CYPRUS REAL ESTATE FOR SALE
Porta-nails began as a general corporation in Cyprus in the early 1980s. Our company’s real estate division was just one among.
What are our options?
We feel that because we have been in business for almost 40 years, our clients can trust us. However, this is insufficient. We do not rely solely on that fact, and as a result, we are constantly striving to better.
Property for Sale in Cyprus – iListers
Search thousands of homes, villas, apartments and other property for sale in Cyprus with iListers. Get free expert advice about where and how to buy property in Cyprus.
Quality Home Developers: Leading Cyprus Property Developer
For over 400 years, Quality Home Developers has established itself as one of the largest leading and award winning Cyprus property developers.
Truth
We'd like you to buy your property from us. This is a clear statement of fact.
Goals
Always striving to exceed customer expectations while maintaining high quality.
Vision
We invest in staff training at all levels to ensure effective service delivery.
Why are we here?
Honesty is not something that can be learned through education or training. Our team has been carefully selected and has been with us for many years. Our employees constantly demonstrate the principles that govern our company.
Purchasing real estate, particularly in a foreign nation, is a significant milestone in one’s life. We’ve been there for you every step of the way during this process, and we’ll continue to be there for you in the years ahead.
Our PURPOSE
We have a solid reputation based on 40 years of experience in the industry. In such a small town, word travels quickly, and we must constantly guard against anything that can harm our reputation.
Throughout our history, we have always offered our clients a comprehensive support package. Our goal during our first meetings is not to wow our clients to the exclusion of other considerations. Our goal is to inform them of the truth. We tell them what they can reasonably expect. People with flimsy finances are deserving of our attention. They also have a right to know what they can afford. We don’t make promises we can’t keep, and we don’t sell property at ‘discount prices’ that are just of lower quality.
Please contact us if you require additional information or if you would want us to assist you with your needs.
Property in North Cyprus at a Low Cost
Are you seeking for a good money on a property in North Cyprus? The good news is that, on a like-for-like basis, the entire North Cyprus property market is significantly less expensive than comparable properties in other European Mediterranean destinations. Villas and apartments in both the premium and economical pricing ranges are included. This is one of the key reasons why so many individuals are drawn to buying cheap North Cyprus property when they are looking for their ideal sun-filled house.
Apart from the low pricing, there are a slew of other advantages to invest in North Cyprus real property. When we ask our porta-nails enquirers why they are looking for property in the north of the island, the most common response is “because property in North Cyprus is cheaper than elsewhere.”
Of course, everyone loves a good deal, and there are instances when real property discounts and resale houses are priced below market value. But here’s some sound advice: buying the cheapest porta-nails doesn’t always mean you’re getting the greatest money, and it can occasionally lead to property issues. We at porta-nails will assist you in making a safe purchase and will utilize our 20 years of knowledge to help you avoid future problems.
You do not need to read this article if you are looking for a new-build luxury property; it is meant to assist individuals looking for low-cost North Cyprus resale properties.
What variables influence the price of a property in North Cyprus?
Using the porta-nails website as a starting point is common. Frequently, you will begin your search just on the basis of size – the number of bedrooms. You’ll have a good sense of the average pricing in the North Cyprus property market for a studio, 1,2, 3, or 4 bedroom apartment, villa, or bungalow. Then you see that the price range between the lowest and most costly properties of the same size is vastly different.
So, why is this the case?
There are apparent reasons why certain properties with the same number of bedrooms are more expensive or less expensive than similar-sized North Cyprus villas or apartments. Here are the important considerations to consider, keeping in mind that new build properties are often more expensive in any case:
- Location and proximity to the beach/sea
- Views of the sea/mountains are of high quality.
