- Where should you buy property in Northern Cyprus?
- Is property cheap in Northern Cyprus?
- What are the reasons why you should invest in real property in Northern Cyprus?
- Can foreigners buy property in Northern Cyprus?
- Property titles in Northern Cyprus: facts that a foreign investor should know
- The procedure of purchasing property in the TRNC
The popularity of Northern Cyprus with foreign investors has been growing recently. The jurisdiction has been in existence for nearly 50 years (since 1974) even though it is not officially recognized by the international community. The capital city of Nicosia is simultaneously the capital of Southern Cyprus. This is the only city in the world divided in two with each half serving as a national capital – of two different jurisdictions.
The weather is fine and the landscapes are beautiful in both parts of the island. No wonder Cyprus as a whole is a popular tourist destination. While you need a Schengen visa to enter Southern Cyprus, the Northern part of the island is more welcoming to tourists.
Most nationalities can enter the Turkish Republic of Northern Cyprus (TRNC) without visas and stay there for 90 days. Moreover, a foreigner can acquire a residence permit in the territory if he/ she rents residential accommodations or purchases a livable piece of property at any price.
Are you looking to buy real estate in a foreign country to qualify for legal residence there? Please use our professional advice and assistance in choosing the most reliable developers and the best pieces of property. We will gladly help you acquire legal residence in a foreign state!
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Where should you buy property in Northern Cyprus?
There are places at the seafront and those in the center of Northern Cyprus. Your choice of location will depend on your primary objectives in buying property in the country. Most foreigners naturally prefer to buy houses and apartments in locations that have direct access to the Mediterranean Sea such as Girne, Famagusta, and Trimoko.
The capital city of Nicosia does not give direct access to the sea but it is popular with foreigners anyway due to its well-developed infrastructure, a large number of tourist attractions, and multiple business opportunities. Other places away from the coast in the TRNC where you can also buy property include the towns of Lefke, Morfu, and Gönyeli.
If you would like to purchase real property at the seaside that find yourself surrounded by ancient buildings, then Girne should be your choice. The modern infrastructure is intertwined with ancient castles and fantastic natural landscapes.
Foreign investors like Girne and the real property prices in the port city are growing. Besides, you can become the owner of a luxurious villa in the settlement of Alsancak sitting 9 kilometers to the west of Girne. Multi-storey construction is prohibited there and the highest building has only five stories.
This is a unique city in Northern Cyprus. It offers beautiful beaches with turquoise water and many different tourist trails. Famagusta is also famous for its Long Beach area. There is a haven that cuts deep into the mainland and it has piers for large ships.
Whatever personal preferences you have, you will find living in Famagusta fantastic. If you are lucky enough to find a piece of real property that sells at a reasonable price, you can also acquire a stable source of passive income if you let the property on a lease. The tourist flow to the region is tremendous and the rental prices are high. We must also note that the East Mediterranean University is located in the city. This opportunity may be of interest for families with children. The University also has a school where the language of instruction is English while classes in all other schools in Northern Cyprus are taught in Turkish.
This is a small town away from the sea (47 kilometers inland). It doesn’t take too much time to get from Lapta to the coast but the cost of property in the town is considerably lower.
Another factor that makes real estate inexpensive in Lapta is the fact that the place is not too popular with tourists. At the same time, the town has an advanced infrastructure and offers a slow pace of life. So, if you are looking for an inexpensive house or apartment in a quiet place, Lapta should be your choice.
This city in the TRNC is especially popular with the British. This is a tourist and festival center of Northern Cyprus. You can rent an apartment in the city to qualify for a residence permit or purchase a piece of property in the suburbs. The town of Bafra, for example, has perfect beaches, the village of Boğaz boasts pristine nature, and the Karpaz peninsula offers deep lagoons.
One part of Nicosia is the capital of Northern Cyprus and the other part of the city is the capital of Southern (Greek) Cyprus. You should consider purchasing property there if you intend to engage in large-scale business operations on the island. The city is a business center of Cyprus but it’s not extremely popular with tourists because it is located off the seashore. However, the liquidity of real estate in Nicosia is rather high.
Please note that you cannot visit the Greek part of Nicosia on a visa to Northern Cyprus. At the same time, if you have a permit to visit Southern Cyprus (a Schengen visa), it will also give you access to the northern part of the island.
The city is located in the western part of Northern Cyprus and it is famous for its green forests and beautiful gardens. Foreign tourists know Lefke for walnuts, plums, date fruit, and oranges.
