Buying property in North Cyprus
Buying property in North Cyprus is one of the most popular investment methods that has attracted the attention of Iranians, Russians, Germans and Englishmen. This investment method has attracted attention due to many advantages such as relatively lower costs compared to other European countries, strategic location and moderate climate of Northern Cyprus. In addition, easy property laws and the possibility of full ownership for foreign buyers make this area an attractive investment destination. Other benefits of this investment include the possibility of obtaining accommodation and benefiting from recreational and tourist facilities such as beautiful beaches and casinos.
Buying property in North Cyprus has attracted the attention of many foreign buyers due to its convenient geographical location, affordable prices and simple property laws. In the following, the conditions and rules for buying property in this area will be reviewed.
Required documents
- Certificate of No Bad Record: To ensure the correctness of the buyer’s legal records.
- Certificate of financial ability: to show the financial ability of the buyer to pay for the property and related expenses.
- Identity documents: including passport and national card.
Ancillary costs
- Stamp duty: equivalent to 0.5% of the property price, which is paid to the Land Registry Office to register the contract.
- Property transfer tax: equivalent to 3% of the property price, which is paid to the government.
- Attorney fees: fees related to attorney services, which usually range between 1,000 and 2,000 euros.
- Registration fees: equivalent to 1.5% of the property price to register the buyer as a new owner at the Land Registry.
LIMITATIONS AND LEGAL MATTERS
- Foreign Ownership: Foreigners can own a residential property and an agricultural land. However, to buy more property, they need to get permission from the government.
- Transfer of property: Transfer of property ownership is possible only after the approval of the Land Registry Office.
- Residency: Buying property allows buyers to apply for temporary residency, which is usually issued for one year and is renewable.
- Ownership document: The buyer must ensure the authenticity and legality of the ownership document and make the necessary checks through her lawyer.
By observing these conditions and rules, buying a property in North Cyprus can be a profitable and hassle-free experience.
Steps to buy property in North Cyprus in 2024
01
Free initial consultation
Our dedicated sales managers will contact you online to discuss projects and their details
0۲
Property selection and negotiation
After choosing the desired property, the buyer and seller agree on the price and terms of the transaction. At this stage, a pre-contract is drawn up that specifies the details of the transaction and the amount of the advance payment.
0۳
Advance payment
The buyer usually pays the seller 10% to 30% of the property price as a down payment. This amount is paid to reserve the property and prevent it from being sold to another buyer.
0۴
The original contract
After the advance payment, the main property purchase contract is drawn up and signed by the lawyers of both parties. This contract must be approved by the North Cyprus Land Registry Office.
0۵
Payment of the remaining amount
The buyer pays the remaining amount of the property according to the agreements made. This amount may be in cash or in installments.
What is the advice and support of Kargar Investment Company for buying property?
Kargar Investment Company is the most successful, best-selling and oldest real estate consulting and investment company in North Cyprus, which started its activity in 2016.
Kargar Consulting and Investment Group provides the best quality real estate buying and selling services in North Cyprus by using the expertise and experience of its consultants in residential and residential real estate, as well as having the services of lawyers and consultants.
After registering the free consultation form, you will be connected to one of our 400 experts to accompany you in buying a house and property in North Cyprus.
Kargar company has been with you since the beginning of your decision to immigrate and buy property in North Cyprus, and the first company provides customer support services up to one year after buying property in North Cyprus.
Free consultation
Enter your contact number (preferably Whatsapp):
Click to call or send a message via Whatsapp:
Why buy property in North Cyprus?
Buying property in North Cyprus can be attractive for several reasons. With special economic and natural conditions, this region provides unique opportunities for investment and life. Some of these reasons are discussed below.
1. Affordable prices
Property prices in Northern Cyprus are generally lower than in many European countries. This makes buying property in this area more attractive for foreign buyers. Even with moderate budgets, you can easily own a house or a villa.
2. Geographical location and favorable weather
Northern Cyprus is located in the eastern Mediterranean and has a temperate and tropical climate. With its beautiful beaches, pristine natural landscapes and long summers, this area is a great place to live and have fun. Favorable weather conditions have made this area an ideal destination for permanent or seasonal residence.
