Are you looking to buy a North Cyprus property? There are many villas for sale in North Cyprus, especially in areas like Kyrenia, Famagusta, Iskele, and Nicosia. The country’s property market is also safe and hassle-free, despite the typical ups and downs that real estate markets in different locations experience.
Renting is a more favorable option for people looking to experience this beautiful land during a vacation. You can find beautiful villas and apartments for rent in different locations across North Cyprus until you decide on the property type you want to buy. Our real estate agents can also help you find many more properties and villas for sale in Kyrenia, Nicosia, Famagusta, and any other nearby location.
The main advantage of buying a villa in North Cyprus is that properties gradually increase their value as the demand constantly increases. This boom in the real estate market is mainly because properties in landmark estates in North Cyprus are relatively affordable compared to the UK and other Eurozone countries.
How You Can Buy a Villa in North Cyprus
When you decide to buy a villa in North Cyprus, you need to choose a property in high-demand areas like Kyrenia or Famagusta to give yourself a chance of fast renting or reselling. The prices generally increase quickly in these areas, so buying a property in them is recommended if you’re interested in reselling.
Like in most countries, the price of a villa in the city will be higher than in a rural area. For instance, a three-bedroom villa with a swimming pool might cost the same as a two-bedroom apartment in the city. However, you might expect to get paid about $100 more for a two-bedroom apartment in the city than in other locations.
Once you’ve weighed your options and are ready to own your new home, you can purchase the villa you like in these eight simple steps.
You’ll pay a non-refundable reservation fee for the real estate agents to take the property off the market for an agreed time.
While it’s not legally mandatory, it’s important to have independent legal representation.
Your buyer will carry out the necessary checks to confirm the property ownership and the existence of a freely transferable title.
Contract negotiations and execution
Your lawyer will review the sale contract draft, help with the negotiation process and ensure it’s duly executed.
VAT rate application
You’ll pay a standard 19% for new properties or a reduced rate of 5% for primary residents.
Contract of sale registration
COS registration gives you the right to sell the property even before a separate title deed in your name is issued.
Get permission to own immovable property
This applies to non-EU citizens who want to acquire property in the country and must be done before transferring the title.
Transfer of property deed
The seller and buyer (you) present themselves to the Cyprus land registry office to complete the sale. You might have to pay transfer fees.
How Long Will It Take to Buy a Villa in North Cyprus
Most real estate agents make the process of making your offer on a property really quick, often taking up to 1 week. You can speed up the process by paying cash, and the sale of your new flat or villa will be complete within 30-45 days, depending on the real estate agency you choose.