FAQ

Such events are most important for property buyers who consider a residential property as a form of investment. In order for real estate to continue to make a profit, its mere presence is not enough. There are no trifles, the location of the object and its “neighbors”, and the proximity / remoteness from the sea and beaches, interior design and much more matter. And the reliability of all these parameters can only be guaranteed to yourself.

Inspecton trip for 2 people is created for three days and includes: booking airline tickets, meeting at the airport, transfer from / to airport, accommodation (at the hotel or in apartments, at the request of the client), assistance in solving all domestic issues, visiting shops and markets, study tours in the areas of Northern Cyprus with a complete overview of all nearby infrastructure and real estate, consultations on obtaining residence permits and citizenship, consultations with leading developers and lawyers. Moreover, during this time, our clients manage to not only make the final choice, but also get acquainted with the beauties of the resort coast, feel the delights of a beach holiday and feel like full residents of a rapidly developing country.

Airport shuttle. We not only help you organize your trip, but also arrange a meeting at the airport. At the airport you will be met by our company’s manager, who will comfortably deliver you to the hotel or apartments, where you can relax and gain strength before a busy program.

Three days tour. As practice shows, in order to have time to see everything, choose the property that is suitable for all parameters and issue a contract for the purchase, three days are enough. You can fly on weekends, for example – Friday, Saturday, Sunday, enough for an orientation program and signing a purchase contract. We work for you 7 days a week. On the first day, we show you the best offers according to your request and along the way familiar with the area, the second day we finally decide on the choice, and on the third day we sign a contract. We assure you that in our database there will be as many offers as you need in order to make your best choice.

As you already understand, the process of buying  property abroad, including in Northern Cyprus, has many “pitfalls”. And without the help of knowledgeable people it is almost impossible to do here. Let’s talk about those aspects of real estate selection that are especially important.

Construction quality. The most important parameter when choosing a property is the quality of construction. The fact is that the construction standards in Northern Cyprus are fundamentally different from the construction standards in the CIS countries. And if in Russia we are already accustomed to the fact that in the new apartment there may be minor defects that can be corrected during the repair, then real estate in Northern Cyprus may have such defects that will then be very difficult to fix. For example, structural defects in the water supply or sewage system, because of which later you may be denied the connection to the central water supply. Another example: builders work in extreme heat, concrete quickly hardens with cracks, and then a layer of plaster is applied over the cracks to temporarily close the defect. Other minor defects are common: a leaking roof, poor design of bathtubs, sinks, showers, an ill-conceived heating system, doors and windows that do not close tightly, and so on. As you know, many of these defects will be invisible with a single visit. What to do to avoid such problems? Firstly, choose developers with a good reputation, and secondly, when selecting an object, contact established experts.

Location. An important factor when choosing an object. Often there are situations when buyers are dissatisfied with the location of their property. Remoteness from infrastructure, remoteness from beaches, location in poor and backward areas, location far in the mountains – all this can later become a big problem. The point is not only that there is a bad location or a good one, but also that the location of the object should correspond to your goals. Therefore, before buying it is important to decide on them. For recreation, proximity to beaches and entertainment centers is a priority, and if your goal is to move to a permanent place of residence, then you should check in advance the availability of the necessary infrastructure: shops, kindergartens, schools, bus stops. It is also worth considering your wishes for language communication: do you want, for example, to live among Russian-speaking immigrants or not.

Price. Price depends on many factors: location, size, land on which the object is located. You can choose an inexpensive apartment for £ 39,000, or a luxury villa for £ 1,500,000. However, most properties are in the price range of £ 50,000 – £ 200,000. You must also understand that a low price is usually the result of poor location or poor-quality construction. Sometimes developers give good discounts if, for example, they urgently need money, but they won’t tell you about it if you just go to their office. You can find out about such discounts from us. In addition, there is a difference: buy an already built housing or make a deal at the construction stage. By the end of construction, 90% of the apartments have already been sold, and the remaining apartments are sold by developers at inflated prices. Therefore, if you are interested in a bargain, you need to consider the purchase at the construction stage.

