08
July
2022
22:15
With its tourism rhythm, Cyprus, the pearl island of the Mediterranean, is among the star holiday destinations around the world. North Cyprus also offers excellent opportunities for buying a house. While the magnificent geography of the island offers fascinating beauties, the living facilities provide high quality standards. Buying a house in Northern Cyprus is much easier and more advantageous than many other countries. The home buying process can be done in 4 steps in its simplest form;
- Choosing a reliable real estate company
- Choosing a house according to the desired standards (location, price, comfort facilities, etc.)
- Fulfilling the legal procedures
- Moving house or renting the house by taking the title deed
Buying a house in Northern Cyprus, which is one of the most reliable island countries in the world, is very profitable not only for living but also for investment purposes. You can evaluate the options of houses or villas for sale in Cyprus, either in the center or by the sea, in a more affordable way than the house prices in Turkey.
The First Step is Choosing the Right Real Estate Company
If you have decided to buy a house in Cyprus, you may be stuck with hundreds of different advertisements and risky options. In order to avoid confusing and risky situations, you should decide from whom you will buy the house as a first step. Since the title deed regulations in Cyprus are a bit complicated, the best way is to choose a reliable company that is successful in new housing projects. Döveç Construction is the address where you can get the most reliable and successful real estate consultancy service in Northern Cyprus.
The Second Step is to Set the Required Standards for Housing
By deciding what kind of house you want, you can turn to the most accurate options. Housing standards cover many details. You can set criteria according to many details such as how many rooms the house will have, architectural features, location, vital opportunities. For example; If you want a villa-style house close to the beach, you can search accordingly. If you want to make a profit in the short term as a real estate investment, you can look at the houses you can rent. By defining your criteria, you can take advantage of Döveç's easy search facilities.
Third Step Fulfilling the Legal Procedures
When you choose the reliable and right real estate company, it is very easy to fulfill the legal procedures. Döveç real estate consultants support you in all matters and enable you to carry out your transactions easily. In general, the things to be considered in legal procedures;
- A contract of sale must be made before the purchase process begins.
- Purchasing permission from the Ministry of Internal Affairs must be obtained with the application form.
- A stamp fee of 0.5% of the amount of the relevant contract should also be paid to the Northern Cyprus Tax Offices.
- Tax and title transfer fees must be paid.
- The contract must be registered with the Land Registry Office within 21 days.
- The purchase permit must be issued by the Council of Ministers.
- 30% of the total price must be paid as a down payment.
The Fourth Step is Getting the Title Deed
After all legal procedures are completed, you can easily get your deed. Döveç, a reliable and local company, provides convenience for you in all legal proceedings. Getting your deed becomes easy and reliable. You can ask your questions to our expert real estate consultants. After you get the title deed, you can rent your house and earn investment income. There are 3 types of title deeds in Cyprus. 3 different title deed arrangements can be made as allocation, equivalent and Turkish title deed. Turkish banks lend 75% to equivalent title deeds. You will not have a title risk problem when buying a house from reliable and new housing projects
How Much Are Housing Taxes in North Cyprus?
A double taxation avoidance agreement has been made on the land of Northern Cyprus and Turkey. In this way, it is not necessary to pay tax in Turkey for the income obtained from real estate in Northern Cyprus. The annual housing tax is 100 TL for apartments and 200 TL for detached houses. The withholding tax to be paid for the rental income of the house purchased is 10%. When purchasing a house, you can take advantage of the 3% title deed tax exemption.
If you want to learn more about this subject, you can check out the blog post titled How Much Is Property Tax in Northern Cyprus.
How Long Does It Take to Buy a House in North Cyprus?
For Turkish Citizens, the review and approval process in purchasing a house takes 30-60 days. After the approval of the Council of Ministers, tax collection is made. With the reliable real estate consultancy offered by Döveç, the process of buying a house in Cyprus takes less time and the process is easier. You can get free real estate buying guidance from Döveç experts to buy a house in Cyprus in a safe and advantageous way with affordable prices.