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.)