Ownership registration. Perhaps one of the most exciting issues for buyers is the question of the legality of the property being acquired. It should be noted right away that a registered real estate contract is already a document guaranteeing the right of ownership, and gives the right to reside in it, sell or lease it. However, there is a title system in Northern Cyprus. The title determines the full ownership of real estate in the Turkish Republic of Northern Cyprus, certifying that the real estate and land in its possession has an unconditional right of ownership to this buyer.

Fees for re-registration of ownership – accounts for 6% of the total cost of the object. But every buyer of real estate in Northern Cyprus has the right once a lifetime to reduce this fee to 3%. If this is your first purchase of a home in Northern Cyprus, you can pay a transfer fee of 3%, with all subsequent purchases the tax will be 6% of the value of the property. Also, when buying a property, a municipal tax is paid, which is 1% of the total fee for the transfer of ownership.

VAT for property buying – 5% of the total cost of the object. As a rule, many sellers require payment of VAT tax on the actual price of real estate prescribed in the contract of sale of housing on the day of signing the transfer of ownership to the new owner. Therefore, carefully check the deadline for fulfilling the main contract.

Stamp duty – 0.5% of the value of the property specified in the contract. Stamp duty must be paid within 21 days from the date of signing the contract.

In general, the following order of tax payment figures is obtained when buying property in Northern Cyprus: Fee for re-registration of ownership – 3%, VAT – 5% and Stamp duty 0.5% of the total value of the property.

Acquisition of real estate abroad is a serious step for all, without exception. That is why our company Veles Property, an expert in the field of transactions with foreign real estate, recommends that you carefully check and double-check everything before signing the contract of sale. Before concluding a contract, it is worth paying close attention to the past of the acquired property, that is, checking the legal purity of the property.

The stages of checking the legal purity of real estate:

1. Authentication of the presented documents proving the identity of the seller. It is worth paying attention to the fact that the owner is a competent person, and the transaction was completed voluntarily.
2. Examination of title documents for the sold property. Thanks to this, it is possible to determine whether the housing for sale is under arrest or in security. In addition, it is established whether ownership is disputed.
3. Request information from the relevant authorities. Information is requested about all individuals, private and legal, related to this property.
4. Finding out a similar reason for selling real estate.
5. Collection of maximum information about all transactions conducted earlier on this real estate. The legality of each transaction is determined.

Sea: If you like the beach within walking distance, lively surroundings, proximity to various entertainment venues, do not like to use a car.

However, by the sea – it is damp and windy during a storm in the winter.

Mountains: A much larger house and plot for the same money, more greenery, peace and quiet, beautiful views, do not mind a 15-30 minute trip to the beach along beautiful roads.

Title deed – this is a title deed to immovable property. The TRNC government equated all lands to a single Turkish title after a ruling adopted by the European Court of Human Rights and the entry into force of the Commission for the Settlement of Land Issues in 2006.

To date, the Land Committee does not provide information on the status of land and all the lands on the territory of the TRNC are lands belonging to Northern Cyprus.

For reference, there are 4 main land titles.

• Turkish title – land previously owned by the Turkish Cypriot until 74 years. The foreign (English, German or French) title has similar advantages, i.e. when a particular piece of land was owned by a foreigner (not Turkish or Cypriot) until the age of 74. In the property documents received on land with a Turkish title, there will no longer be a reference to the title of the land, since all land officially has the title of land of the Turkish Republic of Northern Cyprus.
• Exchanged – land previously owned by the Greek Cypriot and resulting from the exchange of land between the Greek and Turkish Cypriots in the 74th year. Rights to this land are guaranteed by the TRNC government.
• TMD  – land owned by the government of the UK. This land was transferred as a reward to the Turkish military personnel who took part in the 1974 war. The likelihood of any difficulties with this land is extremely small (no precedent is known in the history of the country).
• Leasehold – state lands that are intended only for rental for up to 49 years with the right to extend.

