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Guide to Buying Property in North Cyprus
When taking on properties to sell, the agents should ensure that the sellers have the legal right to sell the property, being satisfied that the Title Deeds and Site Plans are in order. This process will ensure that both seller and buyer will negotiate the selling and buying in full confidence.
Envision Estates & Management has been established by Mr. Ercan Sezginer to give property investors, property buyers and sellers a fully exclusive one stop shop to buy or sell their property with a professional guide on getting the legalities and overcoming the red tape involved in the complicated process.
It is prudent that due diligence is of the upmost priority when buying or selling a property, this also goes for other countries not only for North Cyprus. The buyers should engage a reputable law firm experienced in conveyancing that will independently and solely act for their clients to ensure that the whole process is completed safely and securely.
At Envision Estates we make sure that potential buyers and sellers have all the details of the procedures required. One of the most important things is knowing the correct information about the property you are potentially buying. Most importantly what type of title deeds does the property hold.
It is prudent that due diligence is of the upmost priority when buying or selling a property, this also goes for other countries not only for North Cyprus.
After the division of the island in 1974, North Cyprus has developed its own regulations and issued various types of title deeds that exist in North Cyprus today. There are 4 types of Title Deeds. First one Pre-74 (Original Turkish Land) Turkish Cypriot owned or foreign ownership. Second, Exchanged Land. This is the Land that the North Cyprus government gave in exchange for the land that they left in the south side when the island was divided. Third, Allocated title deeds were issued by the TRNC North Cyprus government to a Turkish Cypriot refugee or to a Turkish mainland settler. Fourth, Pre-74 British owned title deeds.
North Cyprus property is Safe: The TRNC Immovable Properties Commission is now openly recognized by Europe in a European Court of Human Rights ruling on 5th March 2010.
Property investors are now turning their attention to North Cyprus and looking to capitalize as the Cyprus Solution nears its final phases. The lifting of embargoes will mean free trade, direct flights, and increased tourism. The North Cyprus property market is set for a period of sustained high growth as investors increasingly realise the potential in the North.
Property in North Cyprus is far more affordable than anywhere else in Europe or the UK Prices on the South of the island are over 200% more expensive than the North. North Cyprus is outside the Euro Zone, giving you better value for money and buying power. You can use Sterling, Turkish Lira, Euro or US Dollars in North Cyprus. Both nationals and overseas investors enjoy low taxation.
North Cyprus enjoys 10 months of sunshine making it a premium destination for holidaymakers, providing some fantastic short let holiday rental yields.
North Cyprus offers premium villas, apartments and building plots suitable for the most discerning buyers. Finding the right estate agent is important so that they can do the homework for you and provide you with the background of the property and guide you through the process. They may also make arrangements for home loans with the recommendations of participating local banks.
written by Propertync Media
date : 05/17/2024 hour : 11:21 AM
