Cyprus’s strategic location in the eastern Mediterranean at the crossroads of Europe, Asia,
the Middle East and Africa, its reliable and transparent legal system, its excellent infrastructure coupled with reliable communication with all parts of the world, its relatively low cost of living, excellent climate and the friendliness and hospitality of its people, are just some of the factors that make the island attractive to foreign investors.
Why is it the right time to buy and invest in Northern Cyprus Right Now?
Cyprus properties are doing tremendously well at the moment and these properties are expected to dramatically escalate in value over the next few years. Property investments in this beautiful and popular island are a great idea whether you are a Cypriot or a foreigner. It is also estimated that just about any property in Cyprus will experience high-value increases over the next few years. And it is the right time to take the opportunity and invest in Northern Cyprus and get the chance of earning high return on investment and capital appreciation on your investment.
The technological evolution that has taken place due to pandemic made the property buying and selling easier than ever, and demand has continued to increase since many foreigners due to lock down are looking for new places to escape and live and of course technologic improvements made it also easier to live and work online wherever you want. Cyprus is no exception to the global picture.
As a first time buyer you probably have no idea where to start for your online property purchase in Northern Cyprus and how to complete it but hopefully, this quick Cyprus online property purchase guide will help you find your way a little bit quicker.
1) Decide what you want
The first step to buying property in Cyprus is to decide what you want. What type of budget do you have in mind? What is the main goal of your property? Are you starting a business, do you want to invest in buy-to-let property? Looking for a home? Are you budgeting for average or luxury? Narrow down your property desires and work from there.
2) Find out which regions are best
Different areas in Cyprus have different property values. Property in popular areas like Kyrenia does tremendously well since tourists prefer to visit these locations. It is important to identify the best regions in which to invest if you want good returns on your investment.
We have quite a huge selection of properties to choose from. We can help you narrow down your search so you will find exactly what you are looking for. We are also great at advising you on the best ways to get started when it comes to your purchase. We help you from the beginning of your purchase journey till the end. We have also services like updating you on the status of the construction of the property you purchased, selection of goods, furniture, etc. and after sales services like renting your property and management of it.
3) Arrange Virtual Viewing
It is always best to view the property before you buy. You can view the property either by joining to one of our virtual online tours or if you want to see what kind of options we have you can join one of our webinars specialized in many categories. You can find the recorded ones on our YouTube channel or you can send us email too request to join one of our live ones. Or if you want you can arrange a meeting with us and have private consultation as to your purchase.
Soon you can even come and join our live property tours and make the most of the island while you see the best properties available on it.
4) Complete signing of the contract and buying process while you are abroad
The process of buying property in Cyprus is easy, our in house lawyers will guide you through all the steps and will help you acquire property safely and securely.
Cyprus is a very open country when it comes to foreign investors and these can perform various activities in this country without being required to come here. This is possible through a power of attorney granted to a trusted person, such as a lawyer in Cyprus.
Our in house lawyers can help you in performing various tasks including property purchase remotely through power of attorney.
5) Issue the Cypriot Power of Attorney and sign one without coming to Northern Cyprus
The power of attorney is a formal and legal document through which an individual, called a donor, appoints another person, called an agent or attorney, to make decisions on his or her behalf. These actions are usually defined when handing over the authority to the agent. Power of attorney in Cyprus allows an agent to represent the donor in certain legal situations or handle business or financial matters. A Cypriot power of attorney may be released for specific situations or for broad purpose.
The power of attorney can also be employed when purchasing real estate in Northern Cyprus. The power of attorney will allow our in house lawyers to act on behalf of clients thus reducing the amount of time for a legal action to be completed.
Once you have sent a scanned copy of your current passport, our in house lawyer will prepare the Power of Attorney document and email it back to you. If you live in a country that has a TRNC Representatives Office you will then take the Power of Attorney to your local TRNC Office for signing. If the country that you live in does not have a TRNC Representatives Office, then you will take the Power of Attorney to the nearest Turkish Embassy.
6) Complete all the purchasing process through your appointed attorney
Once this has been done our in house lawyer would then inform you of how you should return the original Power of Attorney to our offices.
Once our in house lawyer obtains the power of attorney she will be able to sign the contract of sale prepared as per your instructions and request, get it registered at the land registry, make all the required payments for and on behalf of you and complete the purchase steps. Please refer our previous article on 5 steps of purchasing property in Northern Cyprus for further details.
7) Get Mortgage as a foreigner if necessary
Most banks in Cyprus offer a mortgage plan to foreigners. Some offer repayment mortgage and others are interest-only. Different banks offer varied schemes and payment plans. Should you wish we can also apply for and on behalf of you for mortgage through the power or attorney we have. We can also guide to you on how to obtain mortgage in your home country.
Finally as always it is a privilege to live in Northern Cyprus and we are continuing to release content that will be relevant to help everyone on the other side. As well as on www.privilegedinvestment.com you will find out on Youtube, Twitter, Instagram, Facebook, Linkedin.
You can also take action and attend to one of our Live Webinars to have more info as to the current situation and current beneficial property offers in Northern Cyprus including legal and tax advice prepared by our professionals in our team. Please email to firstname.lastname@example.org for requesting the invitation or you can; register here