Why  Buy or Rent in North Cyprus?

Take a warm climate, friendly people,  beautiful surroundings, historic sites, and surround them with the warm Mediterranean sea. Add a newly refurbished airport at both Ercan and Larnacae, a brand new Championship golf course with Spa facilities, fabulous water sports, and golden beaches, not to mention the  pending EU membership and increased foreign investment. Free from the troubled Euro and European politics, watch the price of  property & investments rise, whilst not having to pay a premium for being in the Euro zone both rental and purchase prices are very reasonable in comparison, you’ll see why North Cyprus property is ideal for renting or as an investment dream home in the sun.

Why  Rent / Buy  from OceanView properties?

We take great care looking after the needs of our International clients, all details provided are treated with strict confidence, we use no mail shots, neither do we pass on any information to third parties or use "Cookies".

We at OceanView properties have been Buying / Selling / Renting in North Cyprus for over 15 years, we treat our clients as friends, always ready to advise and help, from viewing properties, legalities,  contracts, building inspections, snagging lists, furnishing, moving in, paying bills, maintenance and renting when required.

All Estate agents work either for the developer or seller, once they have taken your deposit, the agent is normally paid their commission, it is at this point, their interest in the purchaser (you) ceases.

We differ from "Estate agents",  we work, help, assist all our clients, ( ie you, the purchaser / renter ) not the seller / developer.

 

A  brief history

Ever since warriors returned to Cyprus from  the Siege of Troy in ancient times, many powers have tried to conquer and claim  the island of Cyprus, including the Roman, the Byzantines and the Venetians. In  1960, the British relinquished control over Cyprus to a power-sharing  government of both Greek and Turkish Cypriots. However, the Greek Cypriot  elements began to squeeze out the minority Turkish Cypriot representatives and  their influence, until events reached boiling point. In 1974, the Turkish  authorities intervened the north of the island to protect the rights of the  resident Turkish Cypriot residents in Cyprus. The resulting “Green Line”  boundary between north and south has been in place ever since, dividing the  island. The Turkish Republic of Northern Cyprus (TRNC) has been established  in the north, but is not recognised by the UN Security Council, whilst the Republic of Cyprus in the south has recently become  a member of the EU.

Why  the problem?

During the events of 1974, Turkish Cypriots fled north leaving their homes and lands in the south, and  Greek Cypriots did the opposite, moving north to south. It is the status of  these abandoned lands on both sides of the border that is at the heart of the Cyprus property  issue.

North Cyprus Title Deeds

The issue comes to rest on the status of  the title deeds attached to land and property in Northern   Cyprus. There are fours kinds of title deeds, three of which are considered to be ‘safe’ as they exist  within the legal framework of North Cyprus. In  short, any land belonging to a Turkish Cypriot or a foreign wonder in pre-1974 North Cyprus is deemed safe, as no claim can be made  against it regarding ownership, by a Greek Cypriot living in the south. Also,  the TRNC gave land to Turkish Cypriots in compensation for lands lost in the  south, which now have a TRNC deed. These deeds are also considered completely ‘safe’ for  potential purchasers.

Some land and property have not been claimed by Turkish  Cypriots and do not have any deeds at all; we recommend these should always be avoided by investors / purchasers.

 

So,  is it safe to buy property in North Cyprus?

The short answer is yes, if the title deeds are sound. Property and land with pre-1974 Turkish Cypriot and foreign owner  deeds are not in dispute, and therefore are probably the safest option for  purchasers. Needless to say, land and property with these deeds command a  premium.

TRNC deeds given in compensation for lands lost in the south are considered the next best option.

Your best safeguard in buying property in Northern Cyprus is to employ an independent solicitor who  will examine the title deeds with scrupulous care and inform you of their true status. As with all major investments, seek professional advice, never feel rushed or pressured into buying property.

PLEASE NOTE:  All our properties in our portfolio have safe Title Deeds, we can advise regarding Lawyers / Solicitors or you are free to seek your own.

 

What are the Buying Costs?

  • Property sales transactions in Northern Cyprus are normally conducted in British Pounds GBP
  • Purchase Tax for foreigners in North Cyprus is 3%, which is calculated on the nominal value of the property as assessed by the Land Registry Office (LRO).
  • The LRO valuation is not directly related to the current market value and is typically around 60% of the purchase price
  • On some purchases VAT of 5% of the LRO valuation is payable to the LRO on transfer of title, check with your lawyer / contract.
  • Stamp Duty of 0.5% is payable to officiate your contract .
  • Legal service costs are normally a fixed price of between £500 - £1,000  as negotiated with your solicitor. This service normally includes land search, drafting the purchase contract and application to Council of Ministers for permission to buy.
  • Most property purchases in Northern Cyprus require a connection fee to be paid to the electricity and water utilities based on the cost of connection, allow up to £500.
  • We can recommend several reliable lawyers that offer a complete service.
  • Giving your lawyer Power of Attorney ( POA ) to act / sign on your behalf is always worthwhile, cost of this is generally about £25 - £50  

 

Do not hesitate to contact us if you have any questions or queries, we are always happy to assist..

 

Contact Us

Skype : Stewart.Willis
Email :
Phone : +44 (0)7940 050976