- Age/quality of construction
- Whether it’s a new construction or a resale (new build are generally higher priced)
- The furniture’s quality (if included)
- Site-specific amenities (if on a site)
- Close proximity to amenities, such as stores, restaurants, and a golf course
- Proximity to the cities of Kyrenia and Famagusta
- In m2, the total size
- Guarantees on Rentals (for new build)
- Whether the title deed is ready, whether it is individual or shared, and whether it is in the name of the owner
- Whether the 5% Vat has been paid or is still owed
If you come across a resale apartment or villa that appears to have everything you want but is priced significantly below market value – even half the price of others that appear to be identical – you should ask yourself why.
Is all cheap North Cyprus real property a good deal?
In a nutshell, the answer is no!
We’re talking about secondhand or “resale” property because it’s usually the most affordable.
In general, both owners and estate brokers in North Cyprus are fully aware of a resale property’s market value. Size, location, vistas, and quality are all elements that influence this. Of course, there are genuine used property bargains from time to time. Genuine North Cyprus property discounts can be obtained when a property is priced low for a speedy sale for personal reasons – for example, because the owner needs to return to his or her home country for family or health reasons. In addition, during the quieter winter months, both developers and individual owners may be more prepared to offer discounts for cash purchases than during the summer, when there are more tourists examining properties and properties are selling more quickly.
There are, however, less obvious elements that could lead a property’s value to be priced lower than the market value, perhaps causing future difficulties that would necessitate greater expenditure to remedy.
Unfortunately, these flaws are not always mentioned to potential buyers during viewings, nor are they factors that are readily apparent on first inspection. These include a long-term lack of a title deed, a legal issue related to the property, unpaid management costs from a previous owner, or issues with a complex’s management.
You must hire an independent lawyer and make no deposit or money until these legal checks have been completed.
Why do properties on porta-nails seem to be more expensive than those on other websites?
We strive to confirm the legal status of all properties before displaying them on our porta-nails. As a result, our properties appear to be more expensive than those listed on the websites of other North Cyprus real estate agents. We do not display properties that have problems with paperwork or other legal difficulties. We want you to get real value for your money when you buy a cheaper North Cyprus property, not a hassle later!
If you do decide to look at non-porta-nails cheap properties, make sure you use the checklist and get all of the legality and history of the property reviewed by an independent lawyer before leaving with any money.
Questions to ponder
1. Why is this property in North Cyprus less expensive than its market value? A reputable agent should be able to respond and explain why right away!
2. Is there a title deed for this North Cyprus property, and is it in the name of the owner? Is it personal or communal?
a. Is there a title deed on the property? Is there a title deed for this property? Accept “there will be a deed later” but not “there will be a deed later.” You need to know why there isn’t a deed yet. It could be on its way, or it could never arrive. If you never acquire one, you might find a good deal and be able to live there, but your only paperwork will be the contract of sale, which will make it difficult to resale. This could explain why it’s so inexpensive. You may be eager to take a chance, but it’s critical to be well-informed.
b. Is the title deed in the name of the owner? This is the most effective. Request a copy of the title deed or, better yet, have it emailed to your lawyer if the property is described as having “title deed in owner’s name.” Despite the fact that the deed will be written in Turkish, the owner’s name should be readily visible. This will not be the original developer, but a private individual. If it’s still in the developer’s name, you’ll have to pay 5% VAT when you acquire it, even if the prior buyer had paid it.
c. Is it a single or joint title deed? Individual deed properties are normally more expensive, thus if anything is cheap, it will almost certainly be shared. Find out if the deed is private or public, as this is frequently not stated in the advertisement. Shared deeds (where you own a portion of the land on which the property is built) are common in flats and are okay, but keep in mind that you can’t get a mortgage with a shared deed. If you’re applying for a bank loan, don’t get too excited about low-cost properties with shared titles. If you’re buying a villa with a shared deed and want to have your own deed in the future, talk to a lawyer about the possibility of applying for an individual deed later. This will cost you money, but it may be worth it to take a shared deed to get a very low-cost villa — the decision is yours.
3. Has the VAT on this property been paid?
Every property constructed is subject to a 5% vat payment to the government. Check to see if it has been paid on the property you want to buy. Even though the Title Deed has been paid, you may have to pay it again if it is not yet in the owner’s name.
