All about: Northern Cyprus property investments

Property investments are a risky business. Deciding whether to invest in a property for profit will be one of the hardest decisions you will probably make. This article provides a guide on whether Northern Cyprus property investments are worthwhile your money.

Northern Cyprus

North Cyprus
Northern Cyprus or North Cyprus is officially the Turkish Republic of Northern Cyprus (TRNC)
Tensions between the Greek Cypriot and Turkish Cypriot populations culminated in 1974 with a coup d'état, an attempt to annex the island to Greece and a military invasion by Turkey in response. All these factors resulted in a partitioning of the island, upon which it is dependent for economic, political and military support. The rest of the international community, including the United Nations and the de jure sovereignty of the Republic of Cyprus over the entire island. Tourism
However, regardless of this, tourism has increased throughout Greece and Cyprus making property values all that more expensive. Due to the decline in the economy, the property market has also been on a decline making property values smaller, easier and cheaper to buy.

Property guide

Real estate in Cyprus
Buying property in Northern Cyprus is a comparatively simple process, but as with any purchase in unfamiliar territory, foreigners are strongly advised to use and seek a professional lawyer. Foreigners wishing to purchase in Northern Cyprus are limited to only one property per person or married couple. Alternatively, however, up to one donum of land (1,338sq meters/14,400 sq.ft). This restriction does not apply when buying foreign or Turkish Titles. All purchases are subject to permission from the Council of Ministry, which can take about six months to complete. Land and property is sold under different forms of title: -Turkish title
-Foreign title
-TRNC title
-Leasehold title
-Freehold property
-Leasehold property The estimate of the expenses to buy a new property can be detailed as follows: -Deposit: 10-20% of purchase price (in most cases) followed by stage payment on development.
-Solicitor's fee: £1,000
-Stamp duty: 3
% -Approximate for electricity and water connection: £200 - £600
-Council tax: 1
% -VAT: 5
% -Approximate for annual property tax: £15
- Water charges can vary considerably, depending on size and location of property, and whether usage is general or excessive for pool and irrigation system and so on. However, a standard charge would be about £10 bi-monthly.
- Note: Electricity - payable monthly average standard £25 summer, £50 summer. Conclusion: Your property It is always best advised to seek a property with an initial evaluation, then compare this value to how much it requires to be redesigned and the resell price. This will show whether your property investment is worthwhile.