Terms, Rules and procedures for Buying property in North Cyprus 2024

Experience Mediterranean Coastal Living by Buying property in North Cyprus

Northern Cyprus, a shining jewel in the Mediterranean Sea, offers an idyllic lifestyle with its pleasant climate, sandy beaches, pristine nature, and affordable living costs. It is an ideal destination for both living and investment.

This article provides comprehensive information you need to know before Buying property in North Cyprus ensuring a secure and informed purchase.

Who is Eligible to Buy a Property in Northern Cyprus?

Northern Cyprus can be a great choice for investment or immigration. By carefully studying the conditions and procedures of Buying property in North Cyprus, you can confidently proceed with your purchase in this beautiful country.

In 2024, the following conditions apply to foreign nationals buying a property in Northern Cyprus:

General Conditions:

Minimum age: 18 years old
No criminal record
Presentation of valid identity documents
Opening a bank account in Northern Cyprus

Specific Conditions:

Property number restriction: Each foreigner can purchase up to 5 properties in Northern Cyprus.
Payment terms: Applicants can pay in cash or in installments. In the case of installment purchases, usually 35% of the amount is paid as a down payment, and the remaining amount is paid in 12 to 24 months installments without interest.

Can I Get a Residency by Buying Property in North Cyprus?

Yes, it is definitely possible to obtain permanent residency in Northern Cyprus by purchasing a property.
After purchasing a property, you can apply for a permanent residency card by submitting the necessary documents and paying the associated fees.

Important Points:

Before buying a property, be sure to consult with a reputable lawyer or real estate agent.
Carefully review all documents and contracts.
By purchasing a property in Northern Cyprus, you can pave the way for obtaining permanent residency and starting a new life in this beautiful country.

Steps to Buying a Property in Northern Cyprus

1. Property Selection

Property type: Apartment, villa, land
Location: Kyrenia, Famagusta, Iskele, etc.
Budget: Considering the minimum amounts set for residency

2. Property Inspection and Verification

In-person or online property viewing
Examination of property documents and titles
Ensuring there are no legal issues

3. Signing the Pre-Sales Contract:

Agreeing on the price and terms
Paying the down payment (usually 35%)
Signing the pre-sales contract

4. Obtaining Necessary Permits:

Obtaining a permit from the Land Registry Department
Obtaining a permit from the Ministry of Interior

5. Property Ownership Transfer:

Paying the remaining amount of the property price
Signing the title deed transfer at the Land Registry Office

6. Obtaining Residency:

Submitting documents to the Immigration Department
Paying residency fees
Receiving the permanent residency card
By following these steps, you can confidently purchase a property in Northern Cyprus and obtain residency in this beautiful country.

Where is the Best Area to Buy Property in Northern Cyprus?

The best area to buy property in Northern Cyprus depends on your needs and priorities. Here are some popular areas with their advantages and disadvantages:

Buying a Property in Kyrenia

Advantages:

Tourist and vibrant area
Various social and recreational amenities
Suitable for investment and rental
Easy access to other parts of Northern Cyprus
Disadvantages:

Relatively high property prices
Crowded and busy

Buying a Property in Famagusta

Advantages:

Historical and cultural area
Beautiful and peaceful beaches
More affordable property prices
Suitable for a peaceful life
Disadvantages:

Limited social and recreational amenities
Further distance to other parts of Northern Cyprus

Buying a Property in Iskele

Advantages:

Developing area
Beautiful nature and mountain views
Affordable property prices
Suitable for a peaceful life
Disadvantages:

Limited social and recreational amenities
Further distance to other parts of Northern Cyprus

Other Areas:

Karmi: Coastal area with sandy beaches and turquoise waters
Lapta: Quiet area with beautiful nature and sea views
Yeni Boğazi: Coastal area with good social and recreational amenities
Ultimately, the best area depends on your taste and needs. To choose the right area:

Identify your needs and priorities.
Determine your budget.
Research different areas thoroughly.
Get help from a reliable and experienced real estate agent.
Here are some additional factors to consider:

Lifestyle: Do you prefer a bustling city life or a peaceful and relaxed lifestyle?
Amenities: What kind of amenities are important to you, such as schools, hospitals, shops, and restaurants?
Accessibility: Do you need easy access to other parts of Northern Cyprus or to airports?
Resale potential: If you are considering buying a property for investment, think about the resale potential of the area.
By carefully considering your needs and preferences, you can find the best area in Northern Cyprus to buy a property and start enjoying your new life.