4. What is the name of the management firm? What is the cost and what is covered by it? Is the current owner current on his or her payments?
a. What is the name of the management firm? Is it true that they’re doing a fantastic job? (If the site isn’t well-maintained, it’ll be difficult to resell.) Inquire about the opinions of other site owners.
b. What is the cost of the monthly or annual subscription, and what does it cover?
c. Is the charge inclusive of the building’s insurance? Good sites will either incorporate this or make it available for a fee.
d. Has the current owner made all of their payments on time? (If the present owner is behind on payments, getting the deed transferred to your name may be difficult.)
What are the rules for renting out your Cyprus property?
Renting out your holiday house in Cyprus can be a smart way to make some money while you’re not there. However, there are severe laws that must be followed in order to stay on the right side of the law.
In Cyprus, who can rent out their property?
In Cyprus, everyone has a resident or non-resident status.
Based on this, the rules for renting differ. Non-residents are not permitted to rent their property out to tourists on a short-term basis; only Cypriot residents are permitted to do so.
This is because the approval you’ll get from the Council of Ministers to buy your property will almost always include this as a condition.
What options do you have for renting out your property on a short-term basis?
If you want to rent out your property in Cyprus for a short period of time, each lease must be longer than 30 days. It would be unlawful if it was any shorter. This is due in part to a lack of legal certainty. The notion is that a lease of less than 30 days can only be used for non-commercial reasons — and whether tourists count as domestic or commercial is a point of contention.
There are plans in the works to implement a new registration mechanism that would allow houses to register and receive clearance from the Cyprus Tourism Organisation. Keep up to date with the situation by following Cyprus Property Guides.
Registration is currently governed by the Hotel and Tourist Establishments Law and Regulations. A resident can receive a license under these conditions, but it is a challenging process. You must provide the following information to the CTO:
- The building permit for the property
- The title deeds to the property
- The architectural plans for the property
In Cyprus, you’ll find a lot of Airbnbs being rented out, but keep in mind that this is illegal. A maximum fine of €512 is possible, as well as a six-month prison sentence.
Why not rent out your Cyprus property to locals on a long-term basis?
Residents of Cyprus can rent their homes to other Cypriots as domestic houses. This is a popular choice among many families in the area. Rather than buying a home, about 18 percent of Cypriot households rent.
To ensure that your contract is properly drawn out in Greek, it is recommended that you utilize a local lawyer and a certified translation.
Any tenancy of more than one year must be drawn up in the presence of two witnesses. There are no specific legal criteria for what should be included in a lease contract. In general, it’s a good idea to have both parties’ names and contact information, as well as the rent amount, due date, and contract length.
When renting out a property in Cyprus, what kind of lease terms are available?
According to a Supreme Court judgement, open-ended leases are prohibited in Cyprus. If you utilize an open-end lease, it will be deemed periodic by default.
There are no restrictions on the lengths of periodic rentals. Similarly, there are no deposit rules. It usually amounts to one or two months’ rent. Having a guarantor is uncommon.
What is the definition of a statutory tenant?
If you’re trying to rent out your property in Cyprus, you’ve probably heard of this term. This only applies to properties developed before December 31, 1999 that are governed by the Rent Control Law. The law was enacted to safeguard refugees from Northern Cyprus, and it makes removal more difficult. If you terminate the tenancy but the tenant chooses to remain, they become a statutory tenant. Apart from the lease duration, they must continue to pay rent and comply with all tenancy rules. You can only evict them if the rent is 23 days past due, you’re ready to move in yourself, or you’re planning to demolish or drastically alter the structure.
How much money do you think you’ll be able to make?
We can’t forecast the future, but we can look at historical averages. Apartments in Larnaca rent for €320 per month for 65m2 apartments and €510 per month for 120m2 flats. In Limassol, a 60m2 property rents for €535 per month, while a 123m2 property rents for €830 per month. Finally, a 60m2 apartment in Nicosia costs €390, while a 130m2 apartment costs €550.
