North Cyprus: Your guide to buying, renting property, and living
Due to its low cost of living, stunning beaches, and Cypriot hospitality, North Cyprus is a popular destination to buy property. However, before you choose North Cyprus as your next real estate investment or vacation rental property, it is critical that you understand what the country has to offer. Read our previous blog post to learn about anything from buying to renting a property in North Cyprus to even living on the island.
Buying or renting?
You may be contemplating the benefits and drawbacks of purchasing a home in North Cyprus rather than renting one. Some new arrivals who have decided to settle in North Cyprus prefer to rent at first in order to test out living on the island, and knowing that you enjoy the country is also crucial. If you want to live in North Cyprus, you should consider buying a home there rather than moving twice or signing a long-term rental agreement if you can’t find the home of your choice.
Because of growing property prices in key areas, new immigrants wishing to buy property are also doing so. Purchasing a property in a high-demand location with strong capital growth potential in North Cyprus is a smart method to invest money. If you are not living in Cyprus full-time, renting out your property to visitors is the best option.
In Kyrenia (Girne), Famagusta, and İskele, prices and demand are rapidly rising, and there are a large number of British ex-pats in these cities. Kyrenia’s real estate market is expanding, and demand for ready-to-move-in flats is outpacing supply. Expect to pay extra if you want to buy a house in or near a city in North Cyprus. A two-bedroom apartment in the city will cost about the same as a three-bedroom property in the countryside with a pool. You may expect it to sell soon because it is a city property.
You will almost probably be asked to sign a six-month rental agreement if you choose to rent a North Cyprus home before buying. Six-month winter rentals are occasionally offered at a low cost. Furthermore, monthly rental rates and amenities in the neighborhood, such as the English School of Kyrenia, enterprises, and stores, rise in lockstep with the city’s increased sales prices.
The natural beauty and geology of North Cyprus vary from kilometers of unspoiled farmland in the rural, mountain, and Karpaz areas to forested high mountains reaching a height of 1,952 meters. The majority of ex-pats concentrate their efforts in Girne (Kyrenia) and the northern shore (either west of Girne, Girne proper, or east of Girne) (İskele, Boğaz, Bafra, and Famagusta City). Great shopping and old historical landmarks are among Nicosia’s (Lefkoşia’s) primary attractions, but they are mostly visited by university students from the city rather than locals or tourists.
The size of the island, which is around 2,276 square miles, makes it one of a kind (about the size of Wales). Ski in the morning and then relax on the beach in the afternoon! The beauty of North Cyprus’ terrain differs from one location to the other. A number of factors will influence your decision to relocate to the Mediterranean, and those elements will determine your destination. Will you spend your next holiday in Kyrenia (Girne) and the eastern and western parts of the North Cyprus coast? Should I go to Famagusta, which is in the east? What about Nicosia (Lefkoşia), the country’s capital?
Lefkoşa is home to beautiful mosques, markets, and modern urban life, as well as a number of great English-speaking universities, including the recently opened Near East University, which offers medical training and a hospital.
Despite being flatter, the Famagusta coast (with Boğaz and Bafra close to the Karpaz Peninsula’s undisturbed wildlife sanctuary and the newly built Karpaz Gate Marina for sailing enthusiasts) has wonderful long, sandy beaches at a slightly lower price than the Kyrenia coast (with İskele Boğaz and Bafra close to the Karpaz Peninsula’s nature reserve and the Karpaz Gate Marina), and even better deals when compared to Kyrenia.
If you want to retire to the countryside and are willing to explore new things, you have a lot of choices. In the slopes of the Besparmak Mountains on the north coast, spring and autumn provide a lovely hill country with mountaintop residences and a wildlife haven for hikers and walkers. The Karpaz Peninsula is an unspoilt natural sanctuary with kilometers of beaches, eco-tourism attractions, and traditional craft fairs. The flatter eastern seaboard, with its magnificent Boğaz Harbor and fashionable modern city of Famagusta, is an ideal vacation destination for tourists, as it offers long stretches of golden beaches.
The west coast bay area, with its border market town of Morphou (Guzelyurt) and the historic monuments of Vouni Palace and Soli amphitheater, attracts those seeking quiet, serenity, and scenery. In recent years, other tourist attractions have grown, including citrus plantations, a gorgeous sandy horseshoe bay, and seafood restaurants. Many harvest festivals are held throughout the year, when traditional and modern crafts, food of all kinds, and Cypriot dancing can be enjoyed.
To purchase property in North Cyprus, you must first locate real estate companies that are licensed to sell property in the country. You can also seek guidance from reputable North Cyprus-based property development companies. Unless you know Turkish and live in the TRNC, you will need to take the following procedures after discovering a property you want to purchase:
Power of attorney
You should issue a limited power of attorney to a North Cyprus lawyer to acquire your home. The process of establishing a power of attorney in North Cyprus is straightforward. At all times, you must have your passport with you. Because this power of attorney is only used to buy property in North Cyprus, it poses no risk to you. Your lawyer will be in charge of creating the contract, managing your purchase application, examining the laws of the property, and more.
