Property in Northern Cyprus: Your Guide to Buying, Renting and Living here 2023

The Northern Cyprus real estate market is very curious due to its low cost of living and beautiful beaches. However, before you decide on the Northern Cyprus property market as your next destination for real estate investment or holiday rental property, it is important to know what Northern Cyprus has to offer.

In our article below, we have explained everything about the Northern Cyprus real estate market, from buying a property to renting a property and even living in Northern Cyprus. You can continue reading to find out.

Northern Cyprus Real Estate Market: Buying or Renting?

Before renting a house in the Northern Cyprus real estate market or deciding to buy a house instead of renting, you may want to weigh the advantages and disadvantages. Renting a house to experience life in Northern Cyprus is a method preferred by people who have decided to settle in Northern Cyprus in the first stage.

Based on these first experiences, newcomers will understand whether they will like the country or not. If you are sure that Northern Cyprus is the place you want to live, you can choose to buy a house here instead of going through the trouble of moving twice or renting for a long time if you cannot find the house of your dreams. 

Newcomers looking to buy property are also able to do so due to rising prices in key areas. This has also made it more attractive for people of all income levels to own a house in a short time, thanks to NEW 10-15 year housing loans and low interest payment plans.

Another very attractive way to invest in Northern Cyprus is to buy property in a location with large capital and high demand for growth potential. In this case, if you do not reside in Cyprus full time, you can rent your property to tourists.

There is a rapid demand and price increase in Kyrenia and Famagusta. These cities separately are home to a significant number of British expats. There has been a huge boom in the real estate market in Kyrenia recently, and the demand for housing has increased rapidly.

If you are considering buying a property in or near a city in Northern Cyprus, be prepared to encounter higher prices. Renting a two-bedroom apartment in the city costs about the same as renting a three-bedroom villa with a pool in the countryside. 

Since it is located in the city, you can expect the houses here to sell faster. Northern Cyprus International Consultants are experienced in purchasing/renting property and will help you evaluate your options.

If you decide to rent a house in Northern Cyprus before buying, you will most likely be asked to sign a six-month lease agreement. You’re likely to find six-month low-cost winter rentals from time to time. In addition, monthly rental prices and the prices of facilities such as English-medium schools such as Girne School of English, businesses and shops in the region are increasing in parallel with the high housing prices in the city.

In Which Part of Northern Cyprus Should I Live?

The natural beauties and topography of Northern Cyprus, its countryside, forested areas reaching an altitude of 1,952 meters, and the untouched geography of the Karpaz regions stretching for kilometers, fascinate those who come.

Most newcomers are attracted to Kyrenia and the coasts to the north (west of Kyrenia, Kyrenia or east of Kyrenia) (Bosphorus, Bafra and Famagusta City). Nicosia’s main tourist attractions include large shopping malls and old historical sites, but are mostly visited by university students from the city, not residents or tourists.

At approximately 3,662 square kilometers in size, this island has a decent mass (about the size of Wales). Here you can switch to skiing in the mornings, then relaxing on the beach in the afternoons.

The landscape of Northern Cyprus can vary in beauty from one place to another. Your move to the Mediterranean will be affected by various factors and where you will settle will be determined by these variables. Are you undecided about whether to choose Kyrenia or the eastern and western regions of the North Coast for your next holiday? Or will you go to the eastern city of Famagusta? What about the capital, Nicosia?

In addition to wonderful mosques, markets and modern city life, Nicosia has several universities, including the newly opened Near East University, which also has a hospital, provides medical education and a very good level of English education.

Although flatter, the Famagusta coast (the Bosphorus and Bafra are close to the pristine natural habitat of the Karpaz Peninsula and the newly built Karpaz Gate Marina for sailing enthusiasts). It has magnificent long and sandy beaches at a slightly lower price than the Kyrenia coast. Being close to the nature reserve of the Karpaz Peninsula and Karpaz Gate Marina, Bafra offers even better opportunities compared to Kyrenia.

If you want to live a retired life in the countryside and try new things, you have many different options. In spring and autumn, magnificent mountain views await you, with chalets at the foot of the Besparmak Mountains on the north coast and a wildlife paradise for trekkers. 

The Karpaz Peninsula is an untouched natural paradise with kilometers of beaches and eco-tourism opportunities as well as traditional handicraft activities. An ideal holiday destination for North American tourists is the flatter east coast, with the chic modern city of Famagusta, as it offers the sweet Bosphorus Harbor and long golden beaches.

