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Registration and purchase of property in Northern Cyprus (taxes and fees)

Prices of houses and apartments in Northern Cyprus

Currently the real estate market in Northern Cyprus offers the best prices among the Mediterranean countries. Buying a home in Cyprus starts at ار 40,000 for an apartment and ۸ 80,000 for a villa. Luxurious apartments and penthouses with the best conditions with a maximum price of هزار 500,000 and very stylish villas up to هزار 250,000, which is much lower than the prices of similar properties in other parts of the world.

Types of real estate documents in Cyprus

Before examining the types of real estate deeds in Northern Cyprus, it is necessary to know a brief introduction to the history of the dispute between Northern and Southern Cyprus. After the end of the Cyprus civil war about 40 years ago, a border wall was erected between the north and south. The northern part was renamed the Turkish Republic of Northern Cyprus and the southern part was renamed the Greek Cypriot Republic. In the meantime, the property of some people lived on one side of the border and themselves on the other. Suppose a person owns property in the territory of Northern Cyprus and is a native of Southern Cyprus or vice versa. Therefore, different civil documents emerged after the peace negotiations.

Real estate documents in Northern Cyprus are divided into three categories:

Turkish Cypriot title deed (Turkish Title)

The document belongs to the land that was originally owned by the Cypriots and the people of Northern Cyprus and is now located in Northern Cyprus. This means that there has been no dispute over the ownership of this property. This type of document is the most expensive type of real estate document in Northern Cyprus.

Cyprus Real Estate Exchange Type

Since both sides and the governments had lands on the other side, after the peace talks, the governments exchanged the lands by valuing the lands. That is, a number of lands within the territory of Northern Cyprus that belonged to the Southerners were legally and officially exchanged by paying money to the Southerners or by transferring the Northern Cyprus lands located in the Southern Territory to them. Most of the land in Cyprus is like this, and if you ask the registry office, they are exactly the same land as the Turkish document.

Suspended property deed

These properties do not have a specific status or are in the process of being exchanged. Purchasing and construction on these properties should be avoided as much as possible, as it is possible to terminate the ownership in the context of the connection and integration of the northern and southern parts and the formation of the Republic of Cyprus.

Note: All properties offered and transferable by us with official inclusion in the document have Turkish or exchange documents and can be inquired from the Cyprus Registry.

Possibility of unification of Northern and Southern Cyprus

If peace talks between the two Cypriots succeed at the UN, Northern Cyprus will be considered part of the territory of the Republic of Cyprus, a member of the European Union, which, according to experts, will increase housing prices by 2.5 to 3 times. At the moment, the price of a property in Southern Cyprus is up to 2.5 times the price of a property in Northern Cyprus. Such an event is very close, based on the long-running Cyprus Cypriot peace talks, and is a great opportunity for those who have bought property in the north.

Annual growth in property prices in Northern Cyprus

The annual growth of real estate investment and property purchase in Northern Cyprus is about 5 to 12% and is more true for pre-sold purchased property. Also due to the relatively pristine nature of the island and the sudden influx of citizens of other countries to stay (due to the tourist attractions of Northern Cyprus, a large number of travelers come here every year and see the conditions, decide to immigrate and stay in Northern Cyprus), request to buy The property goes up every year and increases in proportion to the price of the property and the house.

Simplicity of the administrative process in registering the document and obtaining a residence permit in Northern Cyprus

There is no need to set up a company to buy property in Northern Cyprus and the administrative and legal process of buying property on the island is very simple. By paying 30% of the total amount, the house or property in question is registered in the name of the customer and it is immediately possible to complete the residence process, which lasts a maximum of three weeks.

Payment terms and facilities

Royal Trust Global Company has provided installment payment terms for customers up to 3 years without interest and up to 6 years with interest. Such conditions make it easier for the customer to pay. The conditions for obtaining residency are the same, regardless of how you pay in installments or in cash. For customers with cash payment, in addition to not paying interest, facilities such as the provision of some kitchen appliances and… as a gift from the company is considered.

Obtaining permanent residence in Northern Cyprus

After staying in Northern Cyprus for 5 years (without the need to live continuously and stay on the island for the entire period), foreigners will be entitled to a 5-year residence card. Northern Cyprus is one of the safest countries in the world to live in. According to the statistics of international organizations, Cyprus ranks first among the small countries with the highest global security and cleanliness of the environment, and fifth among all countries in the world in terms of social security, lack of crime and optimal living conditions.

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