3. Appropriate property and residence laws
Northern Cyprus property laws are set in favor of foreign buyers. There is a possibility of full and permanent ownership of the property for foreign buyers. In addition, buying a property in this area can lead to temporary residence and finally permanent residence. This issue is very attractive for those who are looking to immigrate and live in a foreign country.
4. Recreational and welfare facilities
North Cyprus is an ideal place to live and spend holidays with various recreational and welfare facilities. Beautiful beaches, shopping malls, restaurants, cafes and casinos are among the facilities that make this area attractive. In addition, proper health and education infrastructure is another advantage of living in this area.
5. Growing real estate market
The real estate market in Northern Cyprus is booming. This growth is due to the increase in demand for property from foreign buyers and the development of new construction projects. Investing in the properties of this area can have a good return and the value of the properties will increase in the future.
6. Culture and lifestyle
Northern Cyprus is a fascinating place to live with its rich culture and long history. The people of this region are known for their hospitality and friendliness. Living in this area can be a different and pleasant experience.
All in all, buying property in North Cyprus is a very attractive option for investment and living due to reasonable prices, favorable geographical location, proper property and residence laws, recreational and welfare facilities, growing real estate market and local culture.
Do not hesitate to check: North Cyprus attractions
Buying a property in North Cyprus is not only attractive due to affordable prices and proper property laws, but also has other advantages that make this decision very beneficial. Some of these benefits are discussed below.
1. Sustainable growth of the real estate market
The real estate market in Northern Cyprus has experienced significant growth in recent years. The development of new construction projects and the increase in demand for property from foreign buyers have increased the value of properties in this area. This steady growth of the real estate market has made property investment an attractive option for those looking to increase the value of their assets.
2. Variety of property options
In North Cyprus, buyers can choose from a wide variety of properties. From modern apartments in cities to luxury beach villas and traditional houses in rural areas, there is a lot of variety in the property market. This variety allows buyers to choose a property that suits their personal needs and tastes.
3. Strong infrastructure
Northern Cyprus has a strong and modern infrastructure that makes life in this area comfortable and pleasant. Adequate public transport networks, quality roads, international airports and advanced ports are among these infrastructures. These facilities allow the residents to easily access different places and experience a comfortable life.
4. Rich culture and history
Northern Cyprus is a unique place to live with its rich culture and history. This area has many historical monuments, museums, castles and ancient buildings, which will be an informative and enjoyable experience to visit. Local culture and various festivals also provide a great opportunity to learn about the traditions and customs of the people of the region.
5. Booming rental market
For those looking to make money from buying property, the rental market in North Cyprus is booming. Tourist and university areas such as Kyrenia and Famagusta are in high demand for short and long term rentals. This allows the owners to earn a decent income by renting out their property.
6. High tourism potential
North Cyprus is one of the popular tourist destinations with many tourist attractions. Beautiful beaches, historical places, mild climate and various recreational activities attract a large number of tourists to this region. This high tourism potential provides many opportunities to earn money through short-term rental of properties as well as increasing the value of properties.
Finally, the many advantages of buying property in North Cyprus, including the steady growth of the real estate market, variety of property options, strong infrastructure, rich culture and history, thriving rental market, high security, educational and health facilities, and high tourism potential, make this area a It has become an attractive destination for investment and living. These benefits not only help to improve the quality of life, but also provide opportunities to increase the value of assets and earn money.
Buying a property in North Cyprus, in addition to many advantages, also has disadvantages that should be taken into account:
1. Legal and political issues
North Cyprus can cause problems for property buyers due to complex legal and political issues with South Cyprus and lack of international recognition by many countries. This situation may raise concerns about legal ownership and protection of property rights.
2. Financial and banking restrictions
The banking and financial system of Northern Cyprus faces restrictions that can affect the property purchase process. This includes restrictions on international money transfers and the use of international banking services, which may be problematic for foreign buyers.
3. Lack of development of some areas
Some areas of Northern Cyprus are still not fully developed and do not have proper infrastructure. This issue can negatively affect the quality of life and access to public services and cause buyers to face problems in the field of transportation, health and education.
- 4. Residence restrictions
Although buying a property can help in obtaining residency, this residency is usually temporary and its extension depends on various conditions. Also, there may be some restrictions for obtaining permanent residence that should be considered.