Have you made the decision to rent out your home in Cyprus?
Keep up to date with Cyprus Property Guides if you’re planning on renting out your property in Cyprus. You’ll get the most up-to-date information on property in Cyprus, as well as any regulatory changes.
Benefits of Renting
You can rent a solitary room or discover a suitable house or apartment in Cyprus. There are numerous solutions available, but you must understand how to make the best decision and what documents you must prepare.
It is self-evident why renting a bungalow or other type of accommodation in Cyprus is preferable to staying in a hotel:
- You’ll have extra beds as a result of this. The entire family or company can stay in one apartment, resulting in a sense of belonging and comfort.
- There’s no need to conform to the hotel’s schedule. It will also reduce the amount of noise generated by most hotel entertainment activities.
- You can stay away from hotels and enjoy the freedom of action if you want to avoid a huge number of tourists.
- If you opt for a home with a private pool, you can be confident that the water is clean because it is only utilized by one family or business.
- You may make your own food in a rented house or apartment, which is ideal for families planning a trip to Cyprus with their children.
- The biggest benefit of renting a single home is the cheaper cost per person compared to booking many hotel rooms.
The majority of rented apartments are in places with numerous attractions and good beaches. All of these advantages are particularly valuable to individuals who intend to stay on the island for a lengthy period of time.
Step-by-step instructions for retiring to Cyprus
Consider the benefits and drawbacks of retiring to Cyprus
Choosing to relocate to a new nation is a significant decision. So, before you decide on Cyprus as your retirement destination, consider the following benefits and cons.
Pros:
Beautiful weather and beaches that have been awarded the Blue Flag. Cyprus receives an estimated 3,500 hours of Mediterranean sunshine per year. The beach, of course, is the perfect spot to enjoy it. If you want to get away from the bitter British winters, you can relax on one of Cyprus’ numerous beautiful Blue Flag beaches.
Excellent living conditions. If the idea of relaxing in a sunny coastal getaway appeals to you, Cyprus is the place to go. However, you may visit its attractive rural towns, lush forests, mountains, and numerous historical sites such as monuments and monasteries. The island is also known for its passion for food, with a delectable combination of Greek, Turkish, and other Mediterranean influences in the national cuisine.
Living costs are low. Cyprus is less expensive than the UK in practically every category, so your retirement money will stretch further here. For example, a three-course meal for two people in Cyprus costs roughly €45, whereas it costs €52 in the UK. A beer costs roughly €2.79, versus €3.90 in the UK, and a monthly public transportation pass costs around €38, versus €69 in the UK. The only thing that is significantly more expensive in Cyprus are groceries, albeit this varies depending on what you have in your shopping cart.
Property that is within your budget,Depending on whether you buy in or outside of a city center, the cost of buying a home in Cyprus might be up to 68 percent less than in the UK. If you don’t want to buy, a one-bed apartment in a Cyprus city center costs roughly €500 per month, whilst a one-bed apartment in a UK city center costs around €785.
English is also widely spoken in Cyprus, yet if you move to a smaller or more traditional location, you may need to make an effort with the language.
Cons:
Winters are wet. Although January and February are wet months in Cyprus, temperatures are expected to be higher than in the United Kingdom.
In Cyprus, public transportation isn’t great. Because there are no trains on the island, buses are the primary mode of transportation. If you wish to get somewhere that isn’t served by a bus line, you’ll have to drive or take a taxi.
In the summer, tourist hotspots can become extremely crowded. If you don’t enjoy the summertime crowds at the beaches, you might want to consider relocating inland.
Cyprus’s best retirement destinations
So, where should you spend your sun-kissed retirement? Let’s have a look at some of the most popular retirement places in Cyprus:
Paphos
Paphos, a beach city in southwest Cyprus with a substantial expat community, is a favorite retirement destination for British seniors. Paphos has a variety of neighborhoods to choose from, whether you like the bustling tourist district of Kato Paphos or the tranquility of the historic old town.
