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If you are considering buying a property in North Cyprus we have provided some useful information regarding legal system and steps to follow. Once you have found the right home and ready to buy it is cheaper, easier and quicker than any other European countries.
North Cyprus properties, whether villas, houses or apartments, are amazing value. They offer spacious living with en-suite facilities, balconies and terraces all at a fraction of the cost of a similar property in the UK. Naturally, visitors on holiday to North Cyprus, attracted by the quality and the price, think in terms of buying but there plenty of pitfalls in store and it is not something to rush into in the length of a holiday.
Buying a house anywhere carries risk, buying abroad carries a bigger risk but there are many steps that can be taken to minimise the risk. It is a question of research and understanding the buying process.
In North Cyprus you need permission to purchase any property. This can take up to half a year or one year but the government is trying to speed this up. Technically, you need permission to purchase before you can buy but in practice buyers push ahead with their contacts and have usually moved into their homes before it is received. Provided you have no police record and that your property is not near a military facility, your solicitor will let you proceed.
Obviously you need a solicitor and most of them speak English. There are checks he should make and you should be making sure that he cuts no corners. The construction company must be certified and a full building permit must be issued for the property before building commences. When satisfied these checks have been made then proceed to contract. Stamp duty of 0.5% of the contract sales price must be paid immediately the contract is signed and the contract registered at the District Land Office within 21 days from signing.
There are several land titles, Turkish titles, old English titles, exchange titles and Greek titles. Obviously, avoid Greek titles but exchange titles are deemed to be safe. These arose from the Annan Plan of 2004 which proposed land exchanges between the north and the south.
There will be a completion date in your contract, expect the construction to run on beyond the date. Relax and go with the flow.