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FAQ
  • Do you save money by buying ahead of time?
    Properties in North Cyprus are usually sold OFF PLAN, ie before they are built or completed. At the beginning of the construction stages, prices are 30-60% lower than after completion. The early decision is therefore particularly worthwhile for investors. The earlier you buy, the greater the choice within a project. Due to the high demand, ready-to-move-in properties are rarely available for purchase. With OFF PLAN projects, the region and the property as well as plans and animations of the developer are usually looked at before the purchase. Ideally, there are already completed projects from the same developer, so that a first impression of the construction and quality is possible.
  • Does it make sense to reserve a property in advance?
    A deposit of between £2,000 and £10,000 is usually required to reserve a property. This will take it off the market for 2 - 4 weeks and reserve it for a fixed price. The deposit will be deducted at the time of purchase and is non-refundable. With many developers, the down payment can be transferred to another property of the developer after consultation.
  • How does the purchase process work?
    A lawyer is always required when buying a property in North Cyprus. Before buying a property, you will receive comprehensive legal advice from him. You then give the lawyer power of attorney so that he can carry out the purchase process for you. All you need is a passport. Your lawyer will take care of the drafting of the purchase agreement, overseeing the purchase application, the legal review of the property, the registration of the property and much more. By means of a power of attorney, you can commission your lawyer to purchase a property from Germany at any time. Once the property is paid for and registered by the solicitor, it is officially yours, even if your payment plan is still ongoing.
  • How high are the additional purchase costs?
    • 0.5% of the contract price – stamp duty, payable at contract registration • 5% of contract price - VAT, payable to seller/developer upon delivery of keys (usually applies to new build properties only) • 3%(6% onwards from the second property) of the Contract Price – Title Deed Tax payable at the time the title deed is transferred in the buyer's name (if the full amount has been paid, permission to purchase has been granted and the title deed of the property is ready for transfer). [optional] • Approx. £1,500 - Solicitor's Consultation Fees dependent on list of agreed services, handling your property purchase (including drafting a will). • The transformer contribution (payment for connection to utilities and electricity) varies between £1,500 and £2,500 (one off contribution). • Property tax– approx. 2 TL per m2 (e.g. 200 TL (less than 20 EUR) for an apartment of 100 sqm) per year • Rental Income Tax – 13-16% of rental income(depending on property)
  • What financing is possible?
    Some developers offer interest-free payment plans over several years.Alternatively, there is also the possibility of financing in Germany.
  • What increase in value can be expected?
    It depends on the property and the location.
  • What should my budget be?
    In terms of attractiveness and value enhancement, we and our partners focus on the best locations in Northern Cyprus (west and especially east of Kyrenia). A minimum budget of around €85,000 - €100,000 should be set aside for this. Studios start (as of July 22) from around £60,000. 2 bedroom apartments from around £120,000. There are also additional purchase costs, furniture and equipment. There are hardly any upper limits. In the case of resales, there is often the possibility of a discounted purchase - however, it is particularly important to keep your eyes open here in order to rule out high follow-up costs. Feel free to contact us about this.
  • Timeline after signing the contract?
    Within the 2 - 4 week reservation period, your lawyer will draw up a sales contract. The first payment (usually 30% - 50%) is due about two weeks after signing the contract. This payment goes first to your solicitor. The latter then registers the property in your name and forwards the payments to the developer. An on-site appointment on your part is not necessary for this. Subsequently, payments are due according to the construction phase, as stipulated in the contract. The payment plan usually ends after completion and when the keys are handed over. In addition, some developers also offer payment plans beyond the actual construction period (3 - 6 years). During this time the property can be occupied, rented or sold. Furthermore, there is the option of paying the full purchase price immediately. A discount of around 5% is usually granted for this.
  • Can individual objects also be purchased?
    Most of the properties are in residential complexes of various sizes with various facilities (pools, spa, restaurants, rental services, etc.). There are also villa projects consisting of 5 - 20 villas. Completely individual, detached villas are rare - but this is also possible.
  • What is the cheapest type of transfer?
    Property in North Cyprus is always paid in GBP. We can recommend WISE, which has very low fees for international transfers: WISE Or alternatively this provider: Property FX
  • Which payment methods are possible?
    It is possible to pay in cash or by bank transfer. Some developers also accept payment with cryptocurrencies. If you decide to buy a property on site, it can be reserved for 2-4 weeks (depending on the property and developer) for between 2,000 and 10,000 GBP.
  • Can I buy multiple properties?
    This is possible, but there are a few things to consider here - we offer a consulting service with a local lawyer.
  • What is the rental income?
    Some developers offer guaranteed rental income of 6-8%. In the case of self-letting, the income opportunities are regularly over 8%.
  • Is there a rental service?
    Most residential complexes have the option of hiring a rental service. After booking, he takes care of all matters relating to the rental property (e.g. marketing, airport transport, cleaning, ventilation, key handover, etc.). Usually there are fees of 35-50% of the rental income.
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