property buyers in North Cyprus. It is located on the western coast of the island and has a fertile plain, an orange grove and a tranquil town. It offers a limited number of properties, mostly agricultural land and village houses. It also has few amenities and attractions, such as a museum, a church and a festival. It is ideal for those who want a rural and peaceful lifestyle with a lot of nature and authenticity.

Karpaz

Karpaz is the most remote region for property buyers in North Cyprus. It is located on the northeastern tip of the island and has a long peninsula, a national park and a wildlife reserve. It offers a few properties, mainly eco-friendly lodges and campsites. It also has few facilities and services, such as a marina, a monastery and a lighthouse. It is suitable for those who want an adventurous and ecological lifestyle with a lot of wildlife and scenery.

As we mentioned, each region in North Cyprus has something different to offer to property buyers. You need to consider your own preferences, goals and budget before choosing your location.

Understanding the Legal Process

What you need to know about title deeds, permissions, contracts and costs.

Buying a property in North Cyprus involves a legal process that you need to understand and follow carefully. There are some steps you need to take to ensure that your purchase is valid, secure and hassle-free.

Here are some things you need to know about the legal process when buying a property in North Cyprus:

Title deeds

Title deeds are documents that prove the ownership of a property. They are issued by the Turkish Republic of Northern Cyprus (TRNC) government and are guaranteed by the TRNC constitution. There are three types of title deeds in North Cyprus: pre-74 foreign or Turkish title deed, exchange title deed (Eşdeğer) and TMD title deed (Tahsis). Each type of title deed has its own advantages and disadvantages, so you need to consult your lawyer before choosing one.

Permissions

Permissions are approvals that you need to obtain from the relevant authorities before buying a property in North Cyprus. There are two main permissions you need: permission from the Council of Ministers (Bakanlar Kurulu) and permission from the Military (Askeri). The Council of Ministers permission is required for all foreign buyers regardless of the type of title deed. The Military permission is required for all buyers regardless of their nationality or the type of title deed. Both permissions can take several months to obtain, so you need to be patient.

Contracts

Contracts are agreements that you sign with the seller or the developer when buying a property in North Cyprus. They are legally binding documents that specify the terms and conditions of your purchase. There are two types of contracts you need: sale contract (Satış Sözleşmesi) and construction contract (Yapım Sözleşmesi). The sale contract is required for all purchases regardless of whether they are resale or off-plan. The construction contract is required only for off-plan purchases where the property is not yet completed. Both contracts need to be prepared by your lawyer and registered at the Land Registry Office (Tapu Dairesi).

Costs

Costs are expenses that you need to pay when buying a property in North Cyprus. They include purchase costs (such as stamp duty, VAT, transfer fee, etc.), legal costs (such as lawyer fee, notary fee, etc.), maintenance costs (such as communal charges, utility bills, etc.) and other costs (such as mortgage fee, insurance fee, etc.). The total amount of costs will vary depending on the type, size, location and condition of your property. You need to budget carefully and ask your lawyer for a breakdown of all the costs involved.

As you can see, the legal process of buying a property in North Cyprus is not very complicated, but it does require some time, patience and professional guidance. You need to make sure that you follow the steps correctly and that you have all the necessary documents and permissions before completing your purchase.

Financing Your Property Purchase

Options for mortgages, payment plans and currency exchange.

One of the most important aspects of buying a property in North Cyprus is how to finance your purchase. You need to consider your options for mortgages, payment plans and currency exchange and choose the one that suits your situation best.

Here are some options for financing your property purchase in North Cyprus:

Mortgages

Mortgages are loans that you take from a bank or a financial institution to buy a property. They are secured by the property itself and require regular repayments with interest. Mortgages are available for both local and foreign buyers in North Cyprus, but they may have different terms and conditions depending on the lender, the borrower and the property. You need to shop around and compare different offers before applying for a mortgage. You also need to have a good credit history and provide proof of income and assets.

Payment plans

Payment plans are arrangements that you make with the seller or the developer to pay for your property in installments over a period of time. They are usually interest-free or low-interest and flexible. Payment plans are common for off-plan purchases where the property is not yet completed. You need to negotiate the terms and conditions of your payment plan with the seller or the developer and make sure that they are included in your contract. You also need to make sure that you can afford the payments and that you have a backup plan in case of any delays or problems.

