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If this isn't reason enough to invest in North Cyprus property, the cost of living is one of the lowest of any country bordering the Mediterranean. Prices of supplies and organic products are substantially less than in the UK, and are often of comparable or better quality. Warm sunny weather, bargain property prices and phenomenal growth potential - what more could you ask for?

Northern Cyprus is the ideal location to invest in property!

Buyers Guide

Buying property in Northern Cyprus is a comparatively simple process, but as with any purchase in unfamiliar territory, foreigners are strongly advised to use a fully-qualified and recommended lawyer.
Foreigners wishing to purchase in Northern Cyprus are limited to one property per person or married couple. Alternatively, up to one donum of land (1,338sq metres or 14,400 sq.ft).This restriction does not apply when buying Foreign or Turkish Titles. All purchases are subject to permission from the Council of Ministers, which can take about six months to complete. Land and property is sold under different forms of title.These are:

Turkish Title
This is property which was owned by Turks or Turkish Cypriots before the division of Cyprus in 1974.

Foreign Title
This was owned by Europeans or other foreigners before 1974.Both the above are internationally recognised.

TRNC Title
Also known as "points land" or "eshdayer". This is land or property that was given to Turkish Cypriots by their government, in compensation for land of similar size and value that they lost in the south following the war in 1974.
Turkish Cypriot refugees were awarded points according to the value of what they had lost in the south, which they could exchange for a TRNC Title Deed (Kesin Tasarruf Belgesi - Absolute Possession Document).
In the event of any future political agreement in Cyprus based on the United Nations' Annan Plan, these properties may be subject to claims for compensation from former Greek Cypriot owners.
It is generally accepted that if such compensation is ordered, it will be based on pre-1974 values, and is likely to be minimal. For example, the vast majority of new construction in Northern Cyprus is taking place on land that was derelict more than thirty years ago, or used solely for grazing and the like.
TRNC title deed properties can be considered safe to purchase.

TMD
This stands for "Turk Mali Degil", literally Not Turkish Title. This is land that was granted by the TRNC government after 1975 to Turkish settlers and other essential workers. It is mostly former Greek-Cypriot owned land and tends to be concentrated in the Karpaz peninsula.
The sale and exchange of this type of title is increasing, fuelled by cheap prices. It must fairly be regarded as a higher risk than the titles explained above.

Leasehold Title
This is government property which can be bought on a long-term leases of 49yrs. Purchasers can apply directly, or via a solicitor, to the Ministry of Tourism for a lease. These are mainly aimed at tourism development companies, although there are a few old historic buildings available.
An excellent example of the manner in which this scheme has been operated, can be seen in Karaman (Karmi) Village, which is a credit to the Minister of Tourism and his staff. You can apply directly, or via a solicitor, to the Ministry of Tourism to transfer the lease.

The Process for Buying a Freehold Property is as Follows:

Decide which property is right for you and agree a price.
A Contract is drawn up by your appointed solicitor who will then proceed with the terms of sale i.e. Agreed price, timescale and any other special conditions that maybe involved.
All relevant paperwork is to be signed by both parties (Vendor & Purchaser). Purchaser pays 10% deposit. A purchase permit is applied for by your solicitor from the Council of Ministers which takes approximately 6-9 months. Once the purchase permit is received, the remaining balance is due from the Purchaser.

When the Purchaser has paid the balance, the Vendor signs the Title Deed into the name of the Purchaser and the sale is now officially at completion.

The Process for Buying a Leasehold Property is as Follows:

The purchase of a Leasehold property is generally the same, the only difference being that you must apply either directly, or via a solicitor, to the Ministry of Tourism, who will grant the lease instead of the Ministry of Interior.
At the time of the application being submitted a deposit of 10% must be paid and held on behalf of the Vendor.
Once the application has been accepted, a time that is suitable to both Vendor and Purchaser is agreed and completion can proceed with the lease being transferred into the name of the new buyer.

How much will it cost me?
Application for a purchase permit and Solicitors legal costs are approximately £1,200.Stamp Duty which is levied by Land Registry is 3%. NOTE: All above prices are subject to change.
New Property Purchase

Cost Guide: In addition to the purchase price of actual property, other costs you are likely to incur are as follows:
Solicitor's fee; £1000
Deposit; 10-20% of purchase price (in most cases) followed by stage payment dependent on development. Stamp duty; 3% Council tax; 1 %VAT;5% Approximate for electricity and water connection; £200-£600 Approximate for annual property tax; £15 Water charges can vary considerably, depending on size and location of property, and whether usage is general or excessive for pool and irrigation system etc. But a standard charge would be about £10 bi-monthly.
Note: electricity - payable monthly average standard £25 summer, £50 winter.

NOTE: All above prices and figures are subject to change, and we accept no responsibility.