Head of real estate and commercial law practice
Specialist in the field of commercial law and process. Real estate, construction support; land law and protection of property ownership.
Support for the purchase of real estate (apartment, house) in Northern Cyprus
Real estate in Northern Cyprus is one of the most successful investments. From choosing a property (apartment or house) to registering ownership, a real estate lawyer from our company can protect your rights when purchasing a home in this country. In this article, we will analyze in more detail why it is worth investing in real estate in Northern Cyprus and how the entire purchase process takes place.
Buying real estate in Northern Cyprus: what are the advantages?
In recent years, Northern Cyprus has become a magnet for foreigners. This is due to its dynamic real estate market and standard of living. Here you can find both compact apartments in modern residential complexes and luxurious villas. The three main regions that are most popular for purchase are: Kyrenia; Famagusta; Nicosia.
The advantages of purchasing real estate here are:
- affordability (compared to other European countries);
- stable growth of the economic market;
- attractive climate;
- tax benefits for foreigners.
Moreover, as in the vast majority of countries in the world, when buying housing here you can obtain a residence permit. For more detailed information, we recommend that you consult one of our qualified lawyers.
What are the stages of buying and selling an apartment, a house in Northern Cyprus?
Search and selection of an object (apartment, house)
Before signing any documents, you need to find out whether the property meets your needs. For this, it is advisable to use the services of a local realtor, who will offer you several options that meet your criteria and budget. But you should also be prepared to pay a commission for his participation – up to 5%, respectively (depending on the value of the selected property).
Legal verification of the property
Next comes one of the most important stages, which will guarantee the safety and legality of your transaction. At this stage, it is advisable to order the appropriate service from a real estate lawyer in Northern Cyprus, who will be able to provide:
- firstly, legal advice;
- secondly, verification of the legal status of the apartment (whether it has no encumbrances, debts and other legal risks);
- thirdly, preparation of a comprehensive legal opinion (including recommendations for signing the agreement).
Conclusion of a purchase and sale agreement and registration of ownership
After successful verification of all documents, the sale and purchase agreement is signed. But before that, it is also worth engaging a lawyer to proofread it, make the necessary changes, and prepare the necessary annexes (for example, an acceptance and transfer certificate). After signing, you also pay:
- up to 30% of the cost of the apartment or house as an advance payment;
- up to 5% of the cost as value added tax (VAT).
After that, you need to contact a local notary to register you as the new owner and pay up to 6-12% as a fee for entering information into the relevant state register. And from this moment on, you can pay the remaining payment for the apartment or house.
Important to know! To purchase housing in Northern Cyprus, you will also need to additionally obtain permission for such a purchase from the Council of Ministers. As a general rule, this process takes from 3 months, but the undeniable advantage is that you can use the property after signing the relevant agreement.
Legal support for purchasing real estate in Northern Cyprus: what services do we provide?
Buying real estate in another country is a complex process. Legal support from the specialists of our company “Prikhodko & Partners” will provide you with complete confidence in the proper protection of your interests. Given the experience and qualifications of our lawyer, he will be able to help interested clients:
- by conducting a detailed inspection of the object and the seller;
- by supporting the conclusion of a purchase and sale agreement (including the preparation of a new draft of such an agreement);
- by preparing the documents necessary for signing the agreement;
- by providing advice on tax obligations and other aspects of the financial burden;
- by representing your legitimate interests during negotiations with the seller and before a notary;
- by providing additional services if necessary (for example, purchasing a land plot in Northern Cyprus near a new home).
To sum up, buying real estate in Northern Cyprus is an attractive investment decision. In general, the procedure for buying and selling housing here includes searching for and inspecting the property, negotiating with the seller, concluding a contract, obtaining permission from the Council of Ministers to carry out such a transaction, and registering ownership. Legal support from our company guarantees you confidence and protection when purchasing housing in Northern Cyprus, since our lawyer, in addition to consulting, will also be able to provide you with full support in signing and registering the agreement.
Do you have any questions? Then fill out the form below, get a consultation and find out the price of legal support for purchasing real estate (apartment, house) in Northern Cyprus today.
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