Buying Cyprus Property

As in any country, it is essential that you consult a qualified lawyer before buying property in Cyprus. The lawyers in North Cyprus are used to dealing with UK citizens and other foreign nationals and you will find them very helpful in giving advice and answering any questions you may have about buying Cyprus property or land.

If you would like us to recommend a lawyer please call the Cyprop London Office on 020 7736 0044 or the Cyprop North Cyprus Office on 0090 (0) 533 848 4481 or email us on info@cyprop.co.uk.

Buying Property in North Cyprus

Cyprop are experienced North Cyprus property and estate agents offering excellent investment property to buy in North Cyprus. View our range of available apartments and villas for sale in North Cyprus. When buying property, you should first check to make sure that the property you wish to purchase has a legitimate clean freehold i.e. it has no outstanding mortgages and is free from any impediments or encumbrances and the person you are buying from is the legitimate owner. You can view more about this in our Title Deeds section.

More about the process of buying property in Northern Cyprus

If you decide to go ahead with a purchase please find a guide on how to buy property in North Cyprus below:

1. Ask your lawyer to undertake a search and do not part with any money or sign a contract until this is completed.
2. The search will ensure that the property or land is free from any impediment, encumbrance, lien or adverse claim. It also checks that the necessary planning permission or permit has been granted.
3. If you are asked to pay a deposit to ‘hold’ the property make sure this transaction is undertaken through your lawyer.
4. Once your lawyer advises you that the property has a clean title you may proceed with the purchase.
5. A contract is drawn up by your lawyer. This includes all important information such as plot number, plot size, price and payment schedule. If you are buying ‘off plan’ property in North Cyprus, it will also include details of the completion date and a penalty clause for late completion. Attached to the contract will be appendices such as floor plans, a copy of the Title Deed (Kocan), site plans and building permits.
6. Any contract drawn up by an agent should be vetted by your lawyer before signing.
7. Your lawyer will ask you to complete a Power of Attorney (POA) which allows them to act on your behalf and sign documents relating to property transactions if you are away from the country for any length of time. This will help speed up the process of buying property in North Cyprus.
8. If both parties are happy with the contract, it will be signed and lodged with the Land Registry.
9. At this stage you pay over the money to your lawyer in accordance with the payment schedule. This will be the full payment for a re-sale property or the first stage payment if buying ‘off plan’ Cyprus property.
10. You also need to pay your lawyer’s fees and 0.5% stamp duty.

11. This stamp duty is due within 21 days of signing of contract. If you exceed 21days then the fee rises to 1% for the next 30 days. If the Stamp Duty is not paid after this time it increase to 1.5%

12. Other fees which may be due upon the purchase of your property are as follows:

    • A fee of approximately £40 to register the contract.
    • Land Registry fee of 6%. Every purchaser has a one in a lifetime opportunity to reduce this to 3%, and you will be asked whether you wish to opt for this at time of transfer of the Title Deeds into your name.
    • KDV (Sales tax, like VAT) at 5%. This is only payable if the vendor is classed as a professional - a builder, developer or individual that has sold more than three properties. If you are buying a property than has already been registered in a foreign individual's name, it is unlikely that you will pay KDV.

    If you are buying 'Off Plan' the KDV is due when you take possession of the property, otherwise both KDV and Land Registry fees are due when Title Deeds are issued in your name.

13. Every foreigner purchasing a property in North Cyprus must apply for a Permission to Purchase (PTP) which is passed to the Council of Ministers for processing; your lawyer will act on your behalf to complete this application and explain the checks that are made by the military and immigration authorities; which include checking the proximity of the property to a military installation and checking that you are not a convicted criminal on the run. It speeds up the process if you are able to provide a copy of your personal data from your local Police station in the UK (This currently costs £10). The application for PTP takes approximately 18 months to complete but during this time you are able to move into the property, lease or rent it or sell it on. When the application is approved Title Deeds are issued in your name. In the unlikely event that your application is refused you will be able to nominate another person to take title on your behalf and hold it in trust for you.

TRNC law currently states that Foreign Nationals may only own one property and the land size must be no more than 1 Donum (approx. ⅓ acre). If you wish to purchase more than one property please ask your lawyer for advice about using Trustees or setting up a TRNC company to hold the property.

Hopefully the information provided above will help you on your way to buying property in Northern Cyprus. Take a look at our great apartments and villas and find out more about a free inspection trip to view our property for sale in North Cyprus.