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Buying Property in North Cyprus - FAQ's

 

Should I wait until I find the right house before putting my own on the market?

The short answer is 'no'. Although this is many people's instinctive approach – they do not want to market their property until they have found one that they want – the problem is that they are not in a position to move when they do find their ideal property. If you have already got an offer on your house then the vendor of the house you want to move to is much more likely to accept an offer from you. This is particularly true in a market where property supply is short. We would recommend that you market your property and get it to the point of offer. That way you stay in control of the timing of the sale and are not put in the onerous position of finding your perfect home only to see it sold to someone else.

 

How long does a sale usually take?

In theory if there is no finance to arrange and vacant possession can be guaranteed, a sale can be completed in a matter of days. However, this is not a typical sales transaction. The sales process usually takes an average of 12 weeks, if there are no complications – however of course in North Cyprus things can be delayed, especially if you need to get a purchase permit as a foreigner.

 

How much is Stamp Duty?

Stamp duty in North Cyprus is 0.5%. This is paid by the Buyer.

 

How much is Transfer Tax as a Buyer?

As a buyer the transfer tax is 3%.

 

How much is stoppage as a seller?

The stoppage amount you have to pay as a seller is 3% or 4% if you are a professional.

 

How should I choose a solicitor?

We would strongly recommend that you use a solicitor on our list of preferred suppliers. Because we have chosen them on the basis that we have worked with them for many years and they always helped our clients due to their professionalism they are efficient, potentially saving you considerable stress.

 

Who pays the Estate Agents fees when buying a home?

The vendor (the person selling the house) is the person that pays for the Estate Agents fees when someone is buying a home.

 

If I am purchasing to buy-to-let can you help me find a tenant?

The short answer is “yes”. Once the sale has completed you and our rental and property management manager will need to sit down and talk about the rental income you can achieve from your new investment and any works you will need to do to the property, if any. We will then be able to source a suitable tenant ready to move in as soon as you would like.

 

Who pays the Estate Agents fees when buying a home?

The vendor (the person selling the house) is the person that pays for the Estate Agents fees when someone is buying a home.

 

What are the average utility bills?

When buying a home, it’s important to know what additional costs will be in addition to the monthly mortgage payment. Utility bills are just one of the additional costs to consider when buying a home. Utility bills can vary depending on the usage of course, if you use the AC’s throughout the summer a lot the electric bill will be considerably higher, and of course the size of the property will affect the bill, and the amount of people residing in the property will also affect it. You can always ask, when buying the property for previous bills so that you can have a rough idea.

 

 


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