North Cyprus Property is becoming the most sought-after property in the Mediterranean. This charm of this beautiful, mostly unsettled island is beginning to draw attention from all around the world. Whether you are looking for a retirement home or a vacation home, it is important that you understand what is involved, both in time and money, before making a decision to buy property in North Cyprus. Once you have visiting this enchanted island where the mountain and the sea combine for a magical taste of modern living and ancient culture, you will see that the time and money is well worth a little taste of paradise.
The first thing is learning about the types of deeds for North Cyprus property. There are several types of deeds. The reason for this stems from the war that occurred in 1974, and the resulting settlement of the northern side of the island. Foreigners are only allowed to purchase one donum (1600 sq. yards) of land. Some purchases must be approved by the Council of Ministers. While this approval process may take up to six months, a person is allowed to take possession of the land before the process is complete. The types of deeds include: Foreign ownership pre-1974, a rare deed but one that does not need Council approval; Turkish Cypriot owned pre-1974, the most common type and does require approval by the Council; TRNC Absolute Possession Document, a deed that was given to refugees from the south in exchange for the property they left behind – the only land that is deemed not safe to purchase with this type deed is land that was issued to military personnel in exchange for services; and Greek Cypriot pre-1974, a deed that has been assigned to property that has no title, usually comes on the market at very low prices, and is not considered safe to purchase. The best way to handle the deed situation is to hire a solicitor (attorney) to ensure that the land you are purchasing has a clear and safe title.
You should also become familiar with the extra costs involved in purchasing property in North Cyprus. These fees can include a solicitor’s fee; a purchase permit; VAT (KDV) – 5 % tax payable to the Income and Tax Office; 0.5 % Stamp Duty payable to the Registry Office; local taxes; and the usual utility connection fees.
