If you intend to visit North Cyprus to view a property with the possible aim of making a purchase make sure you have access to the necessary funds to allow you to make a reservation deposit payment on the property. Normally the minimum reservation deposit required in North Cyprus is £1,000. This payment can be by cash, credit card or bank transfer. Be aware that most reservation deposits paid to Vendors will be non-refundable so it’s important that you are sure of your financing before paying any deposits on a North Cyprus property.
What Property can you buy in Northern Cyprus?
Laws of the TRNC - Turkish Republic of Northern Cyprus, state that non -TRNC citizens may only take property title to one North Cyprus property the size of the property in total (including gardens etc) maybe up to a maximum area of 0.33 Acres, One Donum. This law is per household not per person so husband and wife count as one
It is a requirement that you apply for and receive permission from the TRNC Council of Ministers before any title deeds of the property will be registered in your name. Should a non TRNC citizen wish take title to more than one property, or a property over one donum in area it would be necessary to set up a TRNC Company which would hold the title for you.
Choosing a property in North Cyprus
When looking for the Northern Cyprus Property that suits all of your requirements there are many different areas that you will need to consider, the frequency with which you will use the property (permanent home, holiday property, investment property etc) consider the distance from airports that is acceptable to you, any rental potential of the property and the long term investment you will be making. Buying a home of your dreams can be a stress-free procedure if your research is thorough. If seafront views are a priority this is something else to consider when viewing properties, it is also wise to ask if further developments are planned close to the area of the property that you are viewing. Set yourself a budget but remember to add approximately 10% of the property price in order to cover other fees such as, Transfer of Title and KDV (VAT).
Purchase Negotiations
Once you choose your North Cyprus Property you will need to make a verbal offer. It is at this stage the purchase terms or purchase price, if necessary, will be negotiated you may also wish to change final completion dates, or even terms of payment.
