Stages of real estate purchase and sale process in Northern Cyprus:
- Choosing the piece of property.
- Making the first deposit of 1,000 GBP.
- Signing of the contract by the parties.
- Registration of the contract. Stamp duty payment in the amount of 0.5% of the real estate cost. After this procedure, the buyer becomes the legitimate owner of the property. Further resale is possible only upon the owner’s permission.
- Payments for the real estate according to the payment plan.
- Getting the keys.
- Payment of VAT.
- Transfer of property ownership to the buyer.
In Northern Cyprus, a foreigner can buy a real estate object with an area of 1 dönüm
(1,338 sq. m.).
When buying a piece of residential property in Northern Cyprus, the new owner pays
the following taxes and fees:
- Stamp duty – 0.5% of the property cost paid when registering the contract.
- VAT at the rate of 5% upon getting the keys.
- Utility hook-up (TRAFFO) – 1,600 GBP.
- Lawyer services (at the client’s request) – 1,000-1,500 GBP.
- Title transfer tax – 3-6%. The current rate is 6% of the price. Each buyer can reduce
- this tax to 3% only once, provided that the area of the purchased property is less than 200 sq. m. Once the option is used, next time the property purchase tax for this buyer will be 6%.
The annual property tax is 1 Turkish lira per 1 sq. m. of an apartment or a house.
Monthly expenses for property maintenance vary depending on the amount of
Electricity and water are paid according to the meters. Usually, given that the
consumption is average, a 1+1 apartment costs 350-500 Turkish liras per month, with
water expenses amounting to 40-50 liras/month.
In Northern Cyprus, bottled gas is used and purchased whenever needed. Given that it
is used actively on a daily basis, one cylinder worth 85 Turkish liras is enough for 2-3
Maintenance cost may vary between 30 and 100 GBP depending on the complex, its
number of pools and green areas.
According to the legislation of Northern Cyprus, you can buy and register a plot of
land. But foreigners are not allowed to carry out any construction on their own. You will
have to hire a professional construction company.
If you have any questions, fill out the form, and the manager will contact you shortly and hold a consultation.
ATOLL DEVELOPMENT creates projects that people love