North Cyprus

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.
2. 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!

Join The Discussion

Compare listings

Compare