FAQ

Yes, there is a land register system in Northern Cyprus. The land register is used to document and manage ownership rights to real estate. When you purchase a property in Northern Cyprus, the transfer of ownership and the ownership rights are recorded in the land register to ensure legal certainty and clarification of ownership issues.

In order to register a property in the name of a foreign national, an application must be made to the Cypriot authorities (Council of Ministers) for a property purchase permit. All you need to do is show your passport and we will help you to complete the filling of necessary documents.

You can view the entire process from the first non-binding introductory meeting to the subsequent move-in and later support here.

To be answerd by Clemens

Yes. “In North Cyprus, it is best to buy real estate OFF PLAN, meaning before they are built or completed. At the beginning of the construction phases, prices are 30-50% cheaper than after completion. In advance, a reservation fee of between £5,000 and £8,000 GBP is paid to take the property off the market for 2-4 weeks and reserve it at a fixed price (even if the price increases in the coming weeks). This amount is offset against the purchase price or is non-refundable in case the customer cancels later (administrative expenses for Mein Nest).”

Mein Nest focuses on the best locations in North Cyprus (Iskele,Kyrenia, Esentepe…), where 95% of Europeans and many German and Swiss customers make their purchases. Apartments start at around £75,000 GBP, and apartments and terraced villas are in the price range of approximately £190,000 GBP to £350,000 GBP. The purchase price per square meter of usable space, in some cases, is less than £2,000 GBP (about €2,160 as of August 2023) for new top-quality properties, which is significantly more affordable than in other European countries. In addition to this, there are purchase-related costs, furniture, and furnishings. There are hardly any limits at the upper end; it depends entirely on your desires and requirements

According to the data provided by the ministry of education. In Northern Cyprus, 7 out of 10 young people have received at least a university education level.

We currently calculate a net yield of 5-6% when renting out a property, including the use/payment of a complete external property manager (approx. 30% rental costs).

The service charges for owner-occupiers are relatively low, the property tax is only 1.25TL /m2. As an example for a 120m2 apartment, the annual service charges are approx. 150 TL (currently 5.10€). In addition to this you will have to pay monthly maintenance fee.

The purchase contract is drawn up in 2 columns in Turkish and English.

The Turkish text is always the legally valid one.

The purchase contract is signed by the seller, buyer and lawyer.

Then the purchase contract is notarized by a notary public (with power of attorney, Mein Nest can sign on behalf of the buyer)

After this, the buyer usually pays 30% of the purchase price as a deposit, which is required for registration in the land register. The buyer pays 30% and 0.5% stamp duty to their solicitor, who forwards this to the public administration.

Normally, the contract should be registered at the Land Registry 21 days after the signing of the purchase contract.

Then every foreign buyer must apply for a purchase permit from the Ministry. This procedure is also undertaken by the lawyer and takes up to 6 months. However, the buyer can move in, rent out or even sell their property before then.

Finally, the title deed is issued together with the final valuation report and the land transfer tax invoice.

Real estate in Northern Cyprus is always paid in British Pounds (GBP)

Taxes payable on the net purchase price are 0.5% stamp duty (payable on registration of the contract of sale), 5% VAT (payable on completion by the developer but not on private resale) and 12% land transfer tax, a total of 17.5%.

Land transfer tax is payable at 6% on registration of the stamped deed of sale at the Land Registry and a further 6% on transfer of the title deed into the buyer’s name. This “Title Deed Transfer” including the 6% tax is optional. We recommend individual advice from (our) lawyer.

Other notable additional costs include approx. 2,000 GBP for legal fees, 1%-2% notary fees and development costs of approx. 3,000 GBP.

Apart from the small reservation fee to be charged later, there is no fee for the buyer via Mein Nest.

Example: Net purchase price 250’000GBP, therefore approx. 302’500GBP gross.

As a rule, off-plan projects offer interest-free payments over several years (at least until completion and up to 3 years if the property can be lived in, rented or sold before full payment is made). Mein Nest can arrange financing (our contract allows foreigners to submit an application to the bank in Cyprus (up to 65% external capital share) and then process this partly with the bank branch in the home country), but this must ultimately be checked individually and cannot be guaranteed in advance.

Foreigners can only buy either a plot of land, a villa or an apartment. Other purchases can be made through a trustee or a company, which Mein Nest can assist you with.

The contract of sale should be registered with the Land Registry within 21 working days of the date of signing.

In order to be registered as the foreign owner of the property in the Land Registry, an application for approval from the Ministry is required. Such approval is a procedural and usually takes up to 6 months, however, the owner can fully reside, rent and sell the property before then.