Successfully working in the UK market long enough to know the situation firsthand, we can say the following: pay attention to the quality of real estate and the availability of documents, as well as the absence of encumbrances, these are the facts that will allow you to be sure of the cleanliness of the purchased real estate.

The Government of Northern Cyprus and the Government of Turkey are guarantors of the inviolability of property rights in this territory.

Today, 90% of real estate is real estate built on lands with an exchange title. This is an absolutely reliable title. The name itself suggests that the Greek Cypriots received a similar plot of land in southern Cyprus or monetary compensation. Therefore, they are afraid that a Greek Cypriot will burst at your door, not worth it. Of course, in the real estate market of the UK there are also problematic objects (for example, old Greek houses near the border), but we do not deal with such real estate.

In the acquisition of real estate in our company there are a number of significant advantages:

The advantages of buying real estate at the construction stage: prices are lower than market prices by an average of 15-20%, there is the possibility of phased payment, choice of finishes and the ability to make small changes to the project.

The company raises real estate prices as it builds, respectively, the closer to the end of construction, the higher the price. This is used by many of our investors who buy real estate at the zero stage of construction and resell it at the end of construction.

What you should pay attention to? Of course, on the reputation of the builder, check whether previous projects are completed, whether buyers received documents for houses and apartments. It is also necessary to check the documents for the land, permits and the project. In case of problems with at least one of the items from the purchase is better to refuse. We strongly advise you to drive through the already constructed facilities of the company and evaluate the quality of construction.

We do not have corruption, a monopoly on cement, the mandatory participation of the administration in the division of real estate built. As well as humane prices for connecting communications and building materials. Relatively cheap and affordable business loans. And the appetites of local builders in matters of profit are not sky-high.

The answer directly depends on your goals and financial capabilities. The difference in the cost of maintenance and taxes differ slightly (except with the exception of really large houses).

For life, we recommend buying a home. For investments (rental, for children, etc.) – apartments are better suited.

It is possible, but with some reservations. Most likely they will not give a bank loan to a foreigner with sources of income incomprehensible to local bankers. But there is an opportunity to take advantage of the finances of a construction company. The first installment is usually 25-30%, and the interest on the loan in the region of 7-10% per annum. Loans can be obtained for up to 15 years.

Please note that you will only receive title to the property (title deed) after you pay the last payment, which does not prevent you from using the property, renting it out and getting it on the basis of a residence permit contract. Early repayment is always welcome. Delays in payments mean heavy fines and, risks of loss of real estate. Another feature of credit sales is the guaranteed absence of discounts on such objects.With full payment in 99% of cases, you can get a discount of 5-10% of the cost, which is a pretty nice amount. By the way, with 50% payment, installments for 12-24 months are possible for 90% of the objects sold, not including secondary real estate.

To issue a property immediately for 2 people is very simple. And both of these people will be able to obtain a residence permit in Northern Cyprus. Although, in fact, to obtain a residence permit it is not necessary to purchase real estate. To do this, it is enough to show the government a contract, say, on a rental property and a sufficient amount in the account for living in Cyprus for a year.

We usually recommend to our customers that if they immediately need to make a residence permit, but don’t have money in their account, first transfer money to pay real estate to their account, get a residence permit, and then pay real estate with this money.

We don’t have any donation procedures. Everything is much simpler, one person transfers real estate titles to another person. If we are talking about the long-term prospect of transferring real estate titles from one person to another, in this case it will be necessary to pay a tax for the transfer of titles (3% is paid by the one in whose name the titles are transferred, if this is his first purchase of real estate in Northern Cyprus, and the one from whose name the titles are transferred from the first such transactions does not pay taxes at all).

And if we are talking about the possible transfer of real estate from one name to another in the next few years (1-2-3 years), it’s still easier, we will immediately plan it and you won’t have to pay any taxes. In general, we do not have a bureaucracy, everything is made very simple, the laws work clearly, the officials are very welcoming and friendly, you will like it.