Buying Process
So, you have decided to take the next step and are wondering how the buying process works in Northern Cyprus. We are here to guide you and make the transaction as seamless as possible.
Your journey will start with an Inspection Trip, where we will arrange accommodation for you at one of our trusted developers. You will be informed of the itinerary regarding property tours based on your travel dates.
During your trip you will experience the country and visit multiple developers, based on your preferences.
Once you have selected a property we will sit down together with the developer to negotiate the details and get the best possible deal on your behalf. We will also review the initial paperwork; involving reservation or deposit agreement, specifications of the property and payment plan.
Before you sign any sales contract, we will assist you with selecting a legal representative who will explain the entire purchasing process and your legal rights.
He or she will be responsible for the due diligence prior to signing, as well taking care of the administrative tasks such as preparing POAs, registering the sales contract, applying for permission to purchase etc. Only when you have reviewed the contracts with the guidance of your lawyer and have given approval will the signing of the contract take place.
Once the contract has been signed and the minimum down payment has been made the property is ready for key handover.
Payable by Purchaser | Amount | When to be paid |
|---|---|---|
VAT | 5% of purchase price | At key handover |
Stamp Duty | 0.5% of purchase price | After signing the Sales Contract |
Title Deed transfer fee | 6-12% of purchase price | At transfer of title deed |
*Electric transformer and connection fee
| £1,500-£2,500 | At key handover |
*Water meter connection fee | £350-£400 | Before moving in |
Solicitors Fee | £1,600 - £2,000 | During contract stage |
Property Tax | 1.5 TL/sq. meter per year | Each year |
*These fees are determined by the Electricity Authority and the respective Municipalities and can vary in price