The Turkish republic of Northern Cyprus enjoys a typical Eastern Mediterranean climate with long hot summers and short mild winters. The Northern coastline at the foot of the Kyrenia (Girne) Mountain Range is accepted as being one of the most beautiful areas in the world in which to live. The natural beauty of the Island, the lovely climate, the warmth and generosity of the Turkish Cypriot people and the abundance of fresh produce make North Cyprus an unspoilt an un-commercialised haven. With 300 days of sunshine each year, un-crowded beaches and warm unpolluted seas, North Cyprus is a dream holiday destination for many Western Europeans. It is also an ideal location for property investment, whether you are looking for a second home, to invest or a place to retire in the sun.

Why North Cyprus over other destinations such as France or Spain? Put simply, property prices are significantly cheaper in North Cyprus, compared to anywhere else around the Mediterranean

Purchasing in North Cyprus

Leasehold Title Deed
The Government owns this property, long term leases are granted for 49 years. An excellent example of the manner in which this scheme has been operated can be seen in Karmi village, which is a credit to the minister of tourism and his staff. You can apply directly or via a solicitor to the Ministry of tourism to transfer the lease.

The process for buying a freehold property is as follows:

Decide which property is for you and agree on a price. A contract is drawn up by your appointed solicitor who will then proceed the terms of sale i.e. agreed price, timescale and any other specifications. All relevant paperwork is to be signed by both parties (Vendor and Purchaser) Purchaser pays 20% deposit. A purchase permit is applied for by your solicitor from the council of ministers, this takes approx 18 months. When the purchaser has paid the balance the Vendor signs the Title Deed into the name of the purchaser and the sale is then officially completed.

The process for buying a Leasehold property is as follows:

The purchase of Leasehold property is generally the same as being Freehold. The only difference is that you must apply either directly or via a solicitor to the Ministry of Tourism, who will grant the lease, instead of applying to the Ministry of interior (which is the procedure for the purchase of a Freehold property).
At the time of the application being submitted a deposit of 10% must be paid and held on behalf of the Vendor. Once the application has been accepted a time suitable to both vendor and Purchaser is agreed upon and completion can proceed with the lease being transferred into the name of the new buyer.

How much will it cost me?

Application for purchase permit and solicitor legal costs are approximately £1,200. Stamp duty which is levied by Land registry is 3%.

Note: All the above prices are subject to change.

New Property Purchase Cost Guide

In addition to the purchase price of the actual property, other costs you are likely to incur are as follows:

·        Solicitors fee £1,200
·        Deposit, 10-25% of purchase price (In most cases) followed by stage payments dependant on development.
·        Stamp Duty 3%
·        Council tax 1%
·        VAT 5%
·        Electric and Water connection £200-£600 (approx)

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