Northern Cyprus Property Buying Checklist
Once you’ve read through our North Cyprus property buying guides, use this property buying checklist as a summary review of all our guides and to make sure you’ve thought of everything.
- Are you buying a North Cyprus property strictly as an investment, or as a holiday home, or as your new permanent home? Remember, if you’re planning on staying in North Cyprus for longer than three months you will have to apply for a temporary residence permit.
- Have you visited several estate agents to make sure that you’re seeing a good variety of properties for sale, and to compare the prices that North Cyprus properties are being marketed at? Some agents may be over-valuing the properties they are selling.
- Temporary residence permits can only be granted for a year at a time and you will need to start the process early. Permits can be renewed, for a fee, but a medical exam must be taken each time. Permanent Residence Permits, on the other hand, can take up to 2 years to be granted and are only granted when certain conditions have been met.
- If you’re buying a North Cyprus property with the intention of renting it out, is the property going to appeal to lots of holidaymakers, or would you rather buy a property which appeals to a smaller, more niche market?
- Have you considered the costs involved in buying a property in North Cyprus? Remember that there are a number of taxes and charges you will have to pay and that you will have to employ a solicitor as well as putting down a deposit, usually of at least 10%.
- Remember that non-residents have to apply for a purchase permit in order to buy freehold properties in Northern Cyprus. This will add to your costs and can take 4 or more months to be granted. You need to factor this in to your timescales.
- Buying a property in North Cyprus should be a relatively straight forward process. Ask around for recommendations to find a good solicitor who is bi-lingual (in Turkish and English) and don’t be afraid to ask questions – a good solicitor should be able to answer them, or find out the answers if he or she doesn’t know.