It is not at all difficult to purchase property in Northern Cyprus but we recommend that you follow the advice of a professional to avoid any potential pitfalls

There are a number of checks carried out by the Ministry of Interior, mainly to determine that the property titles are free from encumbrances, this of course, is of benefit to you, the purchaser.

So what is the process for buying a freehold property?

Decide on a property and agree a price.
Contracts will then be drawn up by a solicitor, setting out the terms of sale: price, timescale, purchaser and vendor details and any other relevant conditions including the payment plan for new-build properties.
Signing of contracts by vendor and purchaser.
Purchaser provides an agreed deposit.
Solicitor applies for your purchase permit from the Council of Ministers.
Once the purchase permit has been issued, the remaining balance is due from the purchaser.
The vendor will then sign the title deed into the name of the purchaser, stamp duty will be paid and this is known as transfer of title deeds this completes the sale!!

Currently it is not advisable to arrange your mortgage in Turkish Lira, most UK citizens buying in Northern Cyprus do so by raising the necessary funds in the UK .

A typical payment schedule for a new property in Northern Cyprus

This example is based on a new build property priced at ₤79,000.00

Deposit ₤7,900.00

Upon completion of concrete works & brıckwork₤20,000.00

Upon completion of plastering works. ₤20,000.00

Upon completion of floors and windows. ₤15,000.00

Upon completion. ₤13,000.00

Upon transfer of title. ₤3,100.00

Solicitors package cost £1,000.00 please add (subject to change)

6% Stamp duty payable on transfer of deeds please add (subject to change)

5% VAT payable on transfer of deeds please add (subject to change)

Mortgages in Northern Cyprus

Developer Mortgage
On the majority of Off plan properties in Northern Cyprus , the developer will offer the buyer a loan secured against the property itself. This loan whilst not technically a mortgage will be paid back over a period up to 5 years maximum and will be based in GBP. Of course this loan is underwritten by a full contract protecting both parties. The interest is set at 2-3 points above the bank of England interest rate.

Bank Mortgage
The current situation in Northern Cyprus regarding bank-supplied mortgages is that although it is possible to obtain a mortgage from a bank based in Northern Cyprus the interest rates are prohibitive. To encourage outside investment the Turkish government promotes interest rates that are very high which obviously goes against anyone borrowing money as opposed to investing. The Turkish lira can also be a relatively unstable currency and is prone to fluctuations. This makes converting your savings into Turkish Lira a potentially hazardous proposition even taking into consideration the good returns available from the high interest rates paid. Of course the situation may change and we are keeping this under review. Northern Cyprus is not currently part of the E.U. but in the future this may well be a possibility, which would then allow the Turkish Lira to be replaced by the much more stable Euro.

Situation regarding the E.U
International pressure is now being applied to both Turkey and Greece to find an acceptable solution to the division roughly across the centre of island, which came about in 1974. Because of this Cyprus as a whole is not technically considered to be a “unified state” consequently it is difficult for Turkey and therefore Northern Cyprus to enter the E.U. A resolution followed by entry into the E.U. is widely expected to be sought well within the next few years. Whilst current embargo's on direct flights into Northern Cyprus are expected to be lifted in the shorter term. Although some of the above sounds a little unsettling it should be understood that it is precisely these factors that also make Northern Cyprus a good prospect for future capital growth.

Our recommendations
Of the various land titles available in Northern Cyprus it is essential that any person buying property in Northern Cyprus does so fully understanding the regulations regarding the “safe” and “more questionable” land titles available (see advice page for more info) If all the correct procedures are followed then owning property in Northern Cyprus can be considered a risk free proposition regardless of future decisions regarding the islands status.

Land titles in Northern Cyprus
There are many rumors that it is unsafe to buy any type of land in Northern Cyprus - this is not the case! As with any property purchase anywhere in the world you need to make sure you know exactly what you are buying.

All foreign nationals buying in Northern Cyprus have to go through the process of applying for a purchase permit. During this process various checks are carried out on your background and status etc. These checks are also extended to the status land that you intend to buy. The purchase permit process therefore ensures that the title you intend to buy is freehold.

The following land titles are widely regarded as being safe:

Pre 74 Exchange Greek, also known as Esdeyer Land .

When intervention occurred in 1974 and the Greek people were asked to leave their land/property they were offered compensation in the South. This also happened in reverse with the Turkish people who left the South. If this compensation was accepted by the Greek people they then virtually let go of all rights to this land at the time of the exchange. However it is still advisable to check if any subsequent claim on the land has been made.

