There are 4 types of title deeds offered in North Cyprus. The process to purchase your property is dependent on which title deed your property holds.
Freehold - Foreign Title
This is property owned by European residents, (eg. British, German, Dutch). The title deed is internationally recognised. There are a number of checks to be carried out by the Council of Ministers, which means the sale will take approx. 3-6 months to complete.
Freehold - Turkish Title
This is property Turkish Cypriot owned prior to 1974. There are a number of checks to be carried out by the Council of Ministers, which means the sale will take approx. 3-6 months to complete.
TRNC Title
This property was previously Greek Cypriot owned prior to 1974. Again there are a number of checks to be carried out by the Council of Ministers, which means the sale will take approx. 3-6 months to complete. TRNC Title Deeds are considered safe to purchase.
Leasehold Title
The Government owns this property. Long-term leases are granted for 49yrs. You can apply directly or via a solicitor to the Ministry of Tourism to transfer the lease.
Summary of Purchase Procedure
The validity of the title deed is checked and confirmed by a solicitor.
A Contract of Sale (and any other special conditions) is drawn up, with the Purchaser paying a 10% cash deposit to the Vendor.
A Power of Attorney can be appointed to your solicitor if the Purchaser is returning home.
Your solicitor applies to the Council of Ministers for a Purchase Permit.
The Land Registry values the property for 6% Stamp Duty evaluation and 1% Municipality Tax.
On the day of completion, the solicitor pays the remainder of the sale price to the Vendor.
The Vendor signs the title deed into the name of the Purchaser. The name of the Purchaser is entered into the Land Registry's records and the new title deed is issued.
There are a number of first-class solicitors whom we work with, and we are pleased to recommend any of them to prospective Purchasers. The legal system in the TRNC is based on British Law.
Construction and Planning
The following guidelines are for the client who wishes to purchase land and build their own home in the Mediterranean.
We employ good architects and engineers, who plan and design your villa at reasonable rates. Their designs are both unique and imaginative. Once the plans have been lodged with the District Office, works can commence.
Our homes are special and you will be proud to live in them.
All our builds are overseen by a partner in the business, who has 25 years experience in property development, and building in the UK (private and public sector).
We have many show homes ready for your inspection.
We are happy to say that our house builders will guarantee the completion of your home within a fixed period, and at a pre-agreed price. All our homes are offered with a Five-Year Guarantee against any structural defualts. We have show homes available to view.
Outside the main town boundaries, there is a restriction of building on only 20% of the land area. Buildings are restricted to a height of only two storeys. This is a further example of the Governments good forward planning to preserve the environment.
Land in Northern Cyprus is measured in donums. Three donums equals 1 acre. One donum equals 1388 square meters.
Building costs vary from £300 to £350 per square metre, dependent upon finishings. Most buildings are constructed in the reinforced concrete frame system that is prodominant in the Mediterranean area. Buildings tend to be over-specified, but can be an advantage to the Purchaser. Materials are readily available from Turkey, Spain, Italy, Germany and the UK. We have many villas and bungalow plans to choose from, we can send these details on request.
Each year we build quality homes to the highest standards and within strict environmental guidelines. Inside and outside the specifications are high and the standard of finish excellent. We have endeavoured to make your new home as maintenance free as possible. We are confident you will find exactly what you are looking for.
