North Cyprus is situated in the Eastern Mediterranean, it is the third largest island in the Mediterranean sea . Its excellent infrastructure, high quality of life, low cost of living and generous tax incentives attract people from all over the world. Mountainous villages, crystal clear waters sandy beaches, green valleys, landscapes, 340 days of sunshine a year and most important of all the smiling genuine hospitality of local people. North Cyprus has it all and more. You can discover rare plants and wildlife, such as orchids and Greenback turtles, or you can simply curl up with a good book in the warm sunshine under your very own tree of idleness. The possibilities are endless in North Cyprus.
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PROPERTY OWNERSHIP AND TITLE DEEDS |
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When buying a property, it is very important (as in any other country) that the land/building, has legitimate title deeds. In the TRNC (Turkish Republic of Northern Cyprus)., there are three types of title deeds that the purchaser must be aware of.
These are:
Freehold Title
a) Foreign Title Deed
The owners of these properties are European ( e.g. German, British, Spanish…) (Pre 1974) This title deed is recognized world wide. The Council of Ministers will carry out various checks. This process takes approximately 6 months.
b) Turkish Title Deed
The owners of these properties are Turkish Cypriots who owned these properties before 1974.The council of Ministers will carry out various checks. This process takes approximately 6 months.
2) TRNC Title
The previous owners (pre 1974) of these properties were Greek Cypriots. Again, the council of ministers will carry out various checks, which will take approximately 6 months. These properties were given to the Turkish Cypriots refugees by the government after the 1974 war, in compensation for the land and houses that they lost in the south.
3) Leasehold title
These properties are owned by the Government. The Government grants long-term leases. It is necessary to make an application to the Ministry of Tourism in person or with a solicitor in order to transfer the lease.
The process of buying a Freehold Property.
| 1) The validity of the Freehold title deed will be checked by the company (Dovec Brothers Ltd) or by the Notary and an agreement regarding the price will take place. |
| 2 ) The Notary or solicitor will prepare a contract stating the terms and conditions of the sale(i.e. payment, time scale, materials, any special conditions etc).This processes can take place through the power of Attorney assigned by the purchaser. |
| 3) Vendor and purchaser sign the contract. At this stage, a deposit is paid. |
| 4) The vendor or solicitor will apply for a Purchase Permit from the Council of Ministers. (Normal procedure when buying property) |
5) When the permit has been received the purchaser can pay the remaining balance on the property. |
| 6) At this stage all title deeds will be transferred, and the sale will be completed. |
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TRNC Title Deeds cannot be given back to the pre 1974 owners as they were given to Turkish Cypriots by the Government as compensation for forfitting their properties on the south. If the prior owners apply to the Turkish Government Courts then the Government will pay them the amount of money equal to their property.
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ADDITIONAL COSTS |
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The purchase permit application costs between £ 750 and £ 1,500.
6% tax which is due to be paid to the Registry Office (stamp duty).
3.5% - 5% VAT
Solicitor fee is around £1000. ( Solicitors Page)
Solicitor fee is around £1000. ( Solicitors Page)
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OTHER COSTS |
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For a standard family (four persons) the monthly utility bills (electricity, water, telephone, municipal ...) would be approximately £150 - £200. (Figures will vary depending on the property size and standard of living that the family has acquired.) Yearly property tax is around £80.
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PROPERTY
OWNERSHIP |
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Foreign nationals are restricted to purchase only one (1) donum of land when it is a TRNC Deed. However, this rule does not apply on a Foreign Title Deed.
In rural areas, the Government has restricted the construction of buildings which are more than two storeys high. This was done to preserve the natural beauty of the country side.
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WEIGHTS AND
MEASURES |
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The measure scale in North Cyprus:
- 1 donum= 1388m2 or 14400 ft2
- 1 donum= consists of 4 evleks
- 1 evlek= 3600 ft2
- 1 acre= 3 donums
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BUILDING COSTS |
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Building costs in North Cyprus start from £300 per m2. This will vary depending on the quality of the materials used, and extras that the customers have requested. On request the property can be built using materials from all over the world, including the United Kıngdom.
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REASONS THAT MAKE NORTH CYPRUS UNIQUE |
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| 1. North Cyprus has natural beauty, full of unique historical treasures. |
| 2. There is virtually no crime, vandalism, pollution and no traffic congestion. |
| 3. It has some the best English speaking schools and universities in the world. |
| 4. As the property market is booming, it is a very good investment. |
| 5. The sun shines for approximately 340 days of the year. |
| 6. The relaxed atmosphere is ideal for a retirement or holiday home. |
| 7. The cost of living is much lower than in the UK |
| 8. The law is based on the British Judiciary system. |
| 9. The health services are par with the UK. However, in Cyprus there are no waiting lists. |
| 10. North Cyprus is the place, where your dreams come true |
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