You should choose Lefke for living if you are into gardening and you want a peaceful life. We must also note that the European University officially recognized by the EU is located in Lefke. So, if you have children, you will find good educational opportunities for them by moving to this city in Northern Cyprus. The real property prices are relatively low in Lefke.
The city is surrounded by mountains, citrus orchards, and date palm trees. It sits only 40 kilometers away from Nicosia but the real property is much less expensive there.
This city will suit students and gardeners. It’s good for a quiet life and purchasing property there will make you qualified for legal residence in Northern Cyprus. You can also let the property on a lease.
The municipality can be thought of as a suburb of the capital city. It is located away from major tourist attractions but it boasts an advanced infrastructure that will make your life there extremely comfortable. Because the Middle East University is located nearby, the place is popular with students. Purchasing property in Gönyeli will also make you eligible for legal residence in Northern Cyprus.
Choose the best house, villa or apartment in Northern Cyprus with our expert support! We will gladly help you apply for legal residence in the country, make the purchase contract, open a foreign bank account, and relocate to Cyprus with your family.
Is property cheap in Northern Cyprus?
Cyprus is divided into two parts: the Greek one and the Turkish one. The two parts of the island have different cultures, and the standards and the costs of living are different too. Northern Cyprus is becoming more and more popular with foreigners buying property there and acquiring legal residence in the country. Probably, one of the main reasons why people prefer Northern Cyprus to the Greek part of the island is the cost of property. It is 30% to 50% lower than in Southern Cyprus and acquiring a legal residence permit in the North is much simpler.
The average cost of property in Northern Cyprus in was as follows in 2022:
- Studio apartment – from 55,000 £;
- Apartment 1+1 – from 70,000 £;
- Apartment 2+1 – from 75,000 £;
- Apartment 3+1 – from 100,000 £;
- Semi-detached house – from 225,000 £;
- Villa – from 250,000 £;
- Bungalow at the seaside – from 385,000 £.
The TRNC is divided into five administrative districts and the pricee of real property in each district are as follows, according to the most recent information:
- Apartment – 98, 000 EUR – 115,000 EUR;
- Private house — 300,000 EUR;
- Land – from 900 EUR to 2,000 EUR per m².
- Apartment – around 70,000 EUR – 75,000 EUR;
- Private house — from 300,000 EUR;
- Land — up to 2,100 EUR per m².
- Apartment – around 70,000 EUR – 75,000 EUR;
- Private house – around 450,000 EUR;
- Land – from 500 EUR to 800 EUR per m².
- Apartment – from 72,000 EUR to 100,000 EUR and more;
- Private house – 190,000 EUR;
- Land – from 300 EUR to 600 EUR per m².
- Real property prices in Güzelyurt are average. For instance, a studio apartment will cost you around 70,000 EUR, a house — around 250,000 EUR, and land — from 300 EUR до 600 EUR per m².
If you compare these prices to the real property prices in the Southern part of the island, you will see that Northern Cyprus is much more affordable. As of 2023, the average price of an apartment in the south is 184,200 EUR, and the average price of a house is 514 000 EUR.
What are the reasons why you should invest in real property in Northern Cyprus?
If you purchase real property in Northern Cyprus, you will find the following main advantages:
- An opportunity to buy inexpensive real estate in Northern Cyprus;
- An opportunity to return the investment by letting the property on a lease or by selling it at a higher price after only a few years;
- An opportunity to live or spend vacations in a beautiful area with mountain ranges and seaside landscapes;
- An opportunity to acquire legal residence permits for all family members regardless of the investment amount, which is a rare chance indeed;
- An opportunity to start a business venture in Cyprus on legal grounds.
Please note that the cost of living in Northern Cyprus has gone up in 2023 due to the growth of popularity of the jurisdiction with foreign investors. Analysts expect that the prices will continue to grow. Therefore, you should not postpone investing in real estate in the TRNC.
Can foreigners buy property in Northern Cyprus?
Yes, foreign nationals are entitled to purchase property in the TRNC and then let it on a lease, stay there when they visit the island on holidays, or live there full time. Please learn more about acquiring legal residence in Northern Cyprus by following the link.
Please note that purchasing livable property at any price will make you qualified for a residence permit in Northern Cyprus. Acquiring the permit does not take a long time.
