Step-by-Step Property Buying Guide in Northern Cyprus

Owning property in Northern Cyprus is an exciting investment opportunity that can change your life. Although it involves some differences compared to property purchasing processes in other countries, it is quite simple and smooth if you follow the right steps. At Olivo Homes Northern Cyprus, we guide you through every step of your property ownership journey, from choosing a lawyer and handling title deeds to critical pre-purchase stages. Here are the steps to buying property in Northern Cyprus:

STEP 1: Discovery Tour

If you want to get to know the real estate market in Northern Cyprus up close, the first step is to join a discovery tour. This special tour offers you the opportunity to experience the country and explore the properties of your dreams. Whether through individual inspection trips or group tours, you’ll have the chance to view properties on-site that match your interests.

You can now plan a personalized Discovery Tour for yourself.

STEP 2: Property Inspections

When you come to Northern Cyprus for a discovery tour, our Olivo Homes consultants will arrange a visit schedule with a portfolio agenda tailored to your preferences. By visiting the properties in person, you’ll receive the most up-to-date information about the projects and have the opportunity to learn all the details regarding prices and payment plans with our sales consultant.

STEP 3: Legal Support

During the Discovery Tour, you will have the opportunity to meet a reliable lawyer who is well-versed in the property purchasing process in Northern Cyprus. This lawyer will guide you through the entire legal process and answer all your questions about purchasing property in Northern Cyprus.

STEP 4: Negotiation

Once you find your dream property, we move forward together to negotiate the best price and payment terms for you. At Olivo Homes, we handle the negotiations to secure the maximum discount and ensure that all terms are clearly outlined in a written agreement.

STEP 5: Reservation Agreement

Once we agree on the price and terms, we reserve your property with a deposit of £5000 GBP. This payment can be made directly to the seller or transferred to your lawyer’s client account. After the payment, the property is withdrawn from the market, and your lawyer starts the necessary legal checks. You can choose your own lawyer or work with one of the experienced lawyers recommended by Olivo Homes.

STEP 6: Purchase Contract

Within 30 days following the reservation, the down payment or full payment for the property must be made. Once your lawyer ensures that all legal processes are complete, the purchase contract is signed. With the signing of the contract by both the buyer and the seller, at least 35% of the down payment is transferred to the lawyer’s client account, and the sale is registered with the land registry. If the purchase agreement stipulates full payment, the total amount is transferred to your lawyer's account.

STEP 7: Key Handover

After completing the sales contract and making the full payment, you become the full owner of the property. From then on, you now hold the keys to your dream property in North Cyprus! For more information, you can contact our Olivo Homes sales consultants.

Taxes and Fees

The following taxes and fees are payable by you during the property purchase process:

1. Stamp Duty Fee:

A stamp duty of 0.5% is payable upon the registration of the property purchase agreement, based on the sale price.

2. Value Added Tax (VAT):

A 5% VAT is applied to the sale price of new property projects.
VAT is not applicable for second-hand properties.

3. Title Deed Transfer Fee:

For TRNC Citizens:
- The transfer fee is 6%. TRNC citizens are entitled to a one-time exemption, reducing this fee to 3%.
For Turkish Citizens:
- 1st Property: 3% at the time of contract registration and 3% at the time of deed transfer, totaling 6%.
- 2nd Property: 3% at the time of contract registration and 6% at the time of deed transfer, totaling 9%.
- 3rd Property: 6% at the time of contract registration and 6% at the time of deed transfer, totaling 12%.

Note: In sales without a contract, the entire fee is payable at the time of deed transfer.

For Other Foreign Citizens:
- 6% at the time of sale and 6% at the time of deed transfer, totaling 12% for all properties.

4. Legal Fees:

Attorney fees, including power of attorney, contract registration, and permission applications, range between £1500-£2500.

5. Transformer Contribution Fee:

For new property projects, a transformer contribution fee of £1500-£3000 for infrastructure connections (electricity, water, telephone, etc.) is payable upon moving in.

6. Water Connection:

Water connection fees vary depending on the local authority and are handled by the municipality.

7. Annual Property Tax:

An annual property tax, based on the size of the property, is payable to the municipality. For example, a 100 m² house has an annual tax of approximately 250 TL.

8. Rental Income Tax: