THİNGS TO CONSİDER WHEN BUYİNG HOUSİNG İN NORTHERN CYPRUS!

Things to Consider When Buying Housing in Northern Cyprus!

Things to Consider When Buying Housing in Cyprus!
While researching a house for sale in Cyprus, inquire thoroughly whether the house you are going to buy is a suitable option for investment or living purposes. If you are looking at the advertisements of houses for sale for investment purposes, you can choose regions with high rental income. One of the most important things to consider when buying a house in Cyprus is that you should constantly question whether you are buying a house that fits your needs.
Except for TRNC citizens, citizens of other countries have the right to buy 1 house. Citizens of the Republic of Turkey are also restricted to buy 1 house. Since the husband and wife have the same surname, they appear as 1 person in the official process. So they don't get one.
If you are not a citizen and want to make more than one investment, it is important to establish a company with international capital. We provide detailed information on this subject in our article titled “establishing a company in the TRNC”.
The foreign investor's purchasing process requires permission. Because not every foreigner can buy a house from everywhere. Due to the ceasefire between the Turkish Republic of Northern Cyprus and the Greek Cypriot Administration, the number of military units is high throughout the island. Therefore, it is impossible for investors other than TRNC citizens to officially host projects close to military zones. So even if you stay at home, you can't get the deed. Apart from that, a separate investigation process is in progress for the citizens of some countries. We have listed all the details in our article titled Who can buy a house in Cyprus.
If everything is ok, a stamp fee of 5 per thousand is paid over the price in the contract.
After the deed transfer is approved by the council of ministers, the registration process is started at the land registry office.
Here, the buyer pays the title deed transfer fee, VAT and withholding tax.
Our other advice on what to consider when buying a house in Cyprus is to find out if the building has a building permit or even a building occupancy permit. Deeds with more than one partner or houses that are not built in accordance with the legislation may cause you problems in the future. If you are going to buy a house from newly built Cyprus real estate projects, this risk is very low.
TRNC offers a lot of options in terms of types of houses for sale. You can choose from many options such as a villa close to the sea, residence flat, detached house, apartment.
The process of buying real estate in Northern Cyprus brings some procedures for foreign investors. In this process, which you must carry out through Cypriot lawyers, your lawyer can apply to the Council of Ministers on your behalf.
As in many parts of the world, there are some costs incurred when purchasing real estate in Northern Cyprus. In order for the sales contract to become official, we recommend that you be informed about the stamp fee and the fees that may arise in the transfer of title. If you want to learn more, you can read the article on the expenses you will make when buying real estate in Cyprus.
There are 3 different types of title deeds in the Turkish Republic of Northern Cyprus due to political reasons. While looking at the ads for sale, you will constantly encounter details such as Turkish Head, Equivalent Koç and Tahsis Koçan.