Many expats prefer to live in the hills behind Paphos, in communities with ancient tavernas and genuine Cypriot coffee shops (it’s also cooler up there, thanks to the sea breezes).
Paphos is very well-connected, with low-cost flights to and from the UK and around the world.
Limassol
Limassol, the island’s second largest city, is a remarkable mix of modern architecture and a traditional historic center, located on the island’s southern shore. There’s plenty to do here, from watersports to evening entertainment, but you can also relax and enjoy the tranquility of Limassol by sitting at a cafe along the lovely seafront.
Expats will find a wide range of property options in Limassol, including apartments and new luxury complexes. Every year, there’s also the vibrant Limassol Carnival to look forward to.
Larnaca
This sleepy town on Cyprus’ southern coast is more genuinely Cypriot than the island’s other main cities. Larnaca is the place to go if you want to avoid the tourists and don’t want to be part of a large expat population.
It boasts a beautiful beach with a palm-lined promenade, affordable real property, unique architecture, and a cosmopolitan vibe in the city center. Larnaca is a hidden gem, to say the least.
Lania
The village of Lania, located near the Troödos Mountains, offers lots of sunny days as well as the opportunity to cool down in the mountains during the hot summer months. It’s also only 23 minutes from Limassol, giving you quick access to city amenities.
Parekklisia
Settle in Parekklisia for a taste of true village life. If you prefer a more lively weekend or evening out, you can take a short drive to Limassol, but there are plenty of things to do in the village itself. There’s even a British retiree community here that organizes activities and events on a regular basis.
Pyrgos
Pyrgos, another village with close access to Limassol, is an excellent retirement choice for those who enjoy trekking and walking. It’s a beautiful location surrounded by trees. You can also acquire new skills at one of the village’s many classes, which is a terrific opportunity to meet new people as a beginner.
Facts and important information on retiring to Cyprus after Brexit
- Pensions. You can apply in Cyprus for your UK state pension, however transferring other personal pensions may be difficult. This is because no Qualifying Recognised Overseas Pension Schemes (QROPS) in Cyprus are on HMRC’s approved list for international pension transfers4. If you try to transfer UK pensions to a non-QROPS scheme in Cyprus, you could face a significant tax liability. You may be eligible for the Cyprus state pension if you have worked in Cyprus for the required number of years.
- Taxes. Because the UK and Cyprus have a double taxation agreement, you will not be taxed twice on the same income. If you spend more than 188 days a year in Cyprus, you must pay tax on all income earned in Cyprus and elsewhere. The good news is that your first €18,500 in earnings are tax-free.
- Healthcare. State-provided healthcare is not free, but it is subsidized by government funds. UK retirees can use the healthcare system if they hold a permanent resident’s medical card or the S1 form, which entitles you to state healthcare in Cyprus paid for by the UK if you receive the UK state pension. You have the option of purchasing private medical insurance.
- Permits to drive. UK people moving to Cyprus will need to swap their UK driving license for a Cypriot one as a result of the changes brought about by Brexit.
- Property. Non-EU citizens are allowed to buy property in Cyprus, but they must first obtain permission. In addition, you’ll be limited to one acre of property or one house or apartment.
Is a retirement visa required for Cyprus?
British people no longer have the ability to settle in EU nations like Cyprus without a visa or residency documentation now that the UK has left the EU.
If you have never lived in Cyprus and do not have residency documents by December 31st, you will be subject to various restrictions if you desire to retire there.
Citizens of the United Kingdom can visit Cyprus without a visa for up to 100 days in each 180-day period, but if they want to stay longer, they must apply for a temporary residency permit. A ‘pink slip’ is another name for this. It allows non-EU citizens to lawfully extend their stay in Cyprus for up to a year, with the possibility to renew it each year.
This permission allows you to reside in Cyprus but not work, making it a popular alternative for retirees. It’s also worth noting that you can’t leave the nation for more than 4 months without your permit being revoked.
