Northern Cyprus is very new to the property market. This is great news for investors, because the property price is still relatively low compared to other Mediterranean countries. North Cyprus has been said to be the “new Spain”, because it is similar to the way Spain was 30 or 40 years ago.

Real Estate in Northern Cyprus

North Cyprus has recently entered into the property market. In 1974, the country of Cyprus was separated by a “green line” to divide the Turks from the Greeks. Before this took place, the Greeks had property in North Cyprus and the Turks owned property in Southern Cyprus. When the division took place, the Turks were given the North therefore the Greeks were no longer the rightful owners of their property.

A law was instated saying that whoever built a home in North Cyprus would forever be the owners, even if the Greeks were the first owners of the land. This new belief was the start of many wanting to invest in North Cyprus property. However, if the home located on the land was previously built by a Greek Cypriot then there is a chance that the property could be given back to the Greeks if the country were to be reunited. In 2000, South Cyprus began organizing a plan for the country to be reunited. The people of North Cyprus heard about the plan and began purchasing as much property as possible and building homes on the land.

The current statistic in North Cyprus proved that over 10,000 UK citizens presently own land or property in North Cyprus. Citizens from the UK and Ireland are the most popular group of tourists and investors to travel to North Cyprus. The great news about North Cyprus being new to the property market is that the prices for the properties are extremely low. However, they are beginning to rise as the area becomes more popular so now is the perfect time to invest in North Cyprus.

Which property is prefferable :

If you would prefer to not have to renovate a piece of property upon your purchase then you may want to purchase a home that is being built or was recently built. If you take this route, then you will not have to worry about the risk of a Greek claiming the home if the country was to be reunited. There are homes that do need some renovations and if you are not wanting to spend a great deal on a mortgage then a used home is the best option. Try not to purchase a Greek Cypriot home that was built before 1974 because this is the type of house that could be reclaimed by a Greek Cypriot. Also, try to stay away from properties that are close to the “green line” in the middle of Cyprus. If you purchase land without a home built on it, make sure you build a home as quickly as possible so that you will be sure that you are the rightful owner.

Once you find the property that you want to purchase, you will be required to pay a deposit. You will also be required to pay at least 0.5% tax on the value of the property. The amount will be based on the value that was stated at the time the property was listed on the market. If you have never owned property in North Cyprus before, and you are a foreigner, then a Power of Attorney will have to be appointed to you. It usually takes around a year or before the deed can be transferred into your name. Your Cypriot lawyer can be your Power of Attorney, and this is usually the safest way to go.