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North Cyprus Property News

Why INVEST in North Cyprus?

By | News, North Cyprus Property News

– Fast investment return

– Low prices

– Growing economy – North Cyprus is a small place, but with a fast growing economy providing a wide range of investment opportunities

– Safe place to invest – top 3 lowest crime rate in Europe

– Guaranteed rental income- over 60.000 young people from more than 100 countries study at its international universities, making education the leading sector of its economy

– Visa free for all Eastern European countries

– 10 years income tax free for investments in the Tourism sector

– Increasing  Tourism, partly due to the increase in 5 star hotels and casinos and extension of the national airport,Ercan

– Political security. There is a strong willingness on both sides of the island for a reunification, which will boost property prices in North Cyprus and will open many business opportunities

Do you remember your first foreign holiday; how the warm air hit you when you stepped through the door of the plane, the sunlight pouring through the window first thing in the morning, sea water as warm and gentle as a bath and the smell of barbecued lamb and herbs for dinner? Well that’s North Cyprus, the Mediterranean as it used to be.

It’s no wonder that increasing numbers of Europeans and Scandinavians are choosing to buy property in this lovely and historic place. Britons in particular feel at home in North Cyprus, where they drive on the left hand side of the road, Sterling is accepted everywhere and most people speak English.

Life in North Cyprus is easy, but when it comes to moving abroad, or buying a holiday home, price remains a major consideration – and on this North Cyprus is a clear winner.

The northern half of Cyprus boasts some of the best beaches, the most spectacular scenery and unspoiled landscapes on the island and yet property here remains under priced because of years of political uncertainty.

For the past 40 years Cyprus has been divided into two ethnic regions, the Greek-Cypriot Republic in the south and the Turkish-Cypriot north.

Unrecognized by the international community and with limited transport links and some trade embargoes, the North has remained something of a Sleeping Beauty.

This has created an artificially-low property market. For example, a one-bedroom studio flat in a managed development costs just £40,000,  a newly-built two to three-bedroom apartment overlooking the sea, usually with a communal pool, can be bought for less than £70,000, while it is perfectly possible to find a three-bedroom villa with garden and pool for just under £125,000.

Even big luxury builds with all the extras tend to be about half the price of similar villas in the south and way below similar properties in France, Spain or Portugal.

But now prices are edging upwards as observers mark new political developments which seem likely to bring North Cyprus into the European fold.

Leaders of the two sides have entered into a fresh round of talks aimed at settling their 40-year-old division. Hopes are high that a UN-backed deal will create a new bi-zonal Federation of Cyprus, formed by two equal states of Greek Cypriots and Turkish Cypriots. This would mean North Cyprus joining South Cyprus as a fully-recognised member of the EU.

In 2004 a similar proposal known as the Annan Plan sparked the first North Cyprus property boom. Unfortunately, reunification was ultimately rejected by the Greek Cypriot side, but those who bought property in the north at that time have seen the value of their investment more than double.

This year both sides have signed a joint agreement BEFORE sitting down to detailed talks, so the prospects for a settlement are much stronger. Local estate agents and constructors are already seeing signs of a new boom, with sales up by 25% this year and increased interest from Russia, Scandinavia and the UK.

So there has never been a better time to invest in North Cyprus.

Residency in Northern Cyprus

By | News, North Cyprus Property News

Residence Permit

Turkish Republic of Northern Cyprus law states that residence permits can be applied for once you have bought your North Cyprus Home. The British Residence Society can provide you with all relevant information. When you arrive in North Cyprus, you are issued with a 1 month tourist visa. After that you must apply for a residence permit. The procedure is fairly straight forward but does require medical checks for HIV, Typhus etc at the hospital in Lefkosa. The current cost is approximately £150 for your first application and then a small renewal fee in subsequent years.

The standard procedure for applying for a permit is as follows:

You must make yourself known to your local Immigration Office by taking your passport. Local Immigration Offices are found at the Police station.

Permits are issued by the Department of Immigration in Lefkosa, The office can be found in a building at the back of the bus station on the 3rd floor.

For a Temporary Permit you will need:

A written application with legal documents showing your identity – photocopies of your passport are acceptable. A letter from your local Muhtar, quoting your passport number. The Koçan (deeds) and number of your residence or equivalent confirming your place of residence. If your deeds have not been issued then a photocopy of your contract will suffice. Proof of sufficient funds to maintain yourselves and any dependants, i.e. photocopies of bank statements, pension slips etc. In addition, six passport size photographs are required.

A preliminary investigation by the Immigration Police is requested.

If the preliminary investigation report is positive, the immigration section of the local Police Directorate is instructed to accept your application. Documents are then forwarded to the Immigration Directorate of the general directorate of the Police and then onto the Immigration Department.

You are then referred to a doctor for a medical report. A blood test and X-Ray are included in these tests. Results usually take about three weeks.

The applicant may be issued a permit upon applying in person at the Immigration Department if all requirements are met and passport, revenue stamp (approximate value 1YTL) and relevant fee are submitted.

For a Permanent Residence Permit the requirements are as follows:

By law the foreign resident has to obtain and completed a minimum of three consecutive temporary residence permits before submitting an application, which may then take a further two years before being granted.

  • The applicant has to have a place to live. Property ownership is required.
  • The applicant has to have a documented regular income.
  • The applicant has to be retired.

North Cyprus Title Deeds – The Facts

By | News, North Cyprus Property News

North Cyprus Title Deeds

It is always important when investing in North Cyprus property– as anywhere – to get the property title deeds. The current situation between North Cyprus and south Cyprus means that many people are confused over this issue. The events of 1974 divided the island, and hence this year is vitally important in deciding property ownership. Here is a quick guide to current North Cyprus property title deeds, to help you secure the North Cyprus property of your dreams.

The only title you will need

The only North Cyprus property title that you should consider, and indeed the only property title you should be offered, is a Turkish Republic of Northern Cyprus (TRNC) freehold. This title comes in four formats.

  1. Pre 1974 Turkish Freehold Title

This is the title for land or property owned by a Turkish Cypriot before 1974.

  1. Pre 1974 Foreign Freehold Title

This is the title for land or property owned by a foreign national (i.e. non Turkish Cypriot) before 1974. These titles are recognised internationally.

  1. TRNC Exchange Title

This is the title for land or property given to a Turkish Cypriot in exchange for land and property they owned in south Cyprus before 1974, and which they were forced to leave behind on moving to the North. The government assessed the value of both land and goods left behind, and allocated the land or property in the North, in exchange for the waiving of the rights to their land in the south. The original pre-1974 owner of the land or property would have been Greek Cypriot. This is also known as the Esdeger (pronounced Esh-day-air).

  1. TRNC TMD Title

This is the title for land given to Turkish Cypriots for military or government service, or to Turkish settlers to encourage economic growth in certain parts of the North, after 1974. As with the Esdeger, the original pre-1974 owner of the land or property would have been Greek Cypriot, who abandoned the land or property after 1974.

Which Turkish Republic of Northern Cyprus Title Deed to consider

It is considered safe to purchase any North Cyprus property or land, which has any of the above title deeds. However, as with all Northern Cyprus property purchases, whether for enjoyment or investment, you should always employ an independent solicitor to check that the deeds are indeed legal and above board.

North Cyprus Estate Agents and Title Deeds

Most North Cyprus estate agents will only deal in properties that carry one of the four types of deed.

 

C/O Cyprus44.com