Finally, being fully aware of the disadvantages and challenges of buying property in North Cyprus can help buyers make better decisions and avoid potential problems.
Cities and areas suitable for investment in North Cyprus
North Cyprus has become one of the popular destinations for foreign investors due to its numerous investment advantages. In the meantime, some cities and regions have received more attention due to their special features and facilities. In the following, we will introduce the most important of these areas.
1. Kyrenia (Kairnia)
Kyrenia is one of the most popular cities in Northern Cyprus for investment. This city is one of the prominent tourist destinations with its beautiful beaches, historic port and the famous Kyrenia Castle. The rapid growth of the real estate market in Kyrenia, especially in terms of luxury apartments and beach villas, has made it an attractive investment option. Strong infrastructure, numerous amenities and proximity to shopping and entertainment centers make Kyrenia one of the best investment options in Northern Cyprus.
2. Famagusta
Famagusta is another important city in Northern Cyprus, which is very attractive for investment because of its International Near East University (EMU) and beautiful beaches. The rental market in this city is booming due to the presence of students and tourists. Also, new construction projects and infrastructure development have provided good opportunities for investment in residential and commercial properties.
3. North Nicosia (Lefkosha)
North Nicosia is the capital of Northern Cyprus and is known as the administrative and economic center of this region. The presence of government agencies, universities and international companies has made this city a center for investment in commercial and office real estate. Also, urban development and building renovation projects provide new opportunities for investment in North Nicosia.
4. wharf
Iskela is a small coastal town but with high potential for investment. Due to its long beaches and rapid infrastructure development, this city has become one of the popular areas for buying beach villas and holiday apartments. The real estate market on the waterfront is growing rapidly and offers great opportunities for investors.
5. Lefka
Lefkada is another suitable investment area in Northern Cyprus. This region is very attractive for investors because of its prestigious universities and beautiful natural areas. The rental market in this area is booming due to the presence of university students and professors and provides good opportunities for buying and renting property.
6. Karpaz
Karpaz is a less developed region but with high potential. The region is attractive to long-term investors due to its pristine natural scenery, pristine beaches and rich wildlife. New tourism and construction projects in Karpaz provide good opportunities for investment.
Finally, each of these areas can be good options for investing in North Cyprus due to their specific characteristics and advantages. Accurate assessment and market study of each region can help make better and more successful investment decisions.
Do not hesitate to check: Which area in Northern Cyprus is best for your investment?
List of suitable projects for investment in North Cyprus
Investing in real estate is one of the most reliable and profitable ways to increase capital, which has attracted many people with its unique features. Buying property in North Cyprus is one of the attractive options for international investors, which can be very beneficial for several reasons.
Northern Cyprus is one of the popular destinations for buying property due to its more affordable prices compared to European countries, as well as favorable installment terms. In this region, the rules for buying property by foreigners are simpler and the administrative process is done quickly. In addition, the mild climate and beautiful natural landscapes make this area an ideal place to live.
One of the main advantages of investing in North Cyprus is the possibility of obtaining residency by purchasing a property. By paying 35% of the value of the property and signing the purchase contract, investors can register their residence request. This is especially attractive to those who seek to live in a safe and beautiful environment.
100% ownership and the possibility of selling property to any nationality at any price are other advantages of buying property in North Cyprus. Also, tax fees are paid only once, which adds to the attractiveness of investing in this area. Due to the advanced tourism infrastructure and the growing trend of the Northern Cyprus economy, the value of properties in this area will increase over time and will bring good profits for investors.
Kargar Consulting and Investment Group offers the best services to its customers with experience and expertise in the field of residential and residential real estate. This company will be with the investors by providing free advice and comprehensive support, from the first stages of property purchase to obtaining residency and document transfer. The free consulting services of this group include a complete review of the real estate market, choosing the best investment options and providing accurate and up-to-date information to customers.
The future of real estate in Northern Cyprus
The future of real estate in North Cyprus looks very promising due to the unique features and favorable conditions of this area. This island has attracted the attention of many investors with its mild climate, beautiful natural scenery and more affordable prices than many European regions. Advanced tourism infrastructure, international universities and modern amenities are also other factors that help increase the value of real estate in this area.