Benefits of Buying Property in North Cyprus

Profitable Investment:

Annual Property Price Growth: According to statistics, property prices in Northern Cyprus have increased by an average of 5% to 12% in recent years. This growth is due to the increasing demand for property in this country, driven by the development of the tourism industry and immigration from other countries.
Potential Rental Income: By purchasing a property in Northern Cyprus, you can rent it out to tourists or locals and generate income.
Eligibility for Permanent Residency: By purchasing a property you can obtain permanent residency in Northern Cyprus for yourself and your family members.

Permanent Residency:

Family Inclusion: Spouses and children under 18 can also obtain permanent residency.

Affordable Living Costs:

Lower Than Other European Countries: The cost of living in Northern Cyprus is significantly lower than other European countries.
Ideal for Retirees: Considering the affordable living costs, Northern Cyprus can be an ideal choice for retirees.

Mediterranean Climate:

Warm and Sunny Summers: Northern Cyprus enjoys a Mediterranean climate with warm and sunny summers and mild winters.
Mild Winters: This climate is suitable for those interested in beach activities and those seeking warm weather.
Perfect for Beach Activities: Northern Cyprus has beautiful sandy beaches and turquoise waters, perfect for beach activities.

Beautiful Nature and Diverse Landscapes:

Sandy Beaches and Turquoise Waters: Northern Cyprus boasts stunning sandy beaches and turquoise waters that create breathtaking scenery.
Mountains and Forests: In addition to the beaches, Northern Cyprus also has beautiful mountains and forests suitable for hiking and nature walks.
Ideal for Nature Lovers: The diverse nature of Northern Cyprus makes it an ideal place for nature lovers.

Safety and Security:

Low Crime Rate: Northern Cyprus is a safe country with a low crime rate.
Suitable for Family Life: The safety and security of Northern Cyprus make it a suitable place for family life.

Free Education:

For Children Up to Pre-University Level: With permanent residency, your children can attend public schools in Northern Cyprus for free up to the pre-university level.

Access to Healthcare:

Quality Healthcare: Northern Cyprus has quality healthcare and well-equipped hospitals.
Affordable Medical Costs: Medical costs in Northern Cyprus are significantly lower than in other European countries.

Here are some additional benefits to consider:

Ease of Buying Property: The property purchase process in Northern Cyprus is relatively straightforward and transparent.
Strong Rental Market: There is a strong demand for rental properties in Northern Cyprus, making it easy to find tenants and generate income.
Favorable Tax Environment: Northern Cyprus has a favorable tax environment for property owners.
Overall, buying property in Northern Cyprus can be a sound investment with many potential benefits. Whether you are looking for a profitable investment, a retirement home, or a vacation getaway, Northern Cyprus may be the perfect place for you.

Types of Property Title Deeds in Northern Cyprus

Here are the 5 common types of property title deeds in Northern Cyprus:

Turkish Title Deed:

Issued for land and properties located within the territory of the Turkish Republic of Northern Cyprus (TRNC).
Considered the most secure type of property title in Northern Cyprus.
Transferable to foreign nationals.
Application for this title deed must be made through the TRNC Land Registry Department.

Foreign Title Deed:

Issued for land and properties located within the territory of the Republic of Cyprus (Greek Cypriot side).
Foreign nationals only granted the right to use the property for 49 years.
Transferable to other foreign nationals.
Application for this title deed must be made through the Land Registry Department of the Republic of Cyprus.

