North Cyprus Property is fast becoming the most sought after property in the Mediterranean. This charm of this beautiful, mostly unstable island is beginning to attract the attention of the whole world. Whether you are looking for a retirement home or a holiday home, it is important that you understand what is involved, both in time and money, before you make the decision to buy a property in North Cyprus. Once you’ve visited this enchanted island where mountain and sea combine for a magical taste of modern life and ancient culture, you’ll see that time and money are well worth a little taste of paradise.

The first thing is to learn about the types of property deeds in Northern Cyprus. There are various types of scriptures. The reason for this stems from the war that occurred in 1974 and the resulting settlement of the northern side of the island. Foreigners can only buy one donum (1600 square yards) of land. Some purchases must be approved by the Council of Ministers. While this approval process can take up to six months, one person can take possession of the land before the process is complete. Types of deeds include: Pre-1974 Foreign Ownership, a rare deed but one that does not need Board approval; owned by pre-1974 Turkish Cypriots, the most common type and requires Council approval; TRNC Freehold Document, a deed given to southern refugees in exchange for the property they left behind; The only land that is considered unsafe to purchase with this type of deed is land that was given to military personnel in exchange for services. ; and pre-1974 Greek Cypriot, a deed that has been assigned to property that has no title usually comes on the market at very low prices and is not considered safe to buy. The best way to handle the deed situation is to hire a procurador (attorney) to make sure the land you are buying has a clear and secure title.

You should also familiarize yourself with the additional costs involved in purchasing a property in Northern Cyprus. These fees may include attorney’s fees; a purchase permit; VAT (KDV) – 5% tax payable to the Revenue and Tax Office; 0.5% Tax on Documented Legal Acts payable to the Registry Office; local taxes; and usual utility connection fees.