| |
| .............................................................................................................................................................................. |
Buying a property in Northern Cyprus whether a villa or a apartment, new build or just land is major, investment so good advice is essential. Here is a brief informative guide to how the buying process works.
Further legal infotmation can be found by contacting lawyers. If wanted we can arrange for you. |
| |
When decided on a property, agree a price.
Arrange a meeting with your appointed solicitor who will draw up contracts stating the terms sale. (price, timescale, vendors & purchaser details, stage payments etc.)
When both parties happy with contact vendor & purchaser sign.
Purchaser pays a deposit according to the agreemenet.
Purchase permit is applied for by your solicitor to the Council of Ministers which takes approximately 12 months.
Once purchase permit has een received the remaining balance is due from purchaser.
When vendor receives the final payment the title deeds will be signed into the purchaser name and the sale is officially completed.
The exception being you apply either directly or via solicitor to the Minister of Tourism who will grant the lease rather then applying to the Minister of Interior for a freehold property. |
| |
Land in Northern Cyprus is measured in donums. 3 donum equals 1 acre, 1 donum equals 1338 sq meters.
Foreigners are limited to 1 donum per person or house (husband and wife count as one unless they have diffrent surnames |
| |
| In line with the rest of the world are some additional costs involved when purchasing a property in North Cyprus. |
| They are as follows: |
Solictor – £1.200 – this is a one off fee for the conveyance work.
District Land Office (DLO) – 6% of the estimated value of the home, this is usually lower than the sale price and is based upon the cost to replace the building.
KDV (vat) – 5 % this is a one off cost which the majority of the builders in Northern Cyprus inlude this in the purchase price but thi must be stated in the contract.
Council Tax – 1 % - this a one off cost at time of purchase with no further paymments of council tax in the future.
Mains connections – Electricty £1000 & Water £200 – approximately |
| |
| Ercan Airport has recently undergone a facelift and plans are uderway for direct flights. At the moment flights with TRNC airlines, Onur all fly to Ercan via Turkey. |
| |
