NORTH CYPRUS REAL ESTATE AGENCIES
Investing in real estate in Northern Cyprus is a good idea because the prices in this region are quite low and the market is still growing. Tourism is gradually developing in the country, which means that it will continue to grow due to the fact that northern Cyprus is becoming an increasingly popular tourist destination.
It's worth noting that according to the relevant law, foreigners wishing to buy property in Northern Cyprus must apply to the Ministry of Interior for permission to purchase. It is the Ministry that gives the buyer the right to become the legal owner of the property. But to find a decent housing option, you should contact a real estate agency.
The fact is that being a foreigner, it's much more difficult to find good properties. It's especially worth paying attention to the fact that many objects are the property of residents of another part of Cyprus, which is controlled by Greece. In this connection, there is every chance of encountering scammers. In turn, real estate agencies have access to different types of properties that are completely legal.
Here are the properties you can access if you contact a real estate agency:
Villas. The island has many Mediterranean-style villas of various sizes and designs. These are the main properties of the local real estate market, which often have three to four bedrooms, a garden, a private or communal pool.
Apartments. Apartments are generally attractive to couples and retirees who are looking for a permanent or holiday home due to their value and proximity to the beach.
Real estate in a residential complex. Living in a resort complex, whether it is an apartment or a villa, can be a good experience. Various amenities are available in the residential complexes, such as gardens, bars, swimming pool, spa, seminar rooms and a gym.
Bungalows and townhouses. Ordinary low-rise buildings with a separate entrance and garden.
Here are some real estate agencies you should contact in Northern Cyprus:
Beyler & Co – is a leading private real estate agent in Northern Cyprus. The company offers a variety of real estate, both for rent and for sale. Agents can pick up objects in any area of the region.
Unwin Estates – a highly reputable real estate agency offering properties for sale and rent in Northern Cyprus. As an innovative company, Unwin Estates is constantly on the lookout for the latest real estate developments.
Marbella – is a real estate company in Marbella providing first class services for buying and selling real estate. With agents you can find your dream home - apartments, penthouses and villas are available for sale to everyone.
Communicating with realtors, you can count on assistance in the selection of housing for any purpose.
REALTORS IN NORTHERN CYPRUS
Many are interested in how much the services of a real estate agent in Cyprus cost and who pays for them? Usually real estate agents' fees are 5% + VAT, and they are paid by the real estate seller.
Realtors are ready to help you find property in popular real estate areas in North Cyprus. It's worth noting that each area in North Cyprus has its own advantages and disadvantages that will appeal to different property buyers. Some regions are more suitable for investors looking to rent out to tourists, while others are better suited for lifestyle buyers or retirees. Realtors take this into account when selecting an object and are ready to take into account all the wishes of the buyer.
Few foreign buyers know that Northern Cyprus is divided into 6 separate regions with different characteristics. The choice of properties varies depending on the region: Nicosia - in the center of the island, Kyrenia - in the north, Famagusta - in the east, Guzelyurt - in the west, Lefka - in the southwest and Iskele - in the northeast.
New residential buildings are being built at an incredible rate. Mainly along the northern coast of the Kyrenia region, with the most popular areas being Esentepe and Bahceli located immediately to the east of Kyrenia. Further to the east in neighboring settlements are Kuchuk Erenkoy and Tatlisu.
If you want to live closer to the center in a city close to most amenities, realtors have a wide range of modern apartments and villas in the center of Kyrenia, on the outskirts of the city in Çatalkoy and Alsancak. Buying a property in Northern Cyprus isn't only a great way to enjoy the sea and sun all year round, but also a smart investment that will help you multiply your investment.
If you are wondering how to choose a real estate agent, then there are a few considerations to consider. It's worth noting that the real estate agent profession is regulated in Cyprus. Regulated real estate agent fees are deductible for capital gains tax (on gains on sale) as a recognized expense. In addition, you should look for someone who has already sold real estate in the area where your house or apartment is located and who you enjoy working with.
