June 12, 2009
Top Tips For Buying Property in North Cyprus
With many top quality developments now being completed, there has never been a better range of property for sale in North Cyprus, or a better time to invest.
North Cyprus Property Top Tip #1: Do Your Research Online
When considering buying any property in North Cyprus, always research your options online first. Most orth Cyprus property developments have websites complete with glossy site maps and impressive floor plans, which only tell half the story. For the full picture, join a North Cyprus property online forum, where real buyers compare experiences of purchasing at specific developments. You can post questions, or just browse the post titles to see which North Cyprus developers keep their promises, and which don't! Best of all are the independent North Cyprus web sites that offer independent reviews of developments alongside comments from their forum members.
North Cyprus Property Top Tip #2: Pick Your Area
North Cyprus is a beautiful country with several distinct areas, each with their own particular appeal. If you are buying a home for yourself, decide what you want most; walking distance to a sandy beach, or a mountainside location with views over the sea. The same applies to considering possible rental markets or investment potential; golf tourists will wish to be close to the new course at Esentepe, while couples with young children will prefer to rent a holiday home right next to a beach. Make a short list of one or two areas that interest you, then check your online forums for local insights, such as good schools, top restaurants or problems with water supplies!
North Cyprus Property Top Tip #3: Visit North Cyprus
At this stage, don't take an inspection trip organized by a developer; you need to be free to follow your instincts. Armed with your short list of areas, spend the first two days simply driving around and getting the feel of the places you are interested in. Drop into the local café for coffee, and chat to the locals. See for yourself which developments are actually busy with residents or workmen, and those that are standing empty or half-finished.
North Cyprus Property Top Tip #4: Estate Agent Days
Visit local estate agents and get details of properties in your chosen areas. Only accept details on properties within your price range and arrange viewings for any properties that tick all the boxes. Follow the estate agent in your own car to any property viewings, so if you don't like them, you can swiftly move on.
North Cyprus Property Top Tip #5: Understanding TRNC Deeds
You must ensure your property comes with a Turkish Republic of Northern Cyprus (TRNC) freehold deed. Due to the division of Cyprus in 1974, these come in four formats;
1. Pre 1974 Turkish Freehold Title, for land or property owned by a Turkish Cypriot before 1974.
2. Pre 1974 Foreign Freehold Title, for land or property owned by a foreign national before 1974. These titles are internationally recognized.
3. TRNC Exchange Title, for land or property given to a Turkish Cypriot in exchange for land and property they owned in south Cyprus before 1974, and have relinquished their rights to.
4. TRNC TMD Title, for land given to Turkish Cypriots for military or government service, or to settlers.
All four titles are acceptable, with the first type commanding around a 30% premium.
North Cyprus Property Top Tip #6: Save Money with 'Nearly New'
If you want to buy a North Cyprus property you can move straight into, consider resales at recently completed developments. Your property should be already sorted with all utilities, minor snagging issues ironed out, and yet the property should still be in excellent condition. Unlike new build properties, where your money may be tied up for two years with no return, a resale property can be enjoyed or rented out as soon as you get the keys!
North Cyprus Property Top Tip #7: Get Professional Advice
Buying any property is a major financial commitment, so don't be pressured into signing any agreement. Always employ your own, independent solicitor to advise you and act on your behalf, never one suggested by a property developer. With a complex buying process, new tax laws and various permits to be gained, a good North Cyprus solicitor is well worth the modest fees they charge. Again, online forums are good sources of feedback on reliable firms - and those to avoid.