Pre 74 Turkish Title

This is regarded as absolutely the safest title available as there was never and never will be any question over its legality. With this type of title status checks still take place and can sometimes take up to ten months but they aren't as complicated as those for Esdeyer land.

General points

1. The majority of our properties are new build.

2. Contracts for new build villas are usually 12 Months for build time.

3. The land is measured in donums. There are 1,338 Square meters in a donum = 3rd of an acre.

4. Most new builds include either communal pools or private pools. If the property is built without a pool the cost on average to install one would be between £12k and £15k.

5. Your solicitor will do a search on the property prior to contracts, she/he will then apply for your purchase permit and then they will look after the transfer of title procedure as well. This is all-inclusive in the legal package.

Inspection Visits

Many developers in Northern Cyprus have a policy to refund the cost of your Flights and accommodation, once you place your deposit on your chosen property. It is advisable to discuss your inspection visit with the agents or developers prior to booking your flights and Hotel accommodation.

Other useful information

Geography
The TRNC comprises an area of 3,355 sq. miles and encompasses the Northern part of the island, which is the 3rd largest in the Mediterranean . It is situated at the crossroads of east west and north south navigational routes, is only 70 kilometers south of Turkey and 385 kilometers north of Egypt . Owing the close proximity to the Middle Eastern countries it provides an ideal place for foreign investment.

Climate
Northern Cyprus enjoys a mild climate from November to April with just a few days of rain. From May to October temperatures range from the mid 20°Cs up to the high 30°Cs with little or no rain through the summer. The sea temperature stays as high as 22°C well into November. This mild climate makes the island one of the healthiest places in the world to live.

Transport
Taxi prices are reasonable and there is also a collective taxi service mainly using minibuses, operating all around Kyrenia, along the Northern coast road and in all the towns in N. Cyprus . As in the UK they drive on the left. Road signs are International. Ercan airport, recently renovated & upgraded to modern international standards, plays host to International flights. There is a selection of car and passenger ferries from Turkey , the fastest being 2 hours from Tasucu to Kyrenia.

Food
Northern Cyprus cuisine is rich and varied, it includes a variety of Mezes, roast meat, fish, and baklavas. Restaurants provide Mediterranean and international cuisine, not to mention simpler and cozier places where local dishes can be enjoyed at very reasonable prices often in enchanting surroundings.

Language
The official language in N. Cyprus is Turkish but you will find that English is widely spoken.

Time
Local time is two hours ahead of GMT.

Currency
The currency is Turkish lira but most places will accept sterling. Credit cards are accepted in most shops and restaurants. At the moment the exchange rate is approx 2.700,000 TL to the pound but the official rates for TL are adjusted daily according to changes in the International monetary markets.

Investments
The government of Northern Cyprus actively encourages Foreign Investors and has introduced a number of incentives to aid foreign investors.
Northern Cyprus is a tax haven. There are exemptions on income tax, some import duties and corporation tax. Many grants are offered by the government to help with the setting up of business generally, but particularly tourism. Government statistics say that from 1999-2002 there were over 6000 foreign investors. Property prices have risen more than 120% in the last 3 years making Northern Cyprus one of the best places in the Med for property investment.

Banking
There are numerous banks in Northern Cyprus with the major UK banks being represented by HSBC. All the banks easily facilitate money transfers from the UK as they have connections with UK banks. A deposit account can be opened in sterling or any major currency and withdrawals can be made in that currency or Turkish Lira

Consumer Market
There is a wide selection of good quality consumer goods in addition to those locally produced. Almost all foreign brands are available in the shops. It is estimated that local foodstuffs are about half the cost of UK prices. Items such as local brandy cost about £1.25 a bottle and a loaf of bread around 20p.

Running costs
The cost of living in the TRNC is considerably lower than the UK and most of Europe . There is no rates system or community tax at present. The main costs are electricity, (approx £15 monthly per house), water (£5 monthly) and an annual council tax (approx £20 depending on the size of your property). Central heating is rare in N. Cyprus but is usually run on gas. Most cookers are run on electricity or calor gas, which can be refilled from most local shops & garages.

Education
The standards of education in N. Cyprus are generally very high. There are a number of schools from kindergarten through to secondary in all the main towns, many offering a bilingual education. Students may then go onto one of the 4 universities here in N. Cyprus to continue their education.

Medical
A & E facilities are available at local hospitals. It is recommended that you seek a GP that may have had UK experience for minor ailments. The cost of medical care in local hospitals is lower than comparable care in the UK depending on the treatment required. Private health care is also available through the international medical insurance companies. Dental care is of a high standard at moderate prices.

