Northern Cyprus is a place that has recently attracted the attention of those who want to buy real estate. Northern Cyprus, which is valuable in terms of its natural beauties and cultural heritage, is now in a valuable position for the real estate sector.
Buying Property Conditions for Foreigners
Many foreigners who want to spend their holidays or retirement in Northern Cyprus are looking for ways to buy real estate in Northern Cyprus.
- Mortgage and loan research: If you are not a cash buyer, learn about mortgage and loan situations to find out how much you can borrow from banks.
- Start your real estate search: You can start your real estate search on real estate sites like GoldMark estates. After you find real estate that fits your expectations, it would be good to go and see it in person.
- Real estate prices and offers: Talk to the real estate agent about the price and the offer you can make.
- After you decide to buy the house: You need to get permission to buy the property. For this, you must apply in writing to the Council of Ministers.
- Seller’s confirmation: Sign the sales contract, which will also be signed by the seller.
- Transfer the funds.
- Confirmation of sale: After all documents, permits and funds are approved, the property will be registered in your name.
Buying Property Conditions for Turkish Citizens
Since Turkish citizens are considered foreign citizens, you must apply to the Council of Ministers to claim the real estate. This application results in two months for Turkish citizens. There are three types of the deed in North Cyprus:
- Turkish Title Deed: It is the strongest title deed. They are the title deeds of Turkish and British places before 1974.
- Equivalent Deed: Settlement, Equivalent Property Law and Landing in 1977
- Allocation Deed: Thanks to this deed, the owner of the real estate has the right to use the land. It is the type of title deed given for the places allocated by Northern Cyprus.
When buying real estate from Northern Cyprus, stamp duty, real estate transfer fee, VAT rate, and withholding tax must also be paid.
You can also be interested in: 5 Essential Things To Before You Go To North Cyprus
Where Should You Buy a Cyprus Real Estate?
The most preferred places to buy real estate in Northern Cyprus are Famagusta, Kyrenia, Iskele, and Nicosia. Apart from natural beauties and cultural heritage, real estates in these places are gaining in value. As Globalmark real estate, we would like to help you find the most suitable house for you in the real estate sector with more than 10 years of professionalism. As a result of the many services we provide, we ensure customer satisfaction.
Domestic and foreign tourists who want to buy real estate in Northern Cyprus can now realize their dreams. You can contact us for detailed information if you care about being guided correctly, having the most beautiful house suitable for your budget, trust, and satisfaction.
