Considering the current socio-economic situation of the Turkish Republic of Northern Cyprus, real estate and construction sectors have experienced a large and rapid parallel development in recent years.
Owing to its almost continuous warm weather, pristine natural habitat and striking beauty, the North Cyprus continues to fascinate visiting foreign tourists, compelling them to buy immovable property here. North Cyprus apartments, homes, villas and golfing estates have become more and more popular among those clients wishing to consider foreign real estate as a valuable investment. Currently, it is understood that North Cyprus houses one of the most undervalued real estate markets in the Mediterranean.
So is it possible for an alien to buy real estate in his own name from the North Cyprus? What kind of legal procedures are followed for this? What are the differences between estates and villas? Northern Cyprus can present an attractive investment option, and yet pose a potentially complicated one. We encourage you to ask your Golden Estate realtor to find out the answers to any questions you might have in mind - such as the effects of the Annan Plan (specifically its property-related sections), which was regarded as the definitive solution to the Cyprus Problem until relatively recently.
Cyprus Northern Property Guide – Houses, Villas and Apartments
Property Guide of Northern Cyprus
Immovable Property Buyers Guide
There are the different types of property and deeds for sale in Northern Cyprus. Please note that before the real estate in Northern Cyprus can be registered in your name, an application must be made to the Council of Ministers for approval. Foreigners are limited to one donum per person (husband and wife count as one person unless they have different surnames). The procedure to obtain approval will take about 10 to 15 months or so.
For retired persons, the resident permit is all that is required. Retired persons may bring into the country a full household of furniture. These are virtually tax-free a nominal 2 - 3% tax is levied.
1 - Turkish (Foreign) Freehold – title deed: Pre 1974 Turkish Title Deeds are the property deeds belonging to Turkish Cypriots or any foreigners other than Greeks , prior to July 1974 Turkish military intervention which took place after the 1974 coup d'état in Cyprus.
Simply stated, Turkish title deed is a document that shows that the owner of an immovable property on July 1974 was a Turkish (Foreign) person and/or Company.
Turkish title deed properties are universally accepted and undisputed.
Please click here to see our portfolio of Turkish Title Properties
2 - TRNC Freehold - title deed: These refer to immovable property in Northern Cyprus belonging to Greek Cypriots pre-1974. After the July 1974 Turkish military intervention, which was the result of the 1974 coup d'état in Cyprus, these were transferred to refugee Turkish Cypriot citizens either in exchange of their immovable property left in South Cyprus or for economical development purposes.
When the Turkish Cypriot refugees came to the safety of the North after July 1974, they left all their possessions behind in the South. Accordingly, the administration in North Cyprus then assessed, on a points basis, the value of the Turkish Cypriot refugee's assets in the South. With these points, the Turkish Cypriot refugee could take a vacant immovable property in North Cyprus in compensation for his/her lost properties in South Cyprus. He would then sign over his properties in the South to the local authorities.
3- Leasehold Title Deed: There is also the method of leasing land or property, instead of purchasing through estate agents in Northern Cyprus. These are usually derelict houses, which the authorities will lease out for periods up to 49 years to foreigners who renovate the property at their own expense, and who pay a nominal ground rent for the lease period.
This policy of North Cyprus property management is beginning to show encouraging results, as many visitors from overseas are returning to Northern Cyprus to investigate the possibilities of starting new businesses here. At the present time, the majority of these people are from the British Isles, and several have commenced trading in such businesses as water sports, restaurants, holiday home management, shops, estate agents, construction companies, irrigation equipment supplies.