Due to the growing trend of the Northern Cyprus economy and the development of new residential and commercial projects, it is expected that property prices in this area will increase over time. In addition, supportive government policies and simpler rules for foreigners to buy property have created more incentive to invest in the region.
Another advantage of investing in North Cyprus is the possibility of obtaining residence through the purchase of property, which can help attract more international investors. Also, the transportation and communication infrastructures are also improving and expanding, which will lead to an increase in the demand for property in this area.
In general, due to favorable economic, social and geographical conditions, the future of real estate in North Cyprus looks very bright and can be one of the best options for long-term investment.
The average rate of capital growth in the property purchase and investment sector in Northern Cyprus
The price of buying houses and apartments in North Cyprus
The price of buying a house and apartment in North Cyprus depends on many factors, including the geographical location, the type of property, and the available amenities. In general, prices in this area are more affordable than in many European areas, making North Cyprus an attractive investment option.
In urban and tourist areas such as Kyrenia and Famagusta, the prices of apartments are higher due to access to amenities and proximity to the sea. The price of apartments in these areas starts from around 50,000 euros for smaller units and reaches 200,000 euros and more for luxury and larger units. Villa houses can also cost between 100,000 euros and 500,000 euros or more, depending on the location and facilities.
In less touristic and rural areas, prices are much lower. In these areas, you can find suitable apartments for around 30,000 to 70,000 euros. Also, villas in these areas are available for prices below 100,000 euros.
Due to economic growth and infrastructure development in Northern Cyprus, prices are expected to increase in the coming years. This increasing trend, especially in touristic and developed areas, creates a good opportunity to invest in real estate. For more detailed information and advice on buying property in North Cyprus, you can contact experienced investment experts and benefit from their advice.
Important points that you should pay attention to before buying a property in North Cyprus
Buying property in North Cyprus can be a great opportunity to invest and live. However, before making a purchase, you should pay attention to some important points to avoid possible problems. Here are some of these points:
- Determine your goal
First of all, you need to define your purpose of buying property in North Cyprus. Do you plan to live in this property, rent it out, or hold it as a long-term investment? Your goal will have a big impact on the type of property you should buy.
- Set your budget
Buying a property requires a significant budget. You have to consider various costs including the purchase price, legal fees, taxes and maintenance costs. Also, you may need a loan, so you should also check the terms of the loan.
- Choosing a real estate agent
Working with an experienced and reliable real estate agent can make the buying process much easier and safer. Local real estate agents are familiar with the market and can help you choose the right property and negotiate with sellers.
- Check the legal status of the property
Before buying, you should carefully check the legal status of the property. Make sure the property has a valid title deed and no legal issues. This can prevent future legal problems.
- Visit the property
Visiting the property in person allows you to get to know its condition and quality. Also, you can get to know the surroundings of the property and the facilities in the area.
- Inspection of facilities and infrastructure
Before buying, you should check the facilities and infrastructure in the area. Access to public services such as schools, hospitals, shops and public transport can have a huge impact on your quality of life.
- Consultation with a lawyer
Working with a real estate attorney can help you avoid legal problems. A lawyer can help you prepare and review contracts, pay taxes, and transfer documents.
By following these tips, you can have a successful and hassle-free property purchase in North Cyprus. If you have specific questions or concerns, be sure to consult a real estate agent or attorney.
Do not hesitate to check: Safe investment in North Cyprus - 5 important things
In Northern Cyprus, there are different types of real estate documents, each of which has its own characteristics and conditions. Getting to know these types of documents can help you choose and buy the right property. Here we review the types of real estate documents in North Cyprus:
- Turkish Title
This type of document is one of the most reliable and expensive types of real estate documents in North Cyprus. The Turkish deed refers to the properties that belonged to the Turkish Cypriots before 1974 and the division of the island into two northern and southern parts. These documents have no exchange and are known as the safest type of document.
- Exchange Title
After the division of the island in 1974, some properties were exchanged between North and South Cyprus. These types of documents are assigned to properties that have been acquired through property swaps in South Cyprus. These documents also have high credibility and are officially recognized by the government of Northern Cyprus.
- Tahsis Title
This type of document is assigned to properties that were granted to soldiers and people who participated in the war after the war and the division of the island. These properties were given to these people as a reward and allocation documents were issued to them. These types of documents also have legal validity.
