Properties in the TRNC fall into different categories of title deeds. It is imperative that you as a purchaser are familiar with them in order to assist you in the decision making process.
The location of the TRNC at the eastern end of the Mediterranean is fast becoming the 'In' place to buy due to its excellent weather, close proximity of the sea and beaches, friendliness and all-round good value. However, the buying of property in the TRNC has been dealt several hard blows by the international media in recent times. Contrary to popular belief, it is not difficult to purchase property. Indeed, it is important to note that the current procedures in place actually serve to protect and benefit you, the customer.
Selection of property
The processes involved in the purchasing of property in North Cyprus depend entirely upon which type of property you decide is right for you. Based on our experience we are sure that after communication via phone, emails, skype it makes sense to come to Cyprus and to see the selected property with your own eyes. It make it easier “Afik Group” offers Inspection Trips (for more details see section Inspection Trip). Also our company attends International Property Shows all over the world and it gives an opportunity to meet personally representatives of “Afik Group” without intermediates.
While selecting property and planning budget of the purchasing you should not forget about additional costs:
Reservation of property
Prior to signing the contract you need to reserve the selected unit and pay deposit that equals to 1500 GBP(non-refundable). You can do it via bank transfer, pay by card or pay cash in the office.
Signing the Contract and Downpayment
After paying the deposit you have about 2 weeks for signing the Contract and making an agreed first payment (25% of the Sale Price).
The validity of the title deed is checked and confirmed by a solicitor, who then draws up contracts setting out the terms of sale.
The Stamp Duty due to be paid within 21 days after signing the Contract.
Having been given Power of Attorney, the solicitor then attends to the completion in the purchaser's absence, including the application for the purchase permit from the Council of Ministers.
- Copy of the Contract
- Passport Copy
- Application Form
- Certificate of clean criminal record
VAT is paid at key handover as well as the fee for connection of water and electricity.
3-6% Transfer Fee is paid after sale price is fully paid and the complex is completed.
In North Cyprus there is one annual tax – 1USD per sqm.
We will be happy to provide you with more information upon request.