Real estate in Northern Cyprus.
Why Northern Cyprus?
Everyone knows that real estate is one of the best options for saving and increasing your money with the least risk. For many years we have concentrated on the mainland property market of Turkey. But recently our attention was drawn to Northern Cyprus.
As a result of World events this year, the purchase cost of real estate in Turkey has noticeably increased, not to mention the rental price. While Northern Cyprus is offering outstanding deals becoming one of the most promising places for profitable investment in residential and commercial real estate. Especially if you're buying properties from reliable developers at the construction stage.
Besides being a fun holiday place, Northern Cyprus is a great area for permanent residence: high-quality construction, extensive foreign community, mild taxes, and warm weather. To make it even more attractive, the government of the Turkish Republic of Northern Cyprus declared the project of development of the tourist area that includes many large-scale infrastructure development projects like new tourist attractions, hotels, golf clubs, nightclubs, casinos, exclusive yacht marinas, etc.
Is the procedure for buying property in Cyprus different from the rules of mainland Turkey?
Well, there are nuances. As well as in mainland Turkey, to Buy a property all you need is a foreign passport.
The procedure of purchase:
1. The buyer pays the deposit and the agent checks the title documents of the seller or developer.
2. The buyer and the seller sign a purchase agreement. The buyer pays for the lawyer's service and stamp duty.
3. The relevant documents should be transferred to the state organization (Land Committee), in order to obtain confirmation of the eligibility of the contract.
4. After receiving confirmation, the customer pays the rest of the purchase price.
Now here is the deal: the payment should be made in cash.
In Northern Cyprus, the mortgages are provided by development companies, not by banks. The regular rate is about 7%.
Is it safe to buy a property in Northern Cyprus?
For many buyers, the main question is a "Cyprus issue". You know, the most of misunderstandings related to disputes over land ownership have already been resolved by the European Court. The Greeks who moved from the northern part to the south received appropriate monetary compensation.
The little inconvenience that still exists is that you can only get to Northern Cyprus through Turkey. But then again it is offset by the low cost of square meters.
Despite its status, Northern Cyprus is an independent state that is actively establishing trade relations with many countries in Europe, Asia, America, and Australia. Most of the property buyers are British and Scandinavians. There are many people retiring to Northern Cyprus.
There is always a risk when you're buying property abroad. So we always recommend choosing your agents and developers carefully. And we are preparing a nice selection of Northern Cyprus properties for you. Picking the best deals, as always.