North Cyprus Property Buying Guide

North Cyprus offers all the benefits of a Mediterranean lifestyle in an unspoiled and uncrowded environment with a fraction of the costs of other more traditional destinations. Additionally, its laws and regulations for property transactions mean that foreigners can buy property in North Cyprus as safely and conveniently as in any other Mediterranean country. You should follow the required steps and apply usual diligence for a trouble-free buying experience.

We have provided this guide to explain how to go about buying properties and what to watch out for as you proceed. The key takeaway should be that buying property in North Cyprus can be a safe and rewarding experience as long as you follow the correct process. It all comes down to getting the best advice and support, something which NorthCyprus Investing is expert at providing.

While there are always plenty of horror stories about things going badly wrong after buying a property abroad, you can rest assured that if you follow the correct process and seek professional advice, property buying in North Cyprus is as safe as buying property in your home country. Starting with a good estate agent will give you a significant advantage in your property search, allowing you access to their encyclopedic knowledge of listed properties and new developments, including which developers have the best reputation for the type of property you seek.

The good news is that all the properties in North Cyprus are freehold, so once you buy a property, you have full ownership rights in perpetuity. You can either resell the property without restriction or pass it on to your inheritors as part of your estate as long as you comply with local laws.

The property purchase process in North Cyprus is probably similar but unlikely to be identical to the process you may be familiar with in your home country. We’ve provided a simplified breakdown of the process in this property buying guide to help you understand the basics. However, remember our crucial mantra, which is continually seeking professional advice. We make no apology for repeating this instruction.

Let’s start by helping you understand how the property buying process works. Please note that the information we provide here is correct at the time of publication but may be subject to change. Contact us to get the latest news and find out how we can help you find your dream property.

The first step in the buying process is to know your budget. Your buying budget is simply the money you have available as cash or loan, less the costs of purchasing the property. Don’t forget to allow for currency fluctuations during the buying timeline. Exchange rates can be affected by a wide range of unpredictable factors outside of your control. For example, global pandemics, political changes or conflicts around the world can have an effect even if they don’t directly affect your own country and North Cyprus. So determining your personal budget is probably one of the most important things in the buying process. You need to know your basics.

If you intend to use a loan or mortgage to fund the property purchase using a financial services provider in your country, then make sure they are willing to make an offer before getting too deep into the buying process. An alternative option is to apply for a loan or mortgage from a Cypriot bank which may be more convenient to arrange and manage.

Cypriot banks will typically offer mortgages up to 75% of the purchase price of a property, subject to the valuation supporting this price. If you are looking to purchase a newly developed property, then the developer may offer a long-term payment plan option over periods of up to ten years. This facility can provide a practical choice for financing your purchase, but don’t forget to get independent financial advice before entering into any agreement.

TRNC has a broad range of properties in many location types. Coastal or inland, lowland or mountainous, urban or rural, housing complex or isolated village? There are many options available. Start by deciding exactly what type of property you are after and what desirable local amenities. This wish list is critical in helping find the right property.

The estate agent is a critical part of the buying process, not just finding your ideal property based on your wish list and budget but also guiding you through the process. Their local knowledge is essential and can help connect you with trusted service providers and tradespersons. This support can be invaluable when buying a property that requires renovation, extension or modernisation. Choosing the finest and an experienced estate agent should be your main priority. A good estate agent can advise on properties across the whole of North Cyprus rather than being limited to one or two regions. Make sure you choose a real-estate agent that covers all property types in all areas to make sure you don’t miss out on what could be your perfect property.