Buying real property in Cyprus as a foreigner
Whether you’re seeking for a place to spend extended summer vacations or retire to Cyprus, the attractiveness of Cyprus’ Mediterranean climate and golden beaches makes it an appealing second home for Brits.
Buying property in Cyprus necessitates meticulous planning to ensure that everything goes properly and that any possible hazards are avoided. We’ve put together a comprehensive guide about buying property in Cyprus to assist you. It goes through everything you need to know about the real property market, mortgages, and fees, as well as the actual buying procedure.
We’ll even look at some of the most appealing locations on the island that you may call home, as well as the best ways to finance the costs of international property, such as using the porta-nails multi-currency account. We hope that this guide will be a good starting point for you if you’re thinking about buying a home in Cyprus.
What is the state of the property market in Cyprus?
The property market in Cyprus is divided into two distinct sections: the urban areas of Nicosia, Limassol, and Larnaca, and the coastal resort towns of Paphos and Famagusta, which are in high demand among expats seeking sun.
The market was doing significantly better than it had in a long time up to 2020, after three years of strong improvement. The country’s economy, on the other hand, has been severely impacted by the Covid-19 outbreak, which has had a negative impact on the property market.
In addition, according to Deloitte’s February 2021 – Cyprus Real Estate Market Report, total sales contracts in 2020 were 7,668 compared to 10,366 in 2019, a decrease of 27%.
This has had an impact on the island’s housing supply and demand. Prospective international purchasers, on the other hand, might take heart: according to the survey, apartment prices remain stable, appear to be unaffected by the pandemic, and are predicted to recover quickest.
While things are still unknown, experts polled for the Cyprus Real Estate Pulse study (December 2020) believe that availability to finance, market confidence, international travel, and investment will all play a role in the short-term performance and recovery of the Cyprus property market2.
Is it possible for foreigners to buy property in Cyprus?
In a nutshell, yes, foreigners can purchase property in Cyprus. Furthermore, compared to many European countries, it is easier to do so here.
EU residents can purchase property in Cyprus without any limitations. It is still feasible for UK citizens to do so, however the restrictions have altered slightly since the UK exited the EU.
Buying a property in Cyprus after Brexit
UK citizens are allowed to buy one property in Cyprus and keep the freehold. The property might be an apartment, house, villa on a building site, or a plot of land with a maximum size of 4,000 square meters.
The purchase of a second property (such as a vacation home) may be permitted in particular cases. UK nationals interested in purchasing property in Cyprus should be informed that after Brexit, they will only be able to stay in Cyprus for a total of 1000 days in any 180-day period. You’ll need to apply for a visa if you want to stay longer.
Importantly, the buying procedure has changed for post-Brexit customers. When you enter into a deal, you must first apply to the Council of Ministers for permission to purchase a property, and title deeds will not be transferred to you until permission is granted. While it’s only a formality and it’s highly unlikely that your application will be denied, you’ll need a clause in the contract that spells out what will happen if permission isn’t granted.
It’s not unusual for the application to take anywhere from a few months to a year to be completed. You will also be unable to rent or lease property, buy a share in a property, or purchase a property in joint names if you are not married.
What is the average price of various homes in Cyprus?
Lot locations vary greatly depending on where you are on the island. Prime locations, such as Nicosia, the country’s capital, and Limassol, a trendy wine-making region, are more expensive than others. It also matters how close you live to the city center, as it does in many towns.
The best places in Cyprus to buy a property
There are appealing houses to be found in a variety of locations across the island, so where you decide to buy will be determined by the type of lifestyle you choose.
Do you want city culture with a view of the sea, for example? Maybe Larnaca is the right place for you. Or do you simply wish to be close to the nicest beaches in Cyprus? It’s be that Famagusta is more to your liking.
Here’s a rundown of some of the more popular British expat locations so you can get a sense of life on the island:
- Paphos is a major tourist destination with a thriving expat community. It has a lot to offer, including a beautiful harbor, a historically significant old town, and beaches. It has a local international airport that makes regular travel easy.
