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Buying property in North Cyprus

Everything you need to know about the buying process, the fees and taxes involved, permission to purchase, and how we score every project with the Vision Property Scorer.

Vision Recommended Buying Process

  1. The property should be reserved by placing a deposit, usually in the order of £2,000, to take the unit off the market. Reservation deposits are normally non-refundable unless specified otherwise. Vision will assist you with obtaining a receipt for your payment. In the case of a non-returnable deposit, Vision Cyprus recommend that the wording of the receipt always includes a caveat specifying the deposit can be returned if any information provided by the vendor is materially different following pre-contract due diligence.
  2. Your solicitor will check all paperwork and undertake all necessary searches on your behalf. Your Vision Consultant will keep you advised during this process.
  3. Your solicitor will study and, where necessary, negotiate the vendor's contract, or may draw up a new contract. Vision Cyprus will ensure that all the terms and conditions agreed are correctly incorporated as per the original agreement.
  4. After the contract has been approved by all parties, it is signed by both the vendor and the buyer, after which you will have approximately 14 days to pay / transfer the first main payment towards the purchase price. Usually the reservation deposit will form part of the first main payment.
  5. Once the contract is signed, it will be registered at the Land Registry office (TAPU) as a record of your legal interest in the property. At this time the Stamp Duty of 0.5% of the purchase price is payable.
  6. Your solicitor will also make an application to the Council of Ministers for your purchase permit to be processed. In the meantime, once building work has been completed — or in the case of a resale or completed new building — you will have full possession of your property.
  7. On the day of completion your solicitor will request the balance of funds together with the payment of the Title Transfer Tax (see purchase costs below).
  • Stamp Duty0.5% of the contract price, payable at the time of registration.
  • VAT5% of the contract price, payable to the vendor at key handover (normally applies to new properties only. In the case of a resale, VAT is only payable if not previously paid).
  • Title Transfer Tax12% (for foreign buyers). 6% payable at the time of registration; the remaining 6% payable when the title is transferred into the purchaser's name (provided the full amount has been paid, permission to purchase has been granted and the title deed is ready for transfer).
  • Solicitor's Fee£1,500 to £2,000. The level of fees depends on the services offered and whether single or multiple properties are being acquired.
  • Transformer Contribution£2,500 to £3,500 (a one-time contribution towards the connection of utilities and electricity on site).
  • Property Tax2.2 TL per sq. m (approximately £18 per annum for a property of 100 sq. m, based on the current exchange rate).
  • Rental Income Tax13% to 16% of the rental income.

A foreign purchaser of a property in North Cyprus must make an application for permission to purchase. This application is usually made by a lawyer. It is a fairly simple process whereby the purchaser must provide various documents as follows:

  • Passport copy
  • Copy of the purchase contract
  • Site plan
  • Original title deed
  • A clean police record provided by the relevant police department in your country (this application can usually be completed online).

VPS is a tool for property comparison and selection. It was launched in March 2020.

VPS is an excellent and very useful guide for buyers and investors when they are making their selections and comparisons of projects in North Cyprus, Spain and Turkey.

We are currently assessing all existing and upcoming projects within our portfolio to give a VPS rating for each.

We study properties and projects and mark them based on the following:

  • Quality of build
  • Location
  • Number of facilities
  • Value for money and how competitive the pricing is
  • Rental performance (average number of weeks achieved) — previous 2 years
  • Future anticipated rental performance, based on a demand-and-supply analysis and other site-specific matters
  • Capital growth statistics (previous 2 years)
  • Future anticipated capital growth, based on a demand-and-supply analysis and other site-specific matters
  • Completion date for new builds — delivered on time?
  • Completion dates for facilities — delivered on time?
  • Level of service charge comparative to the market average
  • Quality of after-sales and the management company
  • Proximity to the sea
  • Proximity to local shops, restaurants and city activities
  • Proximity to the international airport
  • Quality of views

Vision Cyprus obtain our facts from existing buyers on each project and by interviewing the various developers. If a project does not meet a minimum score set by Vision, we will not feature such property in our Tours and Events.

Whether Vision is representing you or not, if you are considering a purchase and would like to discuss any project with us — to seek our advice or discuss the VPS of the property you have chosen — please feel free to send an email marked "Third Party Vision Project Scorer", along with your WhatsApp details.

We do not publicise actual scores on social media. They are provided on a one-to-one basis with purchasers directly.

Still have questions?

Our qualified, experienced team is happy to guide you through every step of buying in North Cyprus.

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