How long does the North Cyprus property buying process take?
Property sales in North Cyprus can be accomplished in a short period of time. Expect a two-stage (exchange and completion) process similar to that in the United Kingdom. Property acquisition is a one-step process. The money is released to the vendor the same day you sign the contract. Buying a used house takes only two or three weeks if a cash payment is made.
Many foreign buyers purchase brand new properties. In this case, the time it takes to complete the sale is determined by whether the property was purchased ‘off plan,’ in which case you will have to wait until it is built before completing the purchase, or whether you are purchasing a newly built property that is finished and ready to occupy right away. Many new homes now come with 5 year structural guarantees, obviating the need for a property survey.
A cash transaction or a purchase where the developer is paid in installments is simple to set up. The keys can be handed over once the money has been transferred (either the full sale price or an agreed-upon deposit), and the contract has been signed and registered at the land registration. The completion of sales involving bank mortgages takes a bit longer. Banks are now willing to lend 50% to foreign buyers who can demonstrate their ability to make the needed repayments. The average mortgage length is 5 to 10 years.
For foreign buyers, not all homes are suitable for bank mortgages. However, homes in North Cyprus with individual title deeds (ready to transfer) are often eligible. Mortgages for homes with shared title deeds are often not available from bank mortgages. Although shared title deed homes were previously common, most new properties (including flats) now have individual title deeds. If you acquire an older secondhand property, make sure to check what type of title deed it has. If the title deeds are shared, you may find it more difficult to sell your property in the future since it can only be bought by cash. Even though they are still excellent investments, brand new homes that are awaiting their deeds or older properties with an interim shared deed are not bank mortgageable.