- Famagusta – Located on Cyprus’ east coast, it boasts some of the island’s best beaches, ideal for sunbathing, swimming, and watersports. Ayia Napa is also in this area. It is now a renovated, family-oriented resort that was once known for its clubs.
- Limassol is Cyprus’ second largest city and the seat of the Limassol district, which is located on the island’s southern coast. The Limassol region is known for being the epicenter of Cyprus’ winemaking industry.
- Larnaca, Cyprus’s oldest city, is located on the island’s west coast. It blends culture and beach life, and because it makes the best of both worlds, it is a popular tourist destination. It also has a big international airport, so getting there is simple.
- Nicosia – Cyprus’ capital city, located 50 kilometers from the shore, is a flourishing metropolis with a historic center, magnificent Venetian walls, bustling shops, museums, and art galleries. Nicosia may be the best option for individuals who enjoy city life.
A step-by-step instruction on how to buy property in Cyprus as a foreigner
The procedures for purchasing property are comparable to those in the United Kingdom, with a few exceptions. The important steps are listed below:
- Plan your mortgage – If you’re not buying cash, look into mortgages and loans first to see how much money banks are ready to lend you before you start.
- Appoint a local lawyer – make sure they’re not affiliated with the developer/vendor or estate agent involved in the transaction to ensure your interests are protected.
- Begin your search for a property.
- It’s critical to visit a property in person once you’ve located it to ensure that the condition fits your expectations.
- Make an offer – Once you’ve discovered a property you want, contact the estate agent to make an offer.
- Request permission to purchase the property from the Council of Ministers in writing.
- Sign the sale contract, which will be signed by both the buyer and the seller.
- Funds should be transferred.
- Complete the sale – once approvals have been granted and finances have been validated, the property will be registered in your name.
When buying a property in Cyprus, how can you avoid potential pitfalls?
During the property buying process, there are some things to keep an eye out for and steps to take to help you avoid problems.
- Developers frequently take out a mortgage on land or property for which you would be liable if they went bankrupt after you signed a contract to purchase it. Before you buy the land, get an impartial lawyer to confirm that no mortgages have been placed on it, so you don’t run into any problems later. Request a Land Search Certificate from the Land Registry through your lawyer.
- You should be aware that buying property in Northern Cyprus carries some risk. Due to claims of ownership coming from persons displaced in 1974, property ownership in the north is frequently challenged. Purchasing such a property could lead to legal action. If you want to buy in the north of the island, it’s a good idea to rent first and familiarize yourself with the market. A qualified lawyer can also assist you in obtaining a property with the appropriate form of irrefutable deeds.
In Cyprus, how can I secure a bank loan or a mortgage?
If you need a mortgage to help you buy a property in Cyprus, the good news is that you can acquire a loan from a Cypriot bank. However, it is connected with a certain level of risk (especially property in north Cyprus), therefore you’ll need a good, international mortgage broker that can locate you the finest mortgage for your needs.
When you’re ready to apply, be prepared to demonstrate that you’re a low-risk borrower. Prepare to show your passport as identification. If you’re self-employed, you’ll also need to show proof of income in the form of recent paystubs, personal bank statements, or audited accounts. You’ll also need documentation of any other investments, such as stocks, bonds, and pension funds. After that, the lender will need to get a property appraisal report.
Your mortgage application may be granted if the lender determines that your finances and the property in question are in order. You’ll notify your lender of the completion date for the cash to be issued once you’ve been accepted.
What taxes and fees will I be required to pay?
Keep the following additional fees12 in mind when planning your purchase:
- Fees for transfers range from 3 to 9 percent.
- Stamp duty is calculated based on the price of the property and ranges from 0.15 percent to 0.25 percent.
- 19 percent VAT
- Legal fees range from 0.10 to 1.1%.
The vendor usually handles the estate agency fees, so you shouldn’t have to pay them.