ASSOCIATION OF REALTORS OF NORTHERN CYPRUS
The Association of Realtors of Northern Cyprus is responsible for the quality of the provision of real estate services. It's an independent organization that brings together real estate agents with many years of experience in the market. The agency, which is a member of the Turkish Cypriot Association of Agents and Developers, inspires confidence among sellers and buyers of real estate. Since 2004, with the establishment of the Turkish Cypriot Association, many companies have sought to become members of the association.
Agency professionals who are members of the Association will help you quickly and competently deal with the sale, purchase or lease of real estate. The member agency of the Association adheres to international business standards, providing an opportunity to work at a highly professional level with all types of objects.
There are many developers and real estate agents in North Cyprus, but companies that are members of the Association of Realtors have the most advantage. Whether you intend to build a house, buy land, invest in real estate, agents are always ready to help.
It's worth noting that the advantages of buying a home in North Cyprus include a growing tourism sector, low crime rate, high standard of living, friendly local people, delicious cuisine, excellent transport links and low living costs. Real estate prices in Northern Cyprus are 2-3 times lower than in the southern part of the island. The cost of objects is determined by many criteria, the most important of which are the stage of development, location, type of property and proximity to the sea.
How is the purchase of an apartment through a real estate agency in Northern Cyprus?
The purchase of real estate in Northern Cyprus by foreigners occurs according to the following algorithm:
1. The buyer chooses the property he likes, then agrees on the cost and terms of the purchase.
2. The lawyer draws up a contract, which must specify the terms of the sale: the value of the property, terms, passport details of the seller, buyer and other special conditions.
The lawyer must request all the necessary documents from the seller, on the basis of which a contract for the sale of real estate is drawn up. After agreement and approval by both parties (buyer and developer), the contract will be signed.
3. After signing the contract, the buyer must pay a fee - Stamp Duty, which is 0.5% of the contract value of the property.
4. After registration of the contract for the purchase of real estate, the buyer becomes its owner.
5. After receiving the keys to the purchased property, the buyer pays VAT in the amount of 5% of the value of the property specified in the contract.
6. In order to obtain a title deed (Koçan in Turkish) in his name, a buyer who is not a citizen of Northern Cyprus must obtain a permit to purchase real estate.
Why should I contact a real estate agency in Turkish Cyprus?
There are several reasons why you should contact real estate agents. First of all, this is necessary in order not to run into real estate owned by residents of southern Cyprus. In addition, agents will help you choose options that fully meet your budget.
Why does everyone rent apartments through an agency in Cyprus?
Experienced agency staff will find you tenants, draw up a lease agreement and take care of various disputes that may arise. The main advantage of renting an apartment through an agency is security.
What is the best way to buy an apartment through an agency or on my own?
Buying an apartment with a realtor is safer than buying your own. And selling is usually faster. As a rule, the realtor takes care of everything: when selling, he looks for buyers and shows them the apartment; when buying, he checks the property and the seller, prepares documents and helps to approve the mortgage.
What questions to ask a realtor when choosing an apartment?
Here are some basic questions to ask your realtor:
1. Do you specialize in a particular type of home?
Some agents have a lot of experience dealing with expensive luxury homes, while others may focus on more affordable starter homes. The last thing you want is a property offer that is over your budget or too small for your needs.
2. Can you provide customer references?
As with any professional you consider hiring, it's always wise to ask an agent for a few final references.
3. Is this house well priced?
Not all homes on the market ask for their exact fair market value. Some sellers overprice or even underprice their homes. Your realtor will have a good idea of property values and will be able to compile a list of similar homes. This can influence the decision of whether to accept a particular offer.
4. Do you see any potential problems?
It's easy to miss important details while walking around your home, especially if you're struck by details like the view or the modern kitchen. However, your agent looks at potential clients through a more professional lens. Their job is to notice things you might not notice and make sure you understand what you're getting into.
Who pays when buying property in North Cyprus?
Typically real estate agents' fees are 5% plus VAT and are paid by the real estate seller. If you are a real estate buyer, then you only pay an agent if you have hired a realtor to look for a home. But the commission is higher for sellers, and the commission paid to the registered real estate agent is deductible from any capital gains tax you may have to pay in connection with the sale if you make a profit. Commission paid to an unregistered real estate agent isn’t taxable.