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Buyers Guide North Cyprus

North Cyprus, an appealing island in the eastern Mediterranean, offers a blend of natural beauty, historical significance, and investment potential. Divided into the Republic of Cyprus in the south and the Turkish Republic of Northern Cyprus in the north, this guide provides detailed information on buying property in North Cyprus. With a population of 350,000, including 35,000 foreigners, it's a thriving real estate market.

Why North Cyprus?

North Cyprus, renowned for its golden beaches, beautiful bays, and rich culture, is an increasingly popular destination. With 300 sunny days a year and a wonderful climate, it's a top choice for tourists and investors. Forbes named it the world’s best buy for beachfront property in 2021, highlighting its growing appeal.

North Cyprus's unique political situation adds to its appeal. Although not widely recognized diplomatically, it operates with a stable government and infrastructure. Flights currently route through Turkey to Ercan Airport, but there is potential for future direct flights, enhancing its real estate market.

Affordable Properties:

Compared to other Mediterranean destinations, North Cyprus offers properties at about a third of the price, attracting many foreign investors. The combination of low property prices and high rental yields makes it an attractive investment.

Casino Capital of Europe:

Known for its casinos, North Cyprus offers a vibrant nightlife with luxury resorts, restaurants, and clubs, making it a popular destination for tourists and investors.

Safe and Beautiful:

North Cyprus is one of the safest countries in the world, with low crime rates and a close-knit community. Its natural beauty, with forests and golden beaches, enhances its appeal.

Tax Benefits:

North Cyprus offers favorable tax conditions, making it attractive for European buyers. There are no taxes on foreign income, and it offers offshore banking benefits.

Popular Property Destinations in North Cyprus

Girne (Kyrenia): Known for its picturesque harbor and historical sites, Girne is a prime location with high rental demand.

Gazimağusa (Famagusta): A historic city with a deep harbor, sunny weather, and beautiful beaches. It's also a major educational hub, ensuring consistent rental demand.

İskele: Famous for its golden beaches, İskele is an emerging investment hotspot with affordable properties and modern developments.

Esentepe: A serene location near Girne, Esentepe offers peace, nature, and proximity to a premier golf course and idyllic beaches.

Lefke: Overlooking the tranquil Guzelyurt Gulf, Lefke blends luxury with natural beauty and is ideal for those seeking tranquility.

Güzelyurt: A picturesque haven known for its gardens and historical landmarks, Güzelyurt offers promising investment opportunities with modern residential projects.

How to Buy Property in North Cyprus

Step 1: Make Your Wish List:

Determine your needs and expectations to find the most suitable property. Contact a real estate agent to discuss options.

Step 2: Arrange a Viewing Tour:

Visit shortlisted properties to inspect their condition and location.

Step 3: Negotiate and Agree on Terms:

Negotiate the terms of the sale with the seller, supervised by property experts and legal consultants.

Step 4: Sign the Sales Contract and Notary Approval:

Prepare and sign the sales contract, which might require notary approval. Open a local bank account for financial transactions.

Step 5: Apply to the Council of Ministers:

Submit necessary documents to the Council of Ministers for the issuance of the title deed, which takes about 6 to 12 months.

Legal Aspects of Property Ownership in North Cyprus

Legal Representation:

Hiring a property lawyer is essential. They guide you through the purchase contract and oversee the process.

Property Ownership Limitations:

Foreigners can own one property limited to a single land plot of up to 1,338 sqm or a house on a plot not exceeding 6,691 sqm.

Purchase Permit:

Foreigners must apply for a purchase permit from the Council of Ministers. This process can take 3-12 months.

Title Deeds:

North Cyprus properties have three types of title deeds: Turkish (Türk Koçanı), Equivalent (Eşdeğer Koçanı), and Greek (Rum Koçanı). It's advisable to avoid properties with Greek Coupon deeds due to potential legal complications.

Property Financing and Mortgage in North Cyprus

Developer Financing:

Developers offer flexible payment plans and credit loans to attract foreign buyers. Obtaining a loan from a development company is relatively straightforward and can be arranged without visiting the island.

North Cyprus offers a unique opportunity for property investors and those seeking a Mediterranean retreat. With its rich history, stunning landscapes, and a growing property market, it's an attractive destination. By understanding the local property laws and partnering with a trusted agency like ZIHOV, you can navigate the property buying process with confidence and ease.

For more information or to start your property search, contact ZIHOV. Our professional team is ready to assist you through every step of the purchasing process.

Frequently Asked Questions (FAQs)

Why should I buy property in North Cyprus?

North Cyprus offers golden beaches, beautiful bays, rich culture, 300 sunny days a year, affordable properties, high rental yields, vibrant nightlife, and favorable tax conditions, making it ideal for tourists and investors.

What are the top property destinations in North Cyprus?

Popular areas include:

  • Girne (Kyrenia): Picturesque harbor and historical sites.
  • Gazimağusa (Famagusta): Historic city with sunny beaches.
  • İskele: Golden beaches and modern developments.
  • Esentepe: Serene area near a golf course and beaches.
  • Lefke: Overlooking the Guzelyurt Gulf, luxury and nature.
  • Güzelyurt: Gardens and historical landmarks.

What is the process for buying property in North Cyprus?

Steps include:

  1. Determine your needs.
  2. Arrange property viewings.
  3. Negotiate sale terms.
  4. Sign the sales contract and get notary approval.
  5. Apply to the Council of Ministers for the title deed (6-12 months).

What legal aspects should I know about buying property in North Cyprus?

Key points:

  • Hire a property lawyer.
  • Foreigners can own one property up to 1,338 sqm or a house on a plot up to 6,691 sqm.
  • Apply for a purchase permit from the Council of Ministers (3-12 months).
  • Avoid properties with Greek Coupon deeds due to legal issues.

What financing options are available for property purchases in North Cyprus?

Options include:

  • Developer financing with flexible payment plans and credit loans.
  • Local bank mortgages, depending on the property and buyer's financial situation.



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