Buying property abroad, especially in a country by the sea, is a dream of many. No matter how exciting this process is, the purchase of real estate in another country is a responsible step that requires knowledge and preparation. The process has many details to pay attention to, regardless of whether it takes place at home or in another country. So, what is important to pay attention to when buying a property in Northern Cyprus?
The Turkish Republic of Northern Cyprus has just begun to open to foreign investors. The region is a real "pearl" of the Mediterranean, still hidden from the whole world. Not only untouched nature and endless sandy beaches deserve your attention, but also the incredible investment potential of the northern part of the island. While in other countries of the Mediterranean coast the average cost per square meter has long exceeded 3,000 euros, in Northern Cyprus it still remains at the level of a thousand euros.
The separation of the island into southern (Greek) and northern (Turkish) parts occurred in 1974 after a peacekeeping operation by the Republic of Turkey aimed at protecting ethnic Turks living in Cyprus. Despite the fact that the official name of the region is Turkish Republic of Northern Cyprus, the region does not depend on mainland Turkey, but is an independent state. To date, Turkish Cyprus remains recognized only by Turkey itself, but the international support of European countries and the United States is slowly but steadily bringing the region to the level of all other countries. The international status of Northern Cyprus is secured by the presence of diplomatic missions of the European Union, the United States of America and Australia in the region. The demilitarization of the region and certain areas in particular also contributes to the attractiveness of Northern Cyprus as an investment destination. So, what should you first of all pay attention to when buying property in Northern Cyprus?
Choosing a property in Northern Cyprus
The first and most important step is choosing the right property. First of all, it is worth deciding on the purpose of the purchase: whether it will be a short-term or long-term investment, permanent residence or vacation. Almost everything affects the cost of an object - the number of rooms, the age of the building, the view from the window, the number of storeys, the proximity of infrastructure and the availability of amenities in the local area.
Northern Cyprus, previously closed to almost the whole world and considered a vacation spot for pensioners and exclusively Turkish elite, is gaining popularity among buyers from the CIS countries and Europe. It has everything for a comfortable permanent residence for the whole family. There are several international schools and universities in the region (the most famous being the American University of Kyrenia and the International University of Kyrenia) where teaching is conducted in English and diplomas are valid all over the world. The presence of world-class medical institutions, a superbly developed infrastructure, a clean environment (there are no large industrial enterprises in the region) and well-established transport links is worth noting as well. The cost of both ready to move in one bedroom apartments and project housing starts from 50-60 thousand euros. Housing projects under construction also allow you to earn on investments, as the difference in the price of an object at the excavation stage and after completion can differ by 50%.
The average payback period for real estate in Northern Cyprus is 8-10 years. Approximately half of foreigners buy housing on the island for investment purposes, half for their own residence. In big cities - Nicosia, Kyrenia, Famagusta - renting out is more beneficial. In these cities, rental demand is stable all year round, especially in Kyrenia, full of students. For example, the average income from a one bedroom furnished apartment will be more than 1,500 euros per month. For apartments in Kyrenia and Nicosia, monthly rentals are popular, in Famagusta - yearly.
In the suburbs, ultra-modern residential complexes with developed infrastructure are common. Typically, such residences have water parks, private beaches, supermarkets and beauty salons. Such offers bring the greatest rental income - they are profitable for those who come on vacation, daily, weekly or monthly. The climate of Northern Cyprus allows you to enjoy the warmth all year round: in summer it is traditionally hot for the Mediterranean climate, and in winter the temperature remains around +20 with mild sunrays. Those who spend their holidays in the summer, value a private beach in the complex, those who want to spend the cold months on the coast will prefer an indoor pool, jacuzzi, sauna and steam room.
Choosing a real estate agency and a lawyer in Northern Cyprus
Do not rely on yourself: buying property in Northern Cyprus is safe, but it has its own subtleties that are difficult to figure out without the help of a professional. When conducting real estate transactions in the TRNC, the presence of a lawyer is mandatory. It is worth paying attention to the fact that his license must be registered in the TRNC Lawyer Association. The services of a lawyer are about 1,500 pounds (about 1,800 euros).
A licensed agency and a lawyer will not only check the object for legal cleanliness (no debts, pledges, disputes, etc.), but they will guide you at every stage of the purchase, take over the negotiations and formalities. For this, personal presence is not necessary - you can issue a power of attorney for a lawyer who will act on your behalf and sign documents. The conclusion of the sale contract is also made in the presence of lawyers from both sides: the buyer and the seller.
Only a reliable real estate agency will turn the purchase of real estate into an easy and pleasant process, protecting you from risks and problems as much as possible. Realtor Turkey is one of the leading agencies that works only with trusted construction companies and sellers. We will select for you properties that fully meet your criteria at the best price.
Registration of Title Deed in Northern Cyprus
In Turkey, the certificate of ownership is called "Tapu", and in the Turkish Republic of Northern Cyprus its name is "kochan". All real estate transactions in Northern Cyprus, despite the statements of the Greek side, are completely legal and have full legal force: no one will take away your property. All claims of the Greek side to real estate in the territory of the TRNC and disputes related to them are not considered by international courts, and compensation for land is paid not by the owner, but by a special state commission. Thus, the owner of real estate in the region is fully protected legally.
The Turkish side defines several subtypes of certificates of ownership (exchange, compensation, etc.), but in fact there is only one real estate type here, the one owned by the Turkish Republic of Northern Cyprus, therefore there is only one type of "kochan" here. The registration of the document is handled by a lawyer. When registering a "kochan" (transferring of ownership) you must pay a tax, which it is only 3% of the cadastral value of the object.
According to the latest amendment to the TRNC law on the purchase of real estate by foreigners, adopted on May 27, 2022, the investor has the right to buy up to four apartments in Northern Cyprus and register them for himself. Thus, a foreigner can have four "kochan" in Northern Cyprus at once.
Buying a property in Northern Cyprus and moving to the seaside is very easy. This is a step towards obtaining a residence permit in the TRNC and, subsequently, citizenship. Hurry up to become the owner of real estate in the region, which is considered one of the safest in the world, and start a new, comfortable life by the sea! Realtor Turkey will accompany you at every stage of the purchase - from choosing your new home to choosing furniture for it. We strive to become your reliable friend and partner for life.