General Information
North Cyprus Properties
Obtaining a property in North Cyprus is one of the most fulfilling pieces of property that one could obtain. Not only does the country contain some of the most beautiful unspoilt beaches, but it also has lush mountain views. North Cyprus is the new Spain. The property industry in North Cyprus is in its earliest stages. Therefore, the property is sold at a very low price, compared to what it will be years from now. South Cyprus properties are much greater in price than those in North Cyprus.
Purchasing a home in North Cyprus is very much the same process as in other Mediterranean countries. However, there are a few details to keep in mind when researching different properties. Once you find the property that you want to purchase, and a price agreement has been made, you will need to find a North Cyprus citizen who can be titled as a temporary 'Power of Attorney'. This is because citizens are the only people who can obtain property in North Cyprus.
There are several legal companies who can act on your behalf. An application also has to be submitted to the Council of Ministers so that the purchase permit can be taken care of until you are legally able to obtain the property. It takes 4 to 12 months for the permit to be granted. For the deed to be transferred from the power of attorney to you, the application should be put organized with the property registration certificate, a copy of the purchase permission, and the evidence of a payment for the property taxes.
Homebuyers who are not North Cyprus citizens are allowed to only purchase one lot of land, house, or apartment. Husband and wife count as one person, unless they have different last names. This rule is the same even with a Cypriot citizen acting on your behalf. Cypriot citizens who are purchasing property for themselves can buy property without any restrictions.
A deposit for the house will need to be made, and is usually based on 10% of the price of the property. The deposit is usually required up front and is the first type of finance you will need to be concerned with. The transaction for the property must be paid for in pounds sterling. The purchasing cost in North Cyprus is usually 11% of the total property value. This has to be paid when the Title Deeds is transferred into the purchaser's name. The typical legal fees for any property purchase is usually around 1,250 £. The deposit for the utility connection varies from place to place. The companies usually have a set fee for typical things such as water and the power deposit is based on the previous power bill from the last owner. A completion date will not be set until a contract of sale is signed by both you and the Cypriot citizen acting on your behalf.
The most notable benefit of purchasing property in North Cyprus is the fairly cheap prices. When the island was divided among the Greek Cypriots(South) and the North Cypriots(Turks), both sides lost access to their land that was mixed upon both regions. For this reason, the property is sold at very cheap prices. There is currently a belief that if the property has a house or building built on it then the property will remain in the possession of the new owners. Because of this, there is a very large increase in buildings at the moment. It is highly recommended to get all the information you can get, and using the internet it becomes an easier task then you can ever imagine! you can easily get information online about Northern Cyprus, view specific locations, receive proper guides and more...
Investing in North Cyprus Property
Investing in a piece of property is one of the most important decisions that someone will have to make. It takes a lot of effort and time to decide which property and where the property should be located. After all, many people pay for an investment for a very long time. It is important to make sure that it is the correct investment. Located near Spain, is a country that not many people have heard of. Cyprus is a large island, split into two states, North Cyprus and South Cyprus. While South Cyprus is a very nice area as well, the prices for property in North Cyprus are relatively cheaper. In North Cyprus, you can have the best of both worlds: secluded beaches with a lush mountain terrain in the middle.
If you do want to vacation in North Cyprus, apartment complexes and villas are still a great investment. Not only will have constant access to North Cyprus if you needed to, but you will also regain a regular income from the renters or vacationers. The prices for the apartments and villas are at a very competitive rate, so now is the perfect time to invest in the renting business.
North Cyprus has recently obtained a boom in tourists and vacationers. The small island that was once a wonderful secret to many, is now a large tourist destination. Not only are Turkish people investing in the property but also citizens from the United Kingdom and Ireland. The thoughts of traveling to North Cyprus are not as extinct as they once were. No longer are the airports old and outdated. Many of them have been updated with new terminal buildings. The North Cyprus Government has also put a large amount of money into the roads so that travelers, or citizens, can get from to place to place in a shorter amount of time.
For those who like to play sports such as Golf while on vacation will also have access to many new Golf courses. Kyrenia is the current city with the most updated Golf courses, so this may be an area that needs to be invested in. The cost of property in North Cyprus is gradually increasing due to the demand for investments. Already the cost of property has risen by 100% compared to the years past. If you are worried about the decrease in income during the off season months, there is no need to worry. Many of the upscale airlines are now offering discounted tickets for those who have vacation homes or who simply want to vacation during the off season months.
A typical one bedroom apartment in Kyrenia is priced at 25,000 £. For those who are looking to add an investment to their portfolio's, then this is the way to go. Not only are the investment outlooks amazing, but also the amazing climate and the helpful citizens. Many tourists are opting for North Cyprus because of the familiar hospitality, luxurious resorts and activities, and the beautiful landscape.