- Foreign Title
This type of document is assigned to properties that were purchased by foreigners after 1974. These documents are also valid and are issued under the laws and regulations of the government of Northern Cyprus. However, foreign buyers should carefully check the legal status of these properties to avoid potential problems.
- Leasehold Title
This type of document is assigned to properties that are leased to buyers. These properties are usually leased for a certain period of time and after the end of the lease period, their ownership reverts to the government. These types of documents are usually used for large and commercial projects.
By getting to know the types of real estate documents in North Cyprus, you can buy a property with more confidence and benefit from your investment.
Buying property in installments is one of the popular methods for people who cannot afford to pay in full in cash. In this method, the buyer can pay an amount as a down payment and pay the rest of the amount to the seller in installments and in specific time periods.
The stages of purchasing property installments include the following:
Advance payment: The buyer must pay an amount as an advance payment to the seller. This amount is usually between 20 and 30% of the total price of the property.
Setting up the contract: A contract is drawn up between the buyer and the seller, which specifies the terms of payment of installments, schedule of payments and other details of the transaction.
Payment of installments: The buyer must pay the installments at the specified times. These installments can be monthly, quarterly or yearly.
Transfer of the document: After the full payment of the installments, the ownership document is transferred to the name of the buyer. In some cases, the title deed may remain pending with the seller until the installments are paid.
The advantages of buying property in installments in North Cyprus include the possibility of buying a property with a limited budget and facilitating the payment of expenses. However, you should carefully check the terms of the contract and ensure your ability to pay the installments.
Conditions for renting property purchased in Northern Cyprus
Renting a property purchased in North Cyprus can be a stable and reliable source of income. To rent your property in this area, you should pay attention to several points:
Property registration: First, you need to register your property at the North Cyprus Property Registry. This allows you to legally rent out your property.
Lease Agreement: Drafting a formal and legal rental agreement is very important. This contract should include details such as the rental period, rental amount, payment terms, and the responsibilities of both parties.
Required Permits: In some cases, you may need to obtain certain permits from local authorities. These permits can include health and safety permits.
Property Insurance: Insuring your property against possible accidents and damages can protect you from financial problems.
Property management: If you do not live in North Cyprus, you may need to hire a property manager to take care of the day-to-day affairs and maintenance of the property.
Advertising and marketing: To attract tenants, you can use various advertising methods such as online and local ads.
Renting out property in North Cyprus can be a great opportunity to earn extra income, but it requires careful planning and management. Kargar’s consulting and investment group is by your side, for more information, contact our experts.
Table of the average rental price of properties in North Cyprus (according to different cities)
| city | Average rent |
|---|---|
| Famagusta | 400 pounds |
| the wharf | 500 pounds |
| Lefkosha | 350 pounds |
| گیرنه | 500 pounds |
| Guzel Yurt | 350 pounds |
Obtaining residence after buying a property in Northern Cyprus in 2024 is one of the popular ways to immigrate to this country. North Cyprus is an attractive destination for investors and expats with its Mediterranean climate, reasonable cost of living and many job opportunities. In the following, we will examine the conditions and procedures for obtaining residence after buying a property in North Cyprus.
Initial conditions
To obtain Northern Cyprus residency through property purchase, you must purchase a property with a minimum value of 300,000 euros. This property can be residential or commercial. You will also need to provide documents such as a valid passport, a certificate of no criminal record and financial documents that demonstrate the ability to pay for living expenses in Northern Cyprus.
Procedures for obtaining residence
Buying a property: First, you need to buy a property with a value of at least 300,000 euros. This property can be in any of the cities of Northern Cyprus such as Nicosia, Famagusta or Kyrenia.
Property registration: After buying a property, you must register it with the North Cyprus Property Registry. This allows you to legally own the property.
Residence application: After registering the property, you must submit your residence application to the Northern Cyprus Immigration Office. This request includes documents such as passport, certificate of no bad background, financial documents and property ownership document.
Interview and document review: After submitting your application, you must attend an interview with immigration officials. In this interview, your documents will be checked and if approved, you will be granted temporary residence.
