What is the Process of Purchasing House in Northern Cyprus?

what  is the process of purchasing house in northern cyprus?

08

July

2022

22:15

Contents

    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

    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

    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.

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