Mains Services & Information
Water: Mains supply to most areas but wells and/or tankers may supplement this in the summer months.
Electricity: is compatible with UK appliances as supply is 220/240v AC 50 HZ with a standard 3-pin plug.
Telephone: When making international calls cheap rates are between the hours of 20:00 to 08:00 Monday to Friday and throughout the weekend. To dial from TRNC to UK dial 0044 then omit the first 0 of the UK area code. To dial from the UK to TRNC dial 0090 392 then the area code and the number.

Places of Interest
The port of Kyrenia or Girne (as it is also known) is undoubtedly one of the most enchanting sites in the North of the Island . Old Venetian houses, restaurants and Taverns border the Marina . It attracts numerous colourful fishing boats as well as elegant yachts. Founded by the Mycenaean's towards 1600 BC, the town was protected by the construction of a fortress, which still proudly overlooks the harbor. Four miles to the east of Kyrenia nestling in the mountains is Bellapais village. The Bellapais Abbey is indisputably one of the most majestic sites on the island. It is the most impressive Gothic Monument preserved from the Lusignan era around the 13th Century. Also worth a visit is St Hilaron Castle, high up in the Mountains. From here, there are spectacular views across the beautiful North of the island.
The Selimiye Mosque and the covered market in the Turkish part of the old town in Nicosia , are enchantingly oriental and hours can be spent watching the locals trading within in the maze of winding streets.
There are also plenty of historical sites in Famagusta including St Nicholas Cathedral, which became Lala Mustapha Mosque in the 16th Century and just a few miles north are the ruins of the ancient city of Salamis .

Activities
As well as many places of historical interest N. Cyprus offers some of the best walking and varied landscapes. Nobody can be indifferent to its beauty as the landscape changes from pine clad mountains to fertile plains. The Mesaoria is the central plain, which lies between Famagusta and Nicosia . The king dom of Citrus fruits in the West of the island near Guzelyurt.
The Five Finger mountain range stretches parallel along with the Northern coast and offers beautiful walks, as the seasons change you will see an abundance of wild flowers. From anemones, cyclamens, narcissus, iris and wild orchids in November as the first rains fall, to Mimosa, hibiscus and jasmine in April and Bougainvillea and roses in the summer.

Beaches
The beaches of Northern Cyprus are amongst the last in the Mediterranean to be selected by the green turtles, which lay their eggs during the months of July and August. Northern Cyprus can be considered home for about 25% of the Green Turtle population of the Mediterranean .
Many areas of The Karpas Peninsula, also known as the ‘panhandle', stretching out East from Kyrenia, are protected and boast some of the most beautiful beaches on the island.
Northern Cyprus has a very varied coastline and amenities for swimmers and water sports. The coast either side of Kyrenia offers beautiful beaches and there are those that are secluded and remote, lost behind wild sand dunes.
Activities such as windsurfing, sailing, water skiing and diving are on offer along the coast.

Flights
Flights from the UK are widely available through several carriers using Stanstead, Heathrow, Gatwick, Manchester , Belfast and Glasgow airports. Prices vary with season, but typically you would pay £250 - £300 in the high season and as low as £190 - £240 at other times.
Our contact for professional flight advice and bookings is Francis at Green Island Travel, on 0207 –6377338.
Currently flights from the UK to North Cyprus touch down in Turkey en-route. With most flights the passengers stay aboard whilst the plane is refueled and the flight then resumes, landing at Er can International Airport in TRNC around 1 hour later.
An alternative route is to fly direct into Larnaca Airport in the South where you can arrange for a taxi driver to bring you through the simple border procedure and deliver you directly to your accommodation. This route has the benefit of direct flying with no need for a touch down in Turkey .

In Summary
Many retired people choose to live Northern Cyprus not just to enjoy the weather but also a much higher standard of living than their UK counterparts. With pensions having a much higher purchasing power and feeling reassured in the knowledge that one is living in a safe and healthy environment.
For people with young families, there can be no finer, safer and healthier environment in which to raise children.
For investors in virtually all sectors, this country offers more than possibly anywhere else in the world, and this is being reflected in the number of enquiries from British and European companies and private investors.

The advice on this page is given as a guide only. There may be various issues to consider when buying your overseas property. You should always take legal advice from a lawyer or other legal advisor who has experience in dealing with buying property in the country of your choice. Property Connect Ltd accepts no responsibility for any losses allegedly resulting from the free information provided on this website.