Purchase process for real estate in Northern Cyprus

Would you like to purchase one of the numerous properties in Northern Cyprus with KIBRIZ? Do you want to realize your dream property with us for the future – for example as a retirement home? Then you should find out more about the process of purchasing real estate in Northern Cyprus so that you are well prepared for the procedure. First of all, it should be said: A lawyer is always involved in the purchase process in the Turkish Republic of Northern Cyprus. This is intended to ensure that the entry in the land register is actually carried out correctly and that the interests of both parties are well protected.

If you have decided on a property - our advice on the purchase of properties in Northern Cyprus

If you have a property in mind, we will first advise you comprehensively on the possible purchase of the property in Northern Cyprus. We not only keep an eye on all legal aspects, but also discuss with you any costs such as taxes. However, you can already be sure of one thing: the property tax on the properties in the north of Cyprus is always low, so that you can make even better use of your budget. We will bring in an experienced lawyer so that the purchase can be processed. Among other things, this person collects important documents, but also takes care of the following:

Checking building permits and approvals
Checking any encumbrances on the property
Inspecting the title deed
Checking the property for mortgages or legal encumbrances
Drawing up a power of attorney to possibly act in your interest

We can also take care of drawing up the power of attorney so that we can act on your behalf on site. This includes paying taxes, transferring other costs or receiving your title deed if you are not present. In the north of Cyprus, lawyers or brokers are always called in to pay for the property – so that your money only flows if everything is above board.

Purchase Process Real Estate Northern Cyprus: The Purchase Contract

Before the lawyer can draw up a purchase agreement, we discuss the exact agreements between you and the seller or the developer in the case of a property that is still to be built. The lawyer can only draw up the purchase agreement once all agreements have been made. If both parties agree on this, it can be signed. The typical purchase agreement contains the following data:

Plans for financing the property
Clauses in the event of delayed or non-existent payments
Condition and agreements for completion of the property
Contents of the property, any equipment
How payments are to be made – via the lawyer or broker

If the purchase agreement has been signed by both parties, the lawyer will ensure that it is entered in the land register. This protects you as the buyer: the seller cannot sell the property multiple times.

This is something to consider when purchasing properties in Northern Cyprus that are still being built

If you decide on a property that has not yet been built, there are a few additional things to consider. An appointment must be made with the developer at which all details regarding equipment and completion are to be discussed. The completion time and certain construction guarantees are also discussed and recorded here so that you know exactly what to expect. The lawyer will then draw up a purchase agreement that also takes the respective construction phases into account. It is important here: It will also contain clauses that serve in the event of later completion in the respective construction phase. This results in so-called penalty payments or cost deductions. The lawyer withholds these from your payments for the respective construction phase. In general, payments are only made after the respective construction phase so that you are really on the safe side when it comes to purchasing the properties in Northern Cyprus.

Purchase Process Real Estate Northern Cyprus: Apply for Purchase Permit

After the purchase contract has been signed and entered in the land register, the purchase permit must be applied for. The purchase permit can take up to nine months to issue, so it is important that you gather all the important documents in advance. For example, you will need a current certificate of good conduct confirming that you have no previous convictions. A purchase permit can basically only be refused if:

You have a previous conviction
You have Cypriot or Turkish relatives
The property is adjacent to military land or otherwise appears questionable

The documents for the application must be original. But don’t worry: We will advise you in advance on what you need to apply for the purchase permit. For example, your passport should be valid for at least six months when you apply.

The service after the purchase of the real estate in Northern Cyprus

We not only support you when purchasing property in Northern Cyprus, but are also at your side after the purchase has been completed. We specialise in making your start on the island as pleasant as possible – and we do everything we can to ensure your satisfaction even after the actual process. We can also help you open a bank account or purchase furniture and equipment for your new property. We can also enroll your children in the new school for you and support you in finding staff such as gardeners. In any case, we do everything we can to fulfil your individual wishes and make your start in your new home as pleasant as possible.

These taxes may be incurred when purchasing real estate in Northern Cyprus

When purchasing property in Northern Cyprus, there are some taxes and fees. However, these are very low compared to German standards and are therefore easier to bear. Fees include:

Reservation fee of around £5000 for 2-4 weeks depending on the developer (non-refundable and deducted from the first deposit)
Stamp duty of 0.5% of the purchase price
Title tax of 6% of the purchase price upon registration
5% VAT on the purchase price
Legal fees of £1500-2000
After transfer of title (property deed) a further 6% of the purchase price

Due to the purchase permit and title deed, the transfer of ownership of your North Cyprus property is only due after approximately nine to twelve months, so you can prepare well for the payment. There are many existing properties where taxes have already been paid.

search query and real estate tour