Those seeking peace, quiet and countryside flock to the West Coast Bay Area, home to the frontier market town of Morphou and the ancient sites of Vouni Palace and Soli amphitheater. 

Citrus groves, beautiful golden sandy bay and fish restaurants are among the most prominent tourist attractions in recent years. Many different festivals are celebrated throughout the year, where traditional and modern handicrafts, all kinds of food and Cypriot folkloric dances are exhibited.

How to Buy Property in Northern Cyprus?

To buy property in Northern Cyprus, you need to work with real estate agents who are authorized to sell properties in Northern Cyprus. You can access a list of agencies on the Northern Cyprus Real Estate website. Make sure that the real estate agent you find has a license from the Northern Cyprus authorities.

You can also seek advice from reputable property development companies based in Northern Cyprus.

After finding the house you like, if you do not speak Turkish and do not reside in Northern Cyprus, follow the steps below.

Representation Authority

You can give power of attorney to a lawyer in Northern Cyprus to purchase a property.

Giving a power of attorney in Northern Cyprus is quite simple. You must have your passport with you at all times. This power of attorney does not pose any risks to you as it is only valid for purchasing property in Northern Cyprus. Your solicitor will be responsible for drafting the contract for you, tracking your purchase application, checking the legality of the property and more.

Visitors can often create a power of attorney while on holiday in Northern Cyprus and purchase the property later if they are unsure of their decision before leaving the country. Since you will be away from Northern Cyprus for a long time, it will be useful to give the lawyer a power of attorney on your behalf.

Deposit

To prevent someone else from buying a property before you, it is customary to pay a deposit of between £1,000 and £2,000, which will not be refunded to you thereafter. 

This often applies to properties owned or marketed by the same person or company. If you change your mind, the deposit you have already paid can usually be transferred to another property owned or marketed by the same person, but usually you cannot get it back.

Obtaining and Transferring Title Deed

In order to register a title deed in your name in Northern Cyprus, you must first obtain purchase approval from the Northern Cyprus government. Your application to purchase will almost always be accepted unless you are wanted for such transactions, have a criminal record, or are found to have built the property in a military zone. This takes 6 to 9 months to complete. However, since you are the owner of the property until your sales contract is registered in the land registry, your property cannot be sold to anyone else until this registration is made. You may also be required to submit a criminal record from your home country for such transactions.

If your house has just been developed, all important issues such as plot number, plot size, price, payment plan, completion date and penalty clauses are included in the sales contract. Everything you need to know about floor plans and specifications will be included in the contract. Thus, the seller will be obliged to carry out the construction as agreed. Whether the property has changed hands, the size of the land, whether furniture is included, etc. As much information as possible is included in these contracts. Your lawyer will examine the property for you from every angle and identify any problems.

Northern Cyprus Properties for Sale by Owner

You can buy real estate directly from the owner in Northern Cyprus.

You can find real estate for sale by owner in TRNC here .

How Much Does It Cost to Buy Property in Northern Cyprus?

Although prices vary greatly depending on the location of the property, the average price of 1 square meter villa is 1113 pounds sterling and the price of 1 square meter flat is 827 pounds . (2023) You need to calculate your budget and search for a property that suits your needs within this budget.

How to Rent a House in Northern Cyprus?

To rent a property in Northern Cyprus, you can contact a Northern Cyprus real estate agency. Before signing any rental agreement, you should check the amount of square footage, number of bedrooms and bathrooms, as well as other amenities such as an outdoor pool or tennis court. Lease agreements are usually made for six months and monthly payment plans are also available!

The cost of renting a property in North Cyprus can vary greatly depending on what types of properties are available at the time. So keep searching until you find the perfect place! Note that no deposit is required when purchasing property in Northern Cyprus.

Renting a property in Northern Cyprus is easier than buying a property in Northern Cyprus. There are many North Cyprus estate agents providing properties to rent and they usually require a deposit (usually equal to one or two months’ rent) and then you will be charged monthly payments until your tenancy ends.

Finding accommodation in Northern Cyprus isn’t too difficult if you know where to look. Don’t forget to take a look at the apartments, villas and vacation rentals.

There are also many Northern Cypriots living abroad who want to share their homes with travellers. In this way, it can be very affordable for both tourists and expats to live comfortably here, especially for long-term rentals.

Living and Working in Northern Cyprus

If you are interested in buying a property in North Cyprus you have a number of different options!  