Currency exchange

Currency exchange is the process of converting one currency into another. It is necessary when buying a property in North Cyprus because the local currency is the Turkish lira (TL), but most properties are priced in foreign currencies such as British pounds (GBP), euros (EUR) or US dollars (USD). Currency exchange rates fluctuate constantly and can affect the value of your property and your payments. You need to monitor the exchange rates and decide when to buy or sell your currency. You also need to use a reputable and reliable currency exchange service that offers competitive rates and low fees.

As you can see, there are different options for financing your property purchase in North Cyprus, each with its own advantages and disadvantages. You need to consider your own financial situation, goals and preferences before choosing your option.

Renting Out Your Property

Tips on how to generate income and manage your property remotely

One of the benefits of buying a property in North Cyprus is that you can rent it out when you are not using it yourself. This way, you can generate income from your property and cover some of your costs.

However, renting out your property also involves some challenges and responsibilities. You need to find tenants, collect rent, maintain your property, pay taxes and deal with any issues or complaints.

Here are some tips on how to rent out your property in North Cyprus successfully:

Find tenants

Finding tenants for your property can be done through various channels, such as online platforms, local agents, word-of-mouth or referrals. You need to advertise your property effectively and highlight its features, location and price. You also need to screen your potential tenants carefully and check their references, credit history and background.

Collect rent

Collecting rent from your tenants can be done through different methods, such as cash, bank transfer, cheque or online payment. You need to set a fair and competitive rent price that reflects the market value of your property and covers your expenses. You also need to have a clear and written rental agreement that specifies the terms and conditions of your rent collection, such as the amount, frequency, due date and penalties for late or non-payment.

Maintain your property

Maintaining your property is essential for keeping it in good condition and attracting tenants. You need to perform regular inspections, repairs and cleaning of your property. You also need to comply with the health and safety standards and regulations of North Cyprus. You may hire a professional service or a local manager to help you with these tasks.

Pay taxes

Paying taxes on your rental income is mandatory in North Cyprus. You need to register as a taxpayer and file your tax returns annually. You also need to keep records of your income and expenses and deduct any allowable expenses from your taxable income. You may consult a tax advisor or an accountant to help you with these matters.

Deal with issues or complaints

Dealing with issues or complaints from your tenants or neighbors is inevitable when renting out your property. You need to be responsive, respectful and reasonable when handling these situations. You also need to follow the legal procedures and remedies in case of any disputes or conflicts. You may seek legal advice or mediation if necessary.

Renting out your property in North Cyprus can be a rewarding and profitable venture, but it also requires some work and care. You need to be prepared and organized when managing your property remotely.

Determining Your Purpose of Buying Property

Investing or living in your property in North Cyprus.

One of the questions you need to ask yourself when buying a property in North Cyprus is what is your purpose for buying it. Do you want to invest in it or live in it?

Your answer will affect your decision-making process and your expectations from your property. It will also influence the type, location, size and price of your property.

Here are some differences between investing and living in your property in North Cyprus:

Investing in real estate

Investing in a property means buying it with the intention of making a profit from it, either by selling it at a higher price or by renting it out. Investing in a property requires a more rational and objective approach than living in it. You need to consider the market trends, the demand and supply, the return on investment and the risks involved. You also need to be flexible and adaptable to changing circumstances and opportunities.

Living

Living in a property means buying it with the intention of using it as your primary or secondary residence, either permanently or temporarily. Living in a property requires a more emotional and subjective approach than investing in it. You need to consider your personal preferences, lifestyle, needs and goals. You also need to be committed and attached to your property and its surroundings.

Investing and living in your property in North Cyprus have different implications and outcomes. You need to be clear about your purpose before buying your property.

Conclusion

Summarize the main points and invite readers to contact you for more information

We hope that this guide has given you some useful information and insights on things to consider when buying property in North Cyprus. We have covered the most important aspects of buying a property in North Cyprus, such as:

• Choosing the right property type
• Finding the best location
• Understanding the legal process
• Financing your property purchase
• Renting out your property
• Determining your purpose

However, this guide is not exhaustive and there may be more questions or issues that you may encounter when buying a property in North Cyprus. That’s why we are here to help you.

We are Cyprusify.com, a real estate website that specializes in North Cyprus properties. We have a team of experts who can assist you with every step of your property purchase, from finding your ideal property to completing the legal formalities.

We have a wide range of properties for sale in North Cyprus, from studios and apartments to villas and penthouses, in various locations, sizes and prices. We also have exclusive offers and discounts for our clients.

If you are interested in buying a property in North Cyprus, please contact us today. We will be happy to answer any questions you may have and provide you with a free consultation.

Don’t miss this opportunity to buy your dream property in North Cyprus. Contact us now and let us make your dream come true!