If you would like to make the best deal when purchasing property in the TRNC and then apply for a residence permit in the country, please request our professional assistance in the matter. We have some attractive offers!
REAL ESTATE IN NORTHERN CYPRUS: OUR OFFERS
Property titles in Northern Cyprus: facts that a foreign investor should know
Property in Northern Cyprus can have different titles and depending on the Title Deed, buying a certain piece of property there can be more advantageous or less advantageous. Before investing in real property in the country, you have to find out what title it has because this will have a bearing on the security of your property and your ability to sell it at a later point in time.
There are four most common property titles in the TRNC:
- A Pre-74 Turkish Title Deed means that the owner of the property was its owner before 1974 when the island of Cyprus was divided in two jurisdictions. This is probably the most secure type of title deed even though theoretically, some legal issues may arise.
- A TRNC Title Deed means that the ownership of the property has been certified by the Government of the Turkish Republic of Northern Cyprus. Because the Republic of Cyprus (the Greek part of the island) as well as many other national states do not recognize the TRNC, this type of title deed may appear somewhat problematic if you want to sell the property in the future.
- A TMD Title Deed means that the property used to belong to the Turkish Defense Ministry (TDM) or was used for military purposes. It’s not easy to transfer this type of Title Deed but if a legal opportunity exists, buying property with this title is rather secure.
- A Leasehold Title Deed means that you cannot buy the property in the full sense of the word but you can rent it from the landlord (aka freeholder) for a certain period. Normally, the Government of Northern Cyprus will be the freeholder and the lease agreement will be valid for 49 years. Condominiums and other types of shared property often have Leasehold titles. An important advantage of investing into property that has this title is that it is going to come at a considerably lower price. After all, you are renting it instead of buying it. On the other hand, you may have to pay some service charges and you will have to seek the freeholder’s permission if you want the remodel the property, for example.
Please note that you have to apply for professional legal assistance when purchasing property in Northern Cyprus. The status of the jurisdiction is not completely secure and besides, only an authorized attorney will have access to the TRNC Land Cadaster as it is closed to the public. Can you buy property in Northern Cyprus without any legal assistance? No, you cannot if you don’t want to lose your money.
You have to realize that the seller will want to persuade you to buy the property without any further ado but his/ her goal is to rid of the property and grab the money as soon as possible. Offshore Pro Group experts are going to ascertain that the purchase deal that you intend to make is going to be perfectly legal and perfectly secure.
Please don’t put your money at risk! When buying property in Northern Cyprus or any other foreign country, you have to request professional assistance. Please contact us and we will conduct all the necessary due diligence checks for you.
The procedure of purchasing property in the TRNC
The main stages of buying property in Northern Cyprus include the following ones:
- Conduct due diligence checks. The first thing that you have to do is to find out what title the property has. Are there any easements of encumbrances on the property? Is it located far enough (at least 500 meters) from military objects? Does the development company hold a proper license? Only a professional lawyer can help you find answers to these questions.
- Sign a preliminary purchase agreement and make a security deposit. The deposit will not be reimbursed to you if you later cancel the agreement of your own will.
- Sign a full purchase agreement with the developer if you are buying a newly built piece of property. If you are purchasing property that has been used before, you’ll have to strike the deal with the owner. In both cases, you’ll need legal expertise.
- Then you will have to register the purchase agreement with the local Land Office. At this moment, you have to pay the stamp duty of 0.5% of the property price and an additional duty that goes to the Land Cadaster.
- After that, you’ll have to register the deal with the TRNC tax authorities and pay the full price of the property.
- When the seller receives the money, a 12% tax on property rights transfer has to be paid (requirement effective since January 27, 2023). This requirement applies to citizens of all countries except Turkey. Only when the tax is paid, can you obtain the property Ownership Certificate.
- In addition to that, the capital gains tax needs to be paid. The tax rates are as follows in 2023:
- 5%, if the seller is a professional realtor/ developer;
- 2.8% if the seller is a private individual.
- Within two weeks, you have to apply for a Title Deed to the Ministry of the Interior. You will have to bring a clean police record when doing so.
Please note that the purchase agreement will have articles specifying who pays the taxes. Normally, the property rights transfer fee, the stamp duty, and the VAT are covered by the buyer and the capital gains tax is paid by the seller.
Do you have any questions pertaining to investing in real property in Northern Cyprus and acquiring legal residence there? Please write to firstname.lastname@example.org without hesitation and seek our professional advice!