If you want to experience luxury during your time here, you can rent a summer house or buy a property and settle down. However, before you take this step, it’s important to do some research on what life is like here. And don’t forget that you are about to join one of the fastest growing economies in Europe.

– TRNC is a suitable place to live, with property prices that are approximately one-fifth of Europe’s. It is also close to the sea and you can enjoy beautiful weather all year round.

– Northern Cypriots have a unique culture that blends Western European traditions with Eastern Mediterranean traditions. You will see that Northern Cyprus food is influenced by both countries. On every corner, you can see Lebanese restaurants serving Turkish coffee or kebab, as well as desserts such as baklava.

– The annual income of an average family in Northern Cyprus is 2500 €-3000 €. Therefore, you have the opportunity to find more affordable price options when purchasing a property. Speaking English or Turkish will be sufficient.

– Northern Cyprus is the fastest growing economy in Europe and offers great investment opportunities. It is also a safe and stable country with low unemployment rates.

If you live in TRNC and want to work here, you have different options. Northern Cyprus offers many opportunities for westerners with skills in the finance, engineering and construction sectors. Northern Cyprus universities offer study programs in specific fields such as tourism management or finance, which can provide a good starting point for those wishing to study here.

Northern Cyprus universities also offer comprehensive English language courses for non-natives, which can help you find a good job here.

Thanks to the good quality of life and affordable real estate prices offered by Northern Cyprus, you can soon start living the Northern Cyprus dream!

Property Taxes in Northern Cyprus

In addition to the property price, four separate taxes are paid.

1. Stamp duty: It is a mandatory payment required for the validity of contracts in Northern Cyprus. The tax rate for home buyers is 5 per thousand.
2. VAT: It is a 5 percent tax that must be paid for real estate in TRNC before ownership is acquired. In some housing projects, promotions that cover the VAT fee are offered in order to increase sales. It is worth noting that VAT is only paid once on a property, so if you buy a new house you will have to pay VAT, but if you buy a second-hand house with title deed, VAT has already been paid.
3. Title Deed Transfer Fee: Initially, permission to purchase a house is issued in your name. You must then make the full payment to the owner. This payment is made during the title deed transfer. The title deed transfer fee is determined by the Land Registry and Cadastre Department under the TRNC Ministry of Internal Affairs. An amount of 3 percent of the value of the house is deposited during the title deed transfer.
4. Transformer Contribution Fee: This is a property tax that Turkish investors do not know about. It is an additional cost added to the budget when buying a house and is seen as a burden by some foreign investors. This fee covers the cost of the electrical connection and is the customer’s responsibility to pay.

Northern Cyprus Realtors

We have done extensive research to identify the best real estate agents who can help you find the property of your dreams in Northern Cyprus.

NCEA Estate Agents

– Provides a range of services, including real estate consultancy, to both buyers and sellers.

– They also offer free legal advice to Northern Cyprus residents regarding buying property in Northern Cyprus or selling a house in Northern Cyprus.

– The agency is located at the following address:

Akaretler Sokak No. 64, Northern Cyprus

– Contact number: +90 392 324 8701

– Email Address:  [email protected]

Cyprus Royal Estate

– It is the leading real estate service provider in Northern Cyprus.

– They offer a range of services for residents of Northern Cyprus, including full real estate advice and legal support on buying or selling a home in Northern Cyprus.

The agency is located at the following address: Semih Sancar Caddesi No 39, Kyrenia

– Contact number: (009) 0392 815 0710 / (009) 0533 845 4215

Email Address:  [email protected]

Korinia Real Estate Agency

– It is the leading real estate office in Northern Cyprus.

– Korinia offers a full range of services for residents of Northern Cyprus, including buying and selling property in Northern Cyprus. They also provide legal advice to both landlords and tenants on their rights when renting or leasing housing in Northern Cyprus.

The agency is located at the following address: 100A Karaoğlanoğlu Caddesi, Karaoğlanoğlu, Kyrenia.

– Contact number: 0090 392 822 4064 0090 392 822 4065

Email Address:  [email protected]

Unwins Real Estate Agencies

– It is one of the leading property management service providers in Northern Cyprus.

– The numerous services they provide include full property advice and legal support for Northern Cyprus residents when buying or selling their homes.

You can reach the agency at the following address: Akaretler Sokak No:64 Northern Cyprus

– Contact number: +90 533 824 3533

Email Address:    [email protected]