PROPERTY PURCHASING PROCEDURE IN NORTH CYPRUS

The steps you need to follow when buying from North Cyprus may seem complicated, but it definitely becomes simpler after reading this article about the title deeds, procedures and laws in the country. There is no independent register or index values for property and land in North Cyprus.

However, certain things can be stated about property and land values. North Cyprus land remains at good value compared to other Mediterranean countries and also South Cyprus. Values have been increasing consistently for many years. Land and property prices vary form one location to another according to the type of title deed that applies.

It is the value of the land that drives property prices and represents good value for many. It must be remembered that the quality and the extent of new villa and property specifications vary substantially.

Two villas may be very similar in terms of size and location but may be very different in terms of construction quality, materials used and extras included. It is important to keep in mind that the cheapest construction may not be the best value. In order to purchase your freehold property the first thing you have to do is to select property that applies to your taste and agree on price.

Then you need to contact a solicitor based in Northern Cyprus, to get the contract drawn up which will include price, time scale, payment terms and specification. As both vendor and purchaser sign the contract, then the purchaser provides deposit; the amount will vary from one property to another. Then the solicitor applies to Council of Ministers on your behalf for purchase permit; that is your permission to buy in Northern Cyprus.

Following this, you may be required to pay the final balance. But remember, new build properties will be in stage payments spread over the duration of the construction. In most cases a 15% VAT will be levied on the property. Once purchase permit has been received vendor transfers the title into purchaser's name.

The purchaser pays 6% stamp duty and 1 % of the stamp duty charge is paid to the local Authority/Municipality. You have the right to be exempt from 3% of the duty on one purchase. Following the accomplishment of these steps, the sale is complete.

There are a number of leasehold properties in and around the Girne in Northern Cyprus and the process is very similar to purchasing a freehold; however an application is made to the Ministry of Tourism and not the Ministry of Interior.

In order to purchase your leasehold property the first thing you have to do is to select property that applies to your taste and agree on price. Then you need to contact a solicitor based in Northern Cyprus, to get the contract drawn up agreeing terms and conditions.

As both vendor and purchaser sign the contract, the vendor applies to Tourism Office to transfer lease. Then the purchaser applies to take over lease. Once the purchaser's application is approved, a 10% deposit is transferred.

On completion, remaining balance is paid to vendor and the lease is transferred. Following the accomplishment of these steps, the sale is complete.

North Cyprus Property Purchase Procedure - North Cyprus Legal Advice