With many quality developments now completed, there is an unprecedented range of properties for sale in North Cyprus, making it the perfect time to invest.
Northern Cyprus Real Estate Important Tip #1: Research Online
When considering buying any property in North Cyprus, be sure to research your options online first. Most North Cyprus property development websites feature beautiful site maps and impressive floor plans, but these only tell half the story. To get the full picture, join the North Cyprus Property Online Forum, where real buyers can compare buying experiences on specific developments. You can post a question, or just browse the post titles to see which North Cyprus developers keep their promises and which ones don’t! The most important are independent North Cyprus websites, which provide independent commentary on developments as well as comments from forum members.
North Cyprus Real Estate Important Tip #2: Choose Your Area
Northern Cyprus is a beautiful country with several different regions, each with its own unique appeal. If you’re buying a home for yourself, decide what you want most; a walk to the beach or a mountainside location with ocean views. The same goes for considering the possible rental market or investment potential; golf tourists will want to be close to Esentepe’s new course, while couples with young children will prefer to rent a holiday home next to the beach. Make a short list of one or two areas that interest you, then check your online forums for local insights, such as good schools, top restaurants, or water supply issues!
Northern Cyprus Property Important Tip #3: Visit Northern Cyprus
At this stage, do not attend inspections organized by the developer; you need to feel free to follow your intuition. With your short list of areas, spend the first two days driving around and getting a feel for the areas that interest you. Grab a cup of coffee at a local cafe and chat with the locals. See for yourself which developments are actually busy with residents or workers and which are vacant or half-finished.
Top Northern Cyprus Property Tip #4: Realtor Day
Visit a local real estate agent and get property details in the area of your choice. Only accept property details within your price range and arrange to view all properties that are ticked. Follow the real estate agent in your car to see properties, so you can leave quickly if you don’t like them.
North Cyprus Real Estate Important Tip #5: Understand TRNC Covenants
You must ensure that your property is accompanied by a Turkish Republic of Northern Cyprus (TRNC) freehold deed. Due to the partition of Cyprus in 1974, these are available in four formats:
1. Pre-1974 Turkish freehold rights apply to land or property owned by Turkish Cypriots before 1974.
2. Pre-1974 foreign freehold rights apply to land or property owned by foreigners before 1974. These ownership rights are internationally recognized.
3. The TRNC exchanged ownership rights, i.e. land or property given to Turkish Cypriots in exchange for land and property they owned in southern Cyprus before 1974 and gave up their rights.
4. TRNC TMD ownership of land given to Turkish Cypriots for use by military or government services or for settlers.
All four games are acceptable, with the first type commanding a premium of about 30%.
Northern Cyprus Property Tip #6: Save money by going “nearly new”
If you want to buy Northern Cyprus real estate You can move right in and consider resale in this recently completed development. Your property should have all utilities sorted and minor issues fixed, but the property should still be in good condition. Unlike a new build property, where your money may be tied up for two years with no return, a resale property can be enjoyed or rented out once you have the keys!
Northern Cyprus Real Estate Top Tip #7: Get Professional Advice
Buying any property is a significant financial commitment, so don’t be pressured into signing any agreement. Always retain your own independent counsel to advise you and act on your behalf, never one recommended by a property developer. Due to the complex purchasing process, new tax laws and the various licenses that need to be obtained, a good North Cyprus lawyer is well worth the modest fees they charge. Likewise, online forums are a good source of feedback on reliable companies and what to avoid.