Purchase in North Cyprus
Why purchase Real Estate in North Cyprus?
Northern Cyprus is a fantastic option if you want to buy a home in a region with low living expenses, whether it’s for your own use or as an investment property. No matter if you are looking for an apartment, a villa, or a house, North Cyprus has everything you are looking for. We have many options for you, regardless of your budget. Turkish Connextions can help you find the right property for you.
What are the benefits of buying a home in North Cyprus?
There are many benefits to investing in real estate in North Cyprus, and there are many reasons why you should think about doing so. The main reason is that, with its lovely beaches, pleasant climate, and breathtaking scenery, it’s a great place to live. Along with many other amenities including hospitals, shopping centres, and restaurants, it also features some of the best schools in Europe.
Purchasing apartments and villas in North Cyprus
Foreigners are free to own property in North Cyprus without any limitations. However, you’ll have to work with an attorney and accountant of your choosing. They will aid in your understanding of the local economy and judicial system.
You will get a contract when you buy property in North Cyprus. The contract must be signed and returned to the vendor. You must make a deposit after you sign the contract. The sum will vary depending on the kind of property you’re buying. You must continue making monthly payments after making the deposit until the entire payment period has been met.
Property taxes in North Cyprus
You should also be aware that you need a permit in order to purchase property in North Cyprus. You need to apply for resident status if you intend to stay in North Cyprus permanently. You must register your property with the Ministry of Justice if you intend to rent it out.
How do you buy a home in North Cyprus?
With the help of an attorney, the vendor and the buyer draught a contract together. This is signed by both parties and contains details like the agreed-upon price, completion date, and any other terms. At this time, the buyer provides a 10% deposit. The buyer’s attorney must first acquire a permit from the Council of Ministers in order to buy the property; this could take six to nine months. The seller must sign a document surrendering all ownership rights and hand over the title deeds to the buyer when the buyer has paid the remaining balance and the permit has been approved.