Frequently Asked Questions (FAQ): Buying Property in Northern Cyprus 1. Can foreigners buy property in Northern Cyprus? Yes. Foreign nationals can legally purchase property in Northern Cyprus. Each individual is currently allowed to buy one property up to 1.3 donums (approx. 1,700 m²) per person. Couples can purchase one property each if the title is registered separately. 2. What types of property titles exist in Northern Cyprus? There are three main types of title deeds: Turkish Title Deed: Safe and granted to Turkish Cypriots before 1974. Highly valued. TRNC Title Deed (Exchange/Allocation Title): Properties given to Turkish Cypriots in exchange for land lost in the south. Widely accepted. Foreign Title (Pre-74 Foreign Ownership): Properties owned by foreigners before 1974. Considered safe but rare. Always consult a lawyer to verify the title type and ensure a clean title. 3. Do I need a lawyer to buy property in Northern Cyprus? Yes, absolutely. A local, independent lawyer is essential. They will: Conduct due diligence Check the title deed and permissions Prepare and register the contract of sale Apply for property transfer approval on your behalf Legal fees typically range between £1,200–£1,500. 4. What are the steps to buying property? Choose a property and negotiate the price Hire a lawyer for legal checks and paperwork Sign a contract of sale Pay a deposit (usually 10–30%) Apply for permission to purchase from the TRNC Council of Ministers Pay taxes and fees Transfer title deed upon approval The whole process can take 3 to 12 months, depending on permissions and developer terms. 5. What taxes and fees are involved in buying property? Here’s a general breakdown: VAT: 5% (on new builds) Stamp Duty: 0.5% of contract value Title Transfer Fee: 6% (3% discount for first-time buyers) Legal Fees: Approx. £1,200–£1,500 Annual Property Tax: Very low, approx. £50–£150/year 6. Can I get a residence permit if I buy property? Yes. Property owners can apply for a residency permit. It’s not automatic but owning property strengthens your application. Residency is renewed annually and can be upgraded to longer-term residency after a few years. 7. Is financing or mortgage available for foreigners? Yes. Some local banks and developers offer payment plans or developer finance, typically with: 30–50% down payment Terms from 1 to 10 years Interest rates between 6–10% annually Mortgage options are more limited than in Europe but improving. 8. Is it safe to invest in Northern Cyprus property? Yes, with proper legal advice and due diligence, Northern Cyprus is considered a safe and growing real estate market. Prices are still relatively low compared to other Mediterranean regions, with excellent long-term investment potential. 9. Can I rent out my property? Absolutely. Northern Cyprus has a growing demand for short-term holiday rentals and long-term leases, especially in coastal areas like Iskele, Kyrenia, Esentepe, and Tatlisu. Rental yields can be attractive depending on location and property type. 10. Are there restrictions on resale? No major restrictions. After title transfer, you’re free to resell the property at any time. If buying off-plan, check the developer’s resale policy in the contract. 11. What are the best areas to invest in? Some of the most popular and high-potential areas include: Iskele (Long Beach) – Coastal, growing tourism hub Kyrenia (Girne) – Historic town with luxury villas Esentepe / Tatlisu – Scenic areas with sea and mountain views Famagusta / Yeniboğaziçi – Affordable and student rental potential Karpaz Peninsula – Untouched nature and eco-tourism prospects 12. Can I pass the property to my children? Yes. You can bequeath your property to your heirs via a will or inheritance laws. Having a local will drafted is highly recommended to avoid complications.