Exchange Title Deed:

Issued for properties that were exchanged during the war between the two sides of Cyprus.
Ownership of these properties is still not fully resolved.
Buying this type of title deed carries a risk.

Tahsis Title Deed:

Issued for land allocated by the TRNC government to individuals.
Ownership of these lands is not yet fully transferred to individuals.
Buying this type of title deed carries a risk.

TMD Title Deed:

Issued for land located in the buffer zone between the two sides of Cyprus.
Ownership of these lands is not yet fully determined.
Buying this type of title deed carries a high risk.

Property Prices in Northern Cyprus

Property prices in Northern Cyprus vary depending on factors such as location, property type, size, amenities, and year of construction.

Additional Costs:

In addition to the property price itself, you must also consider the additional costs of buying property in Northern Cyprus.

Typical Additional Costs:

Value Added Tax (VAT): 5%
Title Deed Transfer Fee: 6%
Legal Fees
Translation Costs
Registration Fee
Total additional costs:

Approximately 17% to 18% of the property price.
Note:

The information provided here is general and should not be considered as legal or financial advice. It is important to do your own research and consult with professionals before making any property purchase decisions.
Exchange rates may affect the prices mentioned above.

Things to Consider When Buying Property in Northern Cyprus

Choosing the Right Area:

Determine your needs and priorities.
Set your budget.
Research different areas thoroughly.
Get help from a reliable real estate agent.

Checking Property Documents:

Ensure the property has a valid title deed.
Verify there are no legal issues or debts on the property.
Confirm all necessary construction permits (if applicable) have been obtained.

Using a Lawyer:

Choose a reputable and experienced lawyer specializing in real estate.
Ensure your lawyer handles all legal aspects of the property purchase correctly.
Protect your rights throughout the property buying process.

Making Secure Payments:

Use secure and reliable methods for money transfers.
Avoid cash payments at all costs.
Conduct all transactions officially and with valid documentation.
As much as possible, make your purchase through well-known and secure companies.

Being Aware of Laws and Regulations:

Research the laws and regulations regarding property purchases by foreigners in Northern Cyprus before buying.
Understand the legal implications of buying property and obtaining residency in Northern Cyprus.

Other Tips:

Visit the area where the property is located before making a purchase.
Research property prices in the desired area.
Learn about the area’s amenities and infrastructure.
Property Purchase Laws in Northern Cyprus:

Foreigners are allowed to buy property in Northern Cyprus, subject to specific terms and conditions.

General Steps for Buying Property in North Cyprus

• Choose a property.
• Obtain a tax number.
• Open a bank account.
• Submit the required documents.
• Sign a pre-sale contract.
• Make a down payment.
• Receive the title deed.

Important Laws Related to Property Purchase in Northern Cyprus

The minimum age for buying property is 18.
Foreigners can purchase up to 40 dunums (approximately 100 hectares) of land in Northern Cyprus.

The Current State of Property Sales and Rentals in Northern Cyprus

The property market in Northern Cyprus is currently booming. Property prices in the country have been rising in recent years, but they remain relatively affordable compared to other European countries.

Factors contributing to the booming property market in Northern Cyprus:

Increased demand from foreign nationals: Northern Cyprus has become an attractive destination for investment due to its favorable climate, beautiful beaches, relatively low cost of living, and easy residency requirements.
Growth in the tourism industry: The tourism industry in Northern Cyprus is growing, which has led to an increase in demand for property, especially in tourist areas.
Government programs to attract foreign investment: The government of Northern Cyprus offers various programs to attract foreign investment, including tax breaks and permanent residency for property buyers.

The state of property rentals in Northern Cyprus

The rental market in Northern Cyprus is also booming. There is high demand for rental properties, especially in tourist areas and near universities. Due to this high demand, many people buy homes in Northern Cyprus as an investment, as they can be rented out at high prices.

In this article, we have tried to answer your frequently asked questions as briefly and clearly as possible. If you have any further questions or would like to assess your eligibility to buy a property, simply send us a message on WhatsApp or fill out the consultation form on our website.