Temporary residence: Temporary residence is usually issued for one year and can be extended. During this time, you must legally live in North Cyprus and comply with all the laws and regulations of this country.
Permanent residence: After five years of temporary residence and compliance with all laws, you can apply for permanent residence. Permanent residence allows you to live in North Cyprus without time limit and enjoy all the citizenship rights of this country.
Obtaining Northern Cyprus residency through property purchase has many advantages. Among these benefits, we can mention the possibility of traveling to EU member states without the need for a visa, access to high-quality health and educational services, and many job opportunities. Also, having a safe and stable environment, Northern Cyprus is a good place to live and invest.
Acquiring residence in North Cyprus through the purchase of property is a great opportunity to invest and live in one of the most beautiful Mediterranean regions. By complying with all the mentioned conditions and steps, you can easily get the residence of this country for yourself and your family.
Buying a villa in North Cyprus
Buying a villa in North Cyprus is one of the best options for investing and living in one of the most beautiful Mediterranean regions. North Cyprus is an attractive destination for property buyers with its beautiful beaches, mild climate and reasonable cost of living. In the following, we will examine the conditions and steps of buying a villa in North Cyprus.
Villa purchase conditions
To buy a villa in North Cyprus, you must first find a property that suits your needs and budget. The villas in North Cyprus are diverse in terms of price and facilities, and you can choose from luxury villas with private pools to simpler and more economical villas.
Steps to buy a villa
Checking and selecting the property: First, you should check the market and search for the desired property. You can take the help of local real estate consultants to introduce you to the best options.
Negotiating and adjusting the contract: After choosing the property, it is time to negotiate with the seller and adjust the purchase contract. At this stage, you should specify all the details of the transaction such as the price, terms of payment and the time of delivery of the property.
Carrying out financial and legal affairs: At this stage, you must deal with the financial and legal affairs related to the purchase of the property. This includes paying the down payment, preparing the legal documents and registering the property at the North Cyprus Land Registry.
Transfer of the document and registration of the property: after completing all the financial and legal procedures, the ownership document will be transferred to your name and the property will be officially assigned to you.
Security in Northern Cyprus
In 2015 and 2016, Northern Cyprus was recognized as the safest island in the world, and in 2022, according to the British Express magazine, it was named the fifth safest country in the world.
In North Cyprus, peace and security are the first words, so that you will notice the difference in security and peace with just one trip to Cyprus.
Free consultation
Enter your contact number (preferably Whatsapp):
Click to call or send a message via Whatsapp:
Frequently asked questions
- How much does it cost to educate children in Cyprus?
-
By obtaining Cyprus residency, children's education up to university is free.
- Is it possible to get residence in Cyprus by buying a property? Do the family members get residence by buying the property?
-
By paying only 35% of the property value, you become the owner of the property and receive your residence and family, and you pay the rest of the property value in long-term installments without interest.
- Is Northern Cyprus a good place to live?
-
If you want to live in a beautiful and peaceful environment in the Mediterranean, North Cyprus can be a great choice. Forbes ranked North Cyprus as the best destination for the best beach shopping in 2021.
- Do you need a background check to buy a property in North Cyprus?
-
Yes, you need to submit a certificate of no bad background to the Immigration Police Department to obtain a residence permit in Northern Cyprus.
- Is Northern Cyprus a good place to live?
-
The cost of living in the north is significantly lower. If you want to live in a beautiful and peaceful environment in the Mediterranean, North Cyprus can be a great choice. Forbes ranked North Cyprus as the best destination for the best beach shopping in 2021.
- After buying a property in North Cyprus, what is the financing for a residence permit?
-
In order to obtain a real estate residence in Cyprus, you need to present a printout of an account with the minimum financial capacity mentioned in the law of the Immigration Department.
- What is health insurance like?
-
In Northern Cyprus, you can use free health insurance in public hospitals after receiving your residency.
- Is free education possible after buying a property?
-
There are two types of public and private schools in North Cyprus, and after receiving North Cyprus residency, children can study in public schools for free.
- What is the process of selling property with Kargar Consulting and Investment Group?
-
In North Cyprus, to sell your property, you need to consider a minimum return of 3 to 5 years so that you can make a significant profit from your investment. Kargar company's consulting and investment group will accompany you in the sale of your purchased house.
