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Why North Cyprus and what distinguishes it from other emerging markets?

Property in Cyprus is becoming more and more popular amongst the Western European and especially British buyers. Whether you are looking for a villa or apartment holiday home or an investment, Cyprus is a truly wonderful island.

Developed property markets usually offer low returns on investment at lower risks whereas emerging markets offer higher returns at comparatively higher risks. It is important to note that there are crucial factors that distinguishes Northern Cyprus property market from the rest of the emerging markets. These are;

  • Due to the fact that only around 33% of the pre-1974 Turkish title deeds land and property (internationally recognized title) is under their own control and the rest remained in the Southern part of the island where they cannot benefit from, even local buyers and investors prefer to invest in them. Therefore, investments particularly on pre-1974 Turkish and Foreign title deeds have proven high yields in last years due to the fact that they are internationally recognized, demanded even by local investors and will not deprive in value in any case due to the continous demand.
  • Additionally, provided that the ongoing negotiations for a solution to the prolonged Cyprus Problem turns out to be successful, investors will benefit from very high yields (similar to Bulgaria and Poland) as Northern part of the island will be a full member of the EU aswell.
  • Strategic location of the island at the crossroad of Europe, Middle East, Asia and Africa
  • Suitability of the island’s climate and the nature for various types of tourism including hotel and conference tourism, health tourism, yacht tourism and special interest tourism due to the rich cultural heritage

Buying property in Cyprus

Purchasing Proces

The purchasing process of any property in Northern Cyprus will be entirely dependant on the tenure of the property you decide is right for you. There are 4 types of title deeds and these are;

1. Foreign Title Deeds: land or property with this title deed is rare and highly valued as it is internationally recognized and the purchase of property with this type of title deed provides the quickest route in terms of registration as there is no requirement for the approval of the Council of Ministers.

2. Turkish Cypriot owned pre-1974: Recognized internationally, this title refers to land or property owned by a Turkish Cypriot before 1974 and requires the approval of Council of Ministers which is a straight forward process that may take upto 8 months.

3. TRNC Title: This is the title deed issued by TRNC (Turkish Republic of Northern Cyprus) and given to Turkish Cypriots in return for the properties and land they left in the Southern part of the island after 1974.

4. Leasehold: TRNC government may Grant lease upto 49 years for the land  or properties it owns. 


The process for buying any freehold property is as follows: 
1.
Secure property and agree price. 
2. Contract drawn up by solicitor, setting down the terms of sale, i.e. price, timescale, vendor, purchaser and any special conditions. 
3. Vendor and purchaser sign. 
4. Purchaser provides deposit as agreed (usually 10-20%). 
5. Solicitor applies for a Purchase Permit from the Council of Ministers, (takes 4 to 8 months).  
6. As soon as purchase permit is received, remaining balance due from purchaser. 
7. Purchaser pays balance and vendor signs title deed into the name of the purchaser. 
8. Sale completed. 


The costs involved are as follows: 
- Solicitors cost
, including; drawing up of contract, power of attorney, purchase permit application and seeing sale through to completion is approximately around £1,000

- VAT (Value Added Tax) which is currently 5%

- Stamp Duty (payable to the Registry Office) which is currently 6%