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Investing in North Cyprus - A Look Behind the Process - What to Know

The sun-soaked city of North Cyprus is a prime location for retirees as it offers attractive taxation laws on top of its impressive infrastructure, commendable communications, and reputable medical and educational sectors.

Due to its increase in popularity, the property prices in Cyprus have skyrocketed as much as 80% over the last five years. While the market is becoming saturated, properties in Cyprus remain top-notch and present good value for investors, renters, retirees, or first-time home-buyers.

With that in mind, you first need to understand the process of buying a property in North Cyprus before you can move forward with your dream location. By equipping yourself with rudimentary knowledge on the housing market in Cyprus, you can make the journey to your investment as smooth as possible.

 

  1. Acquire the Power of Attorney

 

The first step to purchasing the property of your dreams is to set up power of attorney. They are responsible for preparing the contract and can help you evaluate the legalities of the property to keep you away from any tricky potholes. Not to mention, your chosen lawyer will be tasked with overseeing your application to purchase, along with the registration of the contract of sale.

In addition to guiding your course of action throughout the process, the power of attorney enables lawyers to sign documents on your behalf in cases where you are unavailable for the time being.

With plenty of crucial roles in their checklist, it goes without saying that hiring lawyers to guide your property investment is a must. If you ever find yourself in search of certified legal advisors in North Cyprus, Privileged Investment can give a helping hand by providing a list of reliable lawyers.

 

  1. Prepare and Pay for a Deposit

 

Paying for a deposit is necessary to preserve the property under your name. In that regard, the standard reservation deposit falls between a non-refundable price of £1,000 – £2,000 sterling, which should be given to the legal advisor.

Paying this amount ensures the property is momentarily taken off the market, though it is possible to transfer the deposit to another property with the same owner in the case that you change your mind.

 

A Look Behind the Process of Buying North Cyprus Properties

 

During the buying process, interested investors will need to obtain Permission to Purchase (P2P) from the TRNC government. This is to evaluate their background and ensure that they are an upstanding citizen with no questionable police records.

If you’re purchasing a resale property, you can expect to have an overview of details such as plot size, furniture items included, and other warranties. In the case that you’re buying a new building, the overview will include plot number, plot size, price, payment schedule, completion date, and floor plans to ensure your chosen vendor completes their side of the bargain.

 

The Bottom Line

 

Investing in a property in North Cyprus can be an exciting, yet daunting process. To help ease the load of the process, bring on a Privileged Investment Agent as their expertise can help you secure your dream investment in no time!