Are there any different types of Title Deed in Northern Cyprus ?
There are three different types of stubs in Northern Cyprus;
- Turkish Title Deed
A Turkish Cypriot who owned before the year 1974.
- Equivalent Deed
The house / land cow, belonging to Greek descent before 1974, but given to the Turks in the South from 1974 afterwards in the south.
- Allocated Deed
The property owned by Greek people before 1974 is the house / land cow that the government rented after 1974.
How are Construction areas monitored ?
Until the construction is completed, professional engineers and officers regularly check the construction in terms of labor and material. At the end of the construction, the final approval is obtained from the relevant municipality and the relevant district governor.
What are the taxes and fees to be paid when buying a house?
There are taxes and fees that you have to pay to the government when you buy a house in North Cyprus. 5% of these payments are taken as VAT during delivery, 6.25% and 6% as withholding and transfer fee.
What is the process for deed transfer?
When the buyer and the seller fulfill their obligations in the sales contracts, the seller transfers the ownership of the house to the buyer in the Deed office.
If the buyer is a foreign national, what is the title deed procedure?
If the buyer is from another nationality, he/she must obtain permission from the Turkish Cypriot authorities (or from the ministerial board) to be able to buy a house in the TRNC. If permission is to be issued late; The seller may give a mortgage on behalf of the buyer or sign a contract stating that the estate will not be transferred to the land registry cadastral directorate.
What are the advantages of buying a house in Northern Cyprus?
Parallel to the political developments, housing prices are the most profitable investment tool since they are continuously showing an increase over interest rates. You will arrive in a beautiful environment, in the airport, in the unique beauty beaches, in the pine forests, in the harbors, where you can get a house no more than thirty five minutes away. You will live in a tolerant, helpful, understanding social environment.