The good news is that the whole of the North Cyprus property market is much more affordable, like for like, than the equivalent properties in other comparable European Mediterranean locations. This includes villas and apartments at both the luxury and economy price levels.
Is buying property in North Cyprus a good investment?
There are fabulous opportunities for property investors in North Cyprus, with the best performing North Cyprus property investments achieving over 10% rental return per year. We at North Cyprus International (NCI) can guide you as to the best investment properties to suit your lifestyle and your needs.
Is it safe to buy a house in Northern Cyprus?
True: New properties built on Pre-74 and Exchange Title Deed Land in North Cyprus are very safe. … The other type of land deed, most used by developers today and considered by North Cyprus lawyers to be very safe is called “Esdeger” or “Exchange” land.
Can foreigners buy property in Northern Cyprus?
Non-nationals require a purchase permit from the government in order to buy property in Northern Cyprus, and such permits may take four to 12 months to come through. Taxes are usually payable at the end of the transaction after a purchase permit has been granted and title deeds transferred into your name.
Is it cheaper to live in Northern Cyprus?
North Cyprus must be one of the least expensive places to live in the Mediterranean. It is exceptionally good value when compared to living costs in the UK. Electric, water and council tax are relatively inexpensive making your Pound go further.
Can you live in North Cyprus?
North Cyprus Residence
When entering the TRNC (the north), you are given a 90-day permission to stay visa. However, if you decide to stay longer, you must apply for a temporary residence permit as soon as possible. Until you obtain Permanent Residency, all residency visas are classed as “Temporary”.
Can Brits buy property in Northern Cyprus?
UK citizens can buy a property in Cyprus following the same rules and regulations as any other non-EU citizens. … You can stay in any of the EU member states for 3 months out of every 6 months without a visa. If you want to stay longer, you will have to apply for permission to do so.
Is there inheritance tax in Northern Cyprus?
Taxation of the will
Property under 100 000 pounds sterling is not subject to taxation, the property over 100,000 is taxed at 1%. The process of transferring the property to the heir in North Cyprus takes up to 6 months if the will was made.
Can I sell my property in Northern Cyprus?
Although you may have paid Legal Fees when assigning POA and purchasing a property in North Cyprus, it is required to use a solicitor to sell your property as well. This requires a new POA and is a separate fee and transaction, which can cost typically up to 1500 gbp.
How much does it cost to buy a house in Cyprus?
Other costs for the purchase include independent legal fees of €4,165 (1 percent of purchase price, plus VAT), a stamp duty of €620, and land registration and other disbursements of €120. The total cost of purchasing a €350,000 resale property in Cyprus would be in the region of €365,505.
Is North Cyprus a safe place to live?
The North is perfectly safe and has a far lower crime rate than the South, probably because there are less tourists. There is no threat from Syria, and indeed you would be at far greater risk walking the streets in London or any other city. The Turkish Cypriots are secular and are not religious at all.
Can you still buy a house in Cyprus?
EU nationals can buy real estate in Cyprus without any restrictions, but non-EU nationals are only allowed to buy around one acre of land or one house or apartment. All expats buying property in Cyprus must first apply with the Council of Ministers for permission to buy a property.
Can I retire to North Cyprus?
Finally, one important reason why people retire to Northern Cyprus is the low cost of luxury property – compared to other Mediterranean destinations, including the south coast of Turkey . North Cyprus retirement home prices are more stable than in other locations like Spain and have been unaffected by the global crash.
How much is rent in Cyprus?
Those who are renting long-term can expect to pay around 450 euros and up for the same type of apartment or house, and around 550 euros for a two bedroom place. This is the rate for Limassol. Renting a place in Paphos, Larnaca and Nicosia will cost you a lot less.