Visitors to North Cyprus often create a power of attorney while on vacation so that they can purchase the property if they are unsure about their decision before departing. Because you will be out of North Cyprus for a long time, it is critical that you authorize the lawyer to sign paperwork on your behalf.
It is typical to pay a non-refundable deposit of between £1,000 and £2,000 (this usually depends on the current exchange rates) to withdraw property from the market. This is most common for properties owned or built by the same individual or company. It can normally be moved to another property owned or built by the same individual if you change your mind, but it is not usually refundable.
Purchase and transfer of the deed
To obtain the TRNC government clearance for purchasing title deeds in your name in North Cyprus, you must first obtain the consent of the TRNC government. Unless there is a criminal record or the home was discovered to be built in an army zone, approval will almost always be granted to all other potential buyers. It takes 6 to 9 months to do this project. However, because you own the property until your contract of sale is registered at the land registry, your property is protected until that time. A police report from your home country will be required.
If your home is new, the Contract of Sale will include all crucial details such as plot number, plot size, price, payment plan, completion date, and penalty clauses. Everything you need to know regarding floor plans and specifications will be included in the contract, ensuring that the vendor is held accountable for completing the project as planned. Resale homes will include as much detail as feasible, such as the land size, whether or not furniture is included, and so on. Your lawyer will check the property for legal and possible existing properties and ensure that they are all in good working order.
You can read our previous blog post to understand the property buying process in North Cyprus.
Owner-occupied house for sale in North Cyprus
You can buy North Cyprus real estate directly from the owner through the Sahibinden, which literally means “from the owner” in Turkish.
What is the price of a property in North Cyprus?
Prices vary greatly depending on the region, but you should expect to pay between €200 and €400 per square metre (depending on the current exchange rates). You will need to figure out how much money you have and then discover a property that meets your needs within that budget.
What is the best way to rent property in North Cyprus?
You will need to go through a real estate firm to find your next rental home in North Cyprus. Before signing any rental agreements, make sure to verify the square footage, number of bedrooms and bathrooms, as well as extra amenities like an outside pool or tennis court. Rental agreements are typically six months long, with monthly payment options available!
The average monthly rental cost in North Cyprus is roughly €200 (this depends on the exchange rate), although this varies widely based on the types of property available at the moment – so search around till you discover the perfect space! When looking for a place to stay, keep in mind that there is no need to put down a deposit.
It is easier to rent property in North Cyprus than it is to acquire property on the island. Many North Cyprus real estate firms provide rental properties, and they normally require a deposit (usually one or two months’ rent) before collecting monthly payments until the lease expires. North Cyprus accommodation is not difficult to come by if you know where you want to reside. Check out the available apartments, villas, and vacation rentals. There are many Cypriots living abroad who are willing to rent out their properties to visitors, making it a very cost-effective method for tourists and expats to live comfortably on the island, especially on long-term leases.
You can work and live in North Cyprus
If you are looking for a place to live in North Cyprus, there are several options available for you. If you want certain comforts during your stay, you might rent a vacation rental home or buy a home and settle down for good; however, before making this decision, you should conduct some search on what life is like as an ex-pat. You will be a part of one of Europe’s fastest-growing economies.
- Property costs in North Cyprus are around a sixth of those in other parts of Europe, making it an affordable area to reside. It has numerous beaches, and the weather is pleasant all year!
- Cypriots have a distinct culture that combines Western European traditions with those of the Eastern Mediterranean. North Cypriot cuisines have been influenced both by countries, with Turkish coffee shops on every street corner and delicacies like baklava coexisting with Lebanese kabab restaurants.
- With an average family income of €2500-€3000 per year, North Cyprus is one of the cheapest regions to buy property in the Mediterranean region.
- It is possible that you will need to communicate in either English or Turkish.
- North Cyprus is Europe’s fastest-growing economy, with a plethora of investment options.
- It is also a secure and stable nation with low unemployment.
If you live in North Cyprus and want to work, you have a variety of alternatives. Westerners with financial, engineering, or building expertise will find plenty of job options in North Cyprus. North Cyprus colleges offer courses in specialized subjects such as tourism management and finance, which could be useful for persons seeking work in the region.
If you are not sure whether you will be able to find a job in North Cyprus, check out the universities that provide comprehensive English language courses for non-natives. North Cyprus has a high standard of living and low property prices, so you could be living the North Cyprus dream in no time!
Property taxes in North Cyprus
Three significant taxes, which normally total 8.5 percent, must be paid in addition to the purchase price (the tax rates and percentage are subject to change according to government policies and exchange rates). The first is a 0.5 percent stamp duty. Unless the title deed is in the owner’s name and the VAT has already been paid, the second is a 5% government VAT.
Please keep in mind that if the title is not in the seller’s name, even though the VAT has been paid, you will have to pay it again. A 3% transfer of title fee must be paid once the Permission to Purchase has been received and the title is accessible. You can click here to read more about various taxes in North Cyprus!