Buyers Guide North Cyprus

North Cyprus, an appealing island in the eastern Mediterranean, offers natural beauty, historical significance, and investment potential. Divided into the Republic of Cyprus in the south and the Turkish Republic of Northern Cyprus in the north, this guide provides detailed information on buying property in North Cyprus. With a population of 350,000, including 35,000 foreigners, it's a thriving real estate market.

Why North Cyprus?

North Cyprus, renowned for its golden beaches, beautiful bays, and rich culture, is an increasingly popular destination. With 300 sunny days a year and a wonderful climate, it's a top choice for tourists and investors. Forbes named it the world’s best buy for beachfront property in 2021, highlighting its growing appeal.

North Cyprus's unique political situation adds to its appeal. Although not widely recognised diplomatically, it operates with a stable government and infrastructure. Flights currently route through Turkey to Ercan Airport, but there is potential for future direct flights, enhancing its real estate market.

Affordable Properties:

Compared to other Mediterranean destinations, North Cyprus offers properties at about a third of the price, attracting many foreign investors. The combination of low property prices and high rental yields makes it an attractive investment.

Casino Capital of Europe:

Known for its casinos, North Cyprus offers a vibrant nightlife with luxury resorts, restaurants, and clubs, making it a popular destination for tourists and investors.

Safe and Beautiful:

North Cyprus is one of the safest countries in the world, with low crime rates and a close-knit community. Its natural beauty, with forests and golden beaches, enhances its appeal.

Tax Benefits:

North Cyprus offers favourable tax conditions, making it attractive for European buyers. There are no taxes on foreign income, and it offers offshore banking benefits.

Popular Property Destinations in North Cyprus

• Girne (Kyrenia): Known for its picturesque harbour and historical sites, Girne is a prime location with high rental demand.
• Gazimağusa (Famagusta): A historic city with a deep harbour, sunny weather, and beautiful beaches. It's also a major educational hub, ensuring consistent rental demand.
• Iskele: Famous for its golden beaches, Iskele is an emerging investment hotspot with affordable properties and modern developments.
• Esentepe: A serene location near Girne, Esentepe offers peace, nature, and proximity to a premier golf course and idyllic beaches.
• Lefke: Overlooking the tranquil Guzelyurt Gulf, Lefke blends luxury with natural beauty and is ideal for those seeking tranquillity.
• Güzelyurt: A picturesque haven known for its gardens and historical landmarks, Guzelyurt offers promising investment opportunities with modern residential projects.

How to Buy Property in North Cyprus

Step 1: Make Your Wish List:

Determine your needs and expectations to find the most suitable property. Contact a real estate agent to discuss options.

Step 2: Arrange a Viewing Tour:

Visit shortlisted properties to inspect their condition and location.

Step 3: Negotiate and Agree on Terms:

Negotiate the terms of the sale with the seller, supervised by property experts and legal consultants.

Step 4: Sign the Sales Contract and Notary Approval:

Prepare and sign the sales contract, which might require notary approval. Open a local bank account for financial transactions.

Step 5: Apply to the Council of Ministers:

Submit necessary documents to the Council of Ministers for the issuance of the title deed, which takes about 6 to 12 months.

Legal Aspects of Property Ownership in North Cyprus

Legal Representation:

Hiring a property lawyer is essential. They guide you through the purchase contract and oversee the process.

Property Ownership Limitations:

Foreigners can own one property limited to a single land plot of up to 1,338 sqm or a house on a plot not exceeding 6,691 sqm.

Purchase Permit:

Foreigners must apply for a purchase permit from the Council of Ministers. This process can take 3-12 months.

Title Deeds:

North Cyprus properties have three types of title deeds: Turkish (Türk Koçanı), Equivalent (Eşdeğer Koçanı), and Greek (Rum Koçanı). It's advisable to avoid properties with Greek Coupon deeds due to potential legal complications.

North Cyprus offers a unique opportunity for property investors and those seeking a Mediterranean retreat. With its rich history, stunning landscapes, and a growing property market, it's an attractive destination. By understanding the local property laws and partnering with a trusted agency like Summer Homes, you can navigate the property buying process with confidence and ease.

Contact Us

For more information on purchasing property in North Cyprus, reach out to us at Summer Home. Whether you're looking for a family home or seeking to expand your property investment portfolio, our dedicated team is here to assist you through every step of your real estate journey. Contact us today to discuss your options and start your journey towards owning a property in one of the world's most beautiful Islands.

Frequently Asked Questions (FAQs) for Buying Property in North Cyprus

1. Why should I consider investing in North Cyprus?
North Cyprus offers a unique combination of affordability, natural beauty, and a vibrant lifestyle. Known for its stunning beaches, rich culture, and 300 sunny days a year, it’s an ideal location for both tourists and investors. The region has been highlighted by Forbes as the world's best buy for beachfront property, adding to its growing appeal.

2. How affordable are properties in North Cyprus compared to other Mediterranean destinations?
Properties in North Cyprus are approximately one-third the price of those in other Mediterranean regions. This affordability, combined with high rental yields, makes it an attractive option for investors looking for value and long-term returns.

3. Is North Cyprus safe for foreigners?
Yes, North Cyprus is considered one of the safest countries in the world, with low crime rates and a close-knit community. Foreigners are welcomed, and the region is known for its friendly and relaxed atmosphere.

4. What are the tax benefits of buying property in North Cyprus?
North Cyprus offers favourable tax conditions, particularly for European buyers. There are no taxes on foreign income, and it also provides benefits for offshore banking, making it an attractive financial haven.

5. Can foreigners buy property in North Cyprus?
Yes, foreigners are allowed to purchase property in North Cyprus. However, they are limited to owning one property, either a single land plot of up to 1,338 sqm or a house on a plot not exceeding 6,691 sqm. A purchase permit from the Council of Ministers is also required.