Cyprus, with its warm climate, beautiful beaches, and rich cultural heritage, has become a destination that attracts foreign investors. If you are considering buying a house in Cyprus, it is helpful to understand how the process works. Northern Cyprus has recently become a popular place for those dreaming of owning a home. With its sunny beaches, historical buildings, and stunning natural beauty, this island has won everyone’s heart, making it not just a holiday destination but also an appealing living space. However, if you want to buy a home in Cyprus, there are some important points to consider. Even if you are a Turkish citizen, you are considered a foreigner in Cyprus and must follow certain rules. Let’s explore the step-by-step process of buying a home in Cyprus for foreigners.

Conducting Market Research

The first step in the home buying process is to conduct thorough market research in Cyprus. Deciding where you want to live, what type of property you are looking for (apartment, villa, house with a garden, etc.), and determining your budget will help you make the right decision. Popular areas for foreign investors in Cyprus include Girne, Lefkoşa, and Famagusta.

In these areas, you can find a variety of options for every budget. Particularly, sea-view apartments or luxury villas are attractive for investment and can also be used for vacation purposes. Seeking help from local real estate consultants during your market research will make it easier for you to obtain accurate information.

Setting Your Budget

One of the most important factors when buying a home in Cyprus is determining your budget correctly. Property prices vary depending on the location, features of the property, and market conditions. Therefore, you should also consider additional costs that may arise during the purchase process. Notary fees, title deed fees, and insurance are additional expenses that can affect your total budget.

At this stage, you should think about how much you can allocate for your budget and what type of financing option you will use. Many banks in Cyprus offer mortgages to foreigners, so evaluating financing options will be an important step.

Conditions for Buying Property in Northern Cyprus

The conditions for owning property in Cyprus are as follows:

• 1. Foreign Status: Even if you are a Turkish citizen, you are considered a foreigner in Northern Cyprus. Therefore, you have the right to own only one property. However, each family member can buy property in their own name.
• 2. Company Formation Option: If you want to buy multiple properties, you will need to establish an international capital company. This could be a way to increase your investment.
• 3. No Liens: The property you wish to buy should be free from mortgages or other liens. This is a critical step to ensure a smooth property acquisition process.
• 4. Cabinet Approval: To buy property as a foreigner, you need to apply to the Council of Ministers. This process typically takes about 2 months.

How to Obtain a Residence Permit

Obtaining a residence permit in Northern Cyprus is quite easy, especially for Turkish citizens. After acquiring property, you can obtain a residence permit by completing certain procedures.

• • Temporary Residence Permit: After the transfer of the property deed, you can obtain a temporary residence permit for one year.
• • Permanent Residence Permit: After three years, you can apply for permanent residency. People over the age of 65 can apply for permanent residency directly after the property deed transfer.

What Are the Costs?

The costs involved in buying property in Cyprus are quite reasonable:

• • Stamp Duty: A stamp duty of 0.5% is required on the sales contract.
• • Property Transfer Tax: This tax is set at 6%.
• • VAT: You will need to pay VAT at a rate of 5%.

These costs are relatively low compared to other Mediterranean countries. Therefore, buying property in Cyprus is an attractive option for those looking to invest in the region.

Is Buying Property in Cyprus a Good Investment?

Buying property in Cyprus presents a significant investment opportunity for many people. Whether you are looking for a holiday home or a permanent residence, Cyprus is an appealing place both in terms of quality of life and potential for value appreciation. Properties located near beaches are suitable for both vacation and investment purposes.

The Turkish Republic of Northern Cyprus offers significant advantages to Turkish citizens. You can live permanently on the island by obtaining permanent residency within three years while watching your property’s value appreciate.

Don’t Get Lost Among Listings of Properties for Sale in Cyprus

When buying property in Cyprus, working with an experienced real estate company is crucial. Don’t forget that listings on the internet may not always reflect reality. At this point, experienced real estate firms such as Goldmark can help you make the best investment. With accurate information and reliable service, reaching your dream home becomes much easier!

Property Inspection and Selection

Following the suggestions you receive from our firm, you should visit the properties you are interested in. Assessing the physical condition of the property, viewing the neighborhood, and observing the relationship with neighbors will ensure your long-term satisfaction. You can ask any questions that come to mind, and we will provide instant answers. Together, we can develop a clear solution to meet your needs.

Consider the advantages offered by homes in different regions of Cyprus. Being close to the beach, city centers, or nestled in nature can enhance your quality of life. It’s also important to consider the potential for value appreciation of the property.

Offer and Agreement Process

Once you find a property you like, you can start negotiations with the seller. At this stage, you can make an offer to agree on the purchase price. Price negotiations are quite common in Cyprus, so try your luck at lowering the price. You can continue all necessary communications with our firm during this process. We will be by your side at every step, rest assured.

If an agreement is reached, a preliminary contract will be signed, and a deposit of 10-15% is usually paid. After this, the necessary documents for the continuation of the purchase process will be prepared.

Legal Process and Title Deed Procedures

The legal process for property acquisition in Cyprus is crucial for foreigners. It is essential to seek help from a lawyer to ensure the legal procedures progress smoothly. Your lawyer will prepare the necessary documents and follow the title deed procedures.

At the title deed office, the transfer of the property deed is completed. At this stage, necessary fees and costs must be paid. Once the title deed procedures are completed, the property will officially be yours.

Property Management and Maintenance

After purchasing your property, property management and maintenance become important. If you will not be living in Cyprus permanently, you may want to rent your property out. In this case, contracting with a local property management firm ensures regular maintenance of your property.

Renting your property out allows you to generate additional income and increase the value of your investment in Cyprus. Local real estate consultants can guide you through the rental process and communicate with potential tenants.

If you are thinking of buying property in Cyprus, you can quickly get information from our expert consultants. Contact us now if you want us to be by your side and facilitate the process. Let’s be with you on your investment journey!