Buy Property in Northern Cyprus
C'est la vie Team

C'est la vie Team

Eco Wellness Resort In North Cyprus

Can Foreigners Buy Property in Northern Cyprus?

Cyprus, an island nation nestled in the eastern Mediterranean, boasts a rich tapestry of history, culture, and natural beauty. Known as the birthplace of Aphrodite, the ancient Greek goddess of love, Cyprus has been inhabited for millennia, leaving behind a legacy of diverse influences. The allure of Cyprus’ Mediterranean climate and golden beaches makes it an attractive second home for Brits – whether you’re looking for a place to spend long summer breaks, or retire to Cyprus.

Today, Cyprus is divided into the Republic of Cyprus in the south and the self-declared Turkish Republic of Northern Cyprus in the north, following a complex history of conflict and partition. Efforts for reconciliation and reunification persist, with ongoing peace talks aiming to bridge the divide and create a united Cyprus.

Can foreigners buy property in Northern Cyprus-

Yes, a foreigner can go ahead and buy property in Northern Cyprus. It’s easier to do so here when compared with many European countries. The best thing about purchasing property in Northern Cyprus is that the overall process is a hassle-free one. There aren’t any special restrictions, and you just need to go ahead and buy.

Buying property in Cyprus does require careful planning to make sure it goes smoothly, and any potential pitfalls are avoided. Our complete guide to buying property in Cyprus is here to help. It covers everything you need to know about the property market, mortgages, and fees, as well as the buying process itself.

Property buy process in Northern Cyprus-

Buying property in Northern Cyprus does require careful planning to make sure it goes smoothly, and any potential pitfalls are avoided. Our complete guide to buying real estate in Northern Cyprus is here to help. It covers everything you need to know about the property market, mortgages, and fees, as well as the buying process itself.

Important factors for Real Estate-

If you’re considering purchasing a vacation home, retirement retreat, or investment property in North Cyprus, this article is a must-read.

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The charm of Northern Cyprus is steadily growing among individuals from Germany, Austria, Switzerland, and Scandinavia, drawn by the desire to own a piece of paradise under the sun. Drawing from personal insights, there are several factors to carefully weigh when navigating the real estate market in North Cyprus for apartments for sale in North Cyprus.

  • Identify and select the most suitable property that meets your requirements. Whether your goal is to invest, find a vacation retreat, or secure a retirement haven, it’s crucial to pinpoint the perfect opportunity tailored to your needs.
  • In essence, you need to address these key inquiries:
  • Am I inclined towards owning an independent house, typically available through resale unless opting for a new construction, entailing the responsibility of upkeep?
  • Identify and engage with a reputable and experienced property development company or individual to assist with your project. In the realm of new constructions, ensuring that the developer fulfills their commitments is paramount. It’s crucial to ascertain beforehand which developers are reputable, financially stable and committed to delivering top-notch quality. While numerous building firms operate in North Cyprus, only a select few adhere to the stringent standards upheld in Europe.
  • Locate and connect with a reliable and knowledgeable local collaborator who can provide support and guidance for your project. In North Cyprus, all your interests will be represented by reputable partners and lawyers. It is essential to have a local partner with integrity, who understands the European mentality and approach according to rental properties in Northern Cyprus.
  • Executing the legal agreement- The contract is divided into two languages in two adjacent columns. English and Turkish. Meanwhile, German copies are also made because many Germans on the island have also bought them. Since Turkish is the official language in North Cyprus, means that every official document must also be written in Turkish. Each page of the contract, including all annexes, is signed in triplicate. By the buyer, seller, and a witness, the lawyer. Unlike in Germany, the notary only comes in to pay later.  The usual deposit amount to be paid to the seller when signing the buy contract is 30% of the buy price. This ensures that the buyer is serious and until this sum is paid, the buy contract will not be officially registered in the land register. According to Turkish Cypriot law, contracts must be deposited with the land registry within 21 days of conclusion. His or Her “stamp duty” of 0.5 % of the buy price is paid to the Tax Office. This is usually paid together with the down payment.
  • Registration of the property- Upon receipt of payment, the sales contract is promptly lodged with the Land Registration Office, safeguarding your property against potential third-party claims. This step, crucial for securing your investment, is seamlessly handled on your behalf, inclusive within the legal fee range of £1,500 to £1,800

Though the approval procedure may span up to six months, it doesn’t hinder your ability to occupy, lease, or vend the property. The legal firm ensures the contract’s transferability, granting you flexibility in your property dealings. Upon acquiring permission to buy, the requisite valuation forms are diligently completed, taxes related to property transfer settled, and title deeds duly registered under your ownership, culminating the acquisition process for Northern Cyprus apartments for rent.

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Foreigners wishing to buy in North Cyprus are allowed to acquire one property per person or up to one donum of land (1,338 sq meters or 14,400 sq ft). This restriction does not apply when buying foreign or Turkish-titled property. To be able to buy a property, you have to get permission from the Council of Ministry, which is now quite a quick process. If you want to buy multiple properties as an investment, you have to look at a trust solution and will need professional advice.

When compared to other European nations, the Cypriot property market is comparatively inexpensive.

There are, however, several restrictions for non-residents when purchasing or renting property in the nation that you should be aware of. Before Cyprus acceded to the European Union, it was usual to invest in Cypriot real estate due to its inexpensive pricing compared to other countries.

However, Cyprus was joined to the EU in May 2004, and this membership was followed by regulations that prohibited the buying of real estate.

What do you need to buy a property in North Cyprus-

The buyer and the seller enter into a preliminary contract of sale, in which they fix the price of an apartment or house, the payment procedure, and the rights and obligations of the parties. 

The buyer opens a current account in a Cyprus bank, to which they deposit 10 to 30% of the housing cost. The deposit will not be returned if the buyer changes their mind and recalls the transaction.

 The remaining property value, minus the deposit, is paid after signing the main contract to buy and sell apartments or villas. Then the new owner receives the title of owner, a document confirming real estate ownership in Cyprus through investing in real estate North Cyprus.

Are there any restrictions for foreigners-

Yes, In Cyprus a foreign citizen cannot buy a property or real estate with an area of 4,000 m². Cyprus permanent residence can be obtained by non-residents who have bought one or two new properties with a total value of at least €300,000.

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