Who is authorized to conduct real estate transactions in North Cyprus?

Author of the article:

Anastasia

Northern Cyprus
Real Estate Specialist

Date:  14.04.2024

Reading time: 7 min.

Views:  407

In this article we will take a closer look at the issues surrounding the right to conduct real estate transactions in Northern Cyprus. This information will be particularly useful for potential investors and property buyers looking for investment opportunities and relocation to this picturesque region.

Real estate legislation in North Cyprus

Real estate transactions in North Cyprus are governed by local legislation, which stipulates certain requirements and conditions. It is important to note that real estate in North Cyprus is divided into free zones, military base zones and others, which affects the possibilities of acquisition and use of property.

Free zones are areas where foreign nationals can freely acquire real estate. In military base zones and some other special zones, acquisition of real estate by foreigners may be restricted or prohibited.

It is also important to take into account that in North Cyprus operates a system of "right of first refusal", according to which the purchase of real estate from the first owner (usually a construction company) the buyer receives more reliable guarantees of legal purity of the transaction.

All real estate transactions must be registered with the North Cyprus Cadastral Office. The buyer is required to pay a government fee, the amount of which depends on the value of the property.

In general, the legislation on real estate in North Cyprus is aimed at protecting the rights and interests of all parties to the transaction, but requires from buyers knowledge of the peculiarities of local law and careful attitude to the process of the transaction.

Citizenship and residency

Acquiring citizenship or residency in North Cyprus opens up additional opportunities for real estate transactions. Holders of citizenship or residency have the right to purchase real estate without restrictions, while foreigners are subject to certain restrictions.

Citizenship of Northern Cyprus can be obtained in several ways, including investment in the country's economy, marriage to a Northern Cypriot citizen, or birth to Northern Cypriot citizen parents.

Residency, on the other hand, can be obtained by settling in North Cyprus on a permanent basis. This includes working, studying or simply living in the country for a certain period of time.

It is important to note that acquiring citizenship or residency may require certain conditions and verification procedures. In addition, even after acquiring citizenship or residency, property owners must comply with all local laws and regulations.

Either way, acquiring citizenship or residency in Northern Cyprus offers many benefits, including the opportunity to own real estate, access to local services and the chance to live in one of the most beautiful regions of the Mediterranean.

Types of real estate transactions and participants

Transactions with real estate in North Cyprus are varied and may include:

• Buying and selling: This type of real estate transaction is most common in Northern Cyprus. In this type of transaction, the seller transfers the ownership of the property to the buyer in exchange for monetary compensation. Both parties must clearly comply with the terms of the sale and purchase agreement, which must be registered with the relevant state authority.
• Rentals: Renting a property in North Cyprus is also popular, especially among tourists and international students. A property owner (landlord) grants the right to use his property to another party (tenant) for a certain fee. The terms and conditions of the lease are fixed in the lease agreement.
• Mortgage: A mortgage transaction involves pledging real estate to secure repayment of a loan or credit. It is important to remember that in case of default under the loan agreement, the pledged property may be sold to cover the debt.

ARKADIA

From £105,296

Bogaz, Northern Cyprus

Vavilia Serenity

From £370,000

Karshiyaka, Kyrenia, Northern Cyprus

The Reverie

From £ 125,000

Esentepe, Northern Cyprus

Class 8

From £71,900

Famagusta, Northern Cyprus

Sakarya 3

From £99,500

Famagusta, Northern Cyprus

Aventus Residence

From £98,595

Iskele, Northern Cyprus

All these types of real estate transactions in North Cyprus are governed by the relevant laws and require certain procedures and conditions to be complied with.

The parties to a transaction can be a variety of parties including sellers, buyers, real estate agents and legal entities. Each of the parties has certain rights and obligations that are governed by the real estate laws in North Cyprus. For example, sellers are obliged to provide accurate information about the property and buyers are obliged to pay the agreed amount in a timely manner.

It is important to note that real estate agents play an important role in real estate transactions by helping the parties find each other, negotiate the terms of the transaction and ensure that all legal requirements are met. Legal entities such as law firms and consulting companies can provide legal support and advice on matters related to real estate transactions.

Restrictions and prohibitions

There are certain restrictions and prohibitions on real estate transactions in Northern Cyprus. For example, foreign nationals may purchase only one residential property and only after obtaining a special permit from the government. This permit is issued after verifying that the buyer meets certain requirements, including financial reliability and lack of criminal record.

There are also restrictions on buying land in certain areas, including military base areas. These areas are usually closed to foreign buyers for national security reasons. In addition, foreign buyers cannot purchase land in areas in close proximity to the sea or historical monuments.

It is important to remember that violating these restrictions can result in serious legal consequences, including asset forfeiture and fines. Therefore, before purchasing real estate in North Cyprus It is necessary to scrutinize all the details and consult with reliable legal advisors.

Practical tips and tricks

When planning a real estate transaction in North Cyprus, it is important to pay attention to the following recommendations:

1. Research the real estate laws in North Cyprus and make sure you understand all the requirements and restrictions. This will help you avoid unpleasant surprises in the future.
2. When seeking the services of real estate agents or legal advisors, choose only trusted professionals with a good reputation. Their experience and knowledge will help you make a favorable and safe transaction.
3. Be careful when reading contracts and other documents related to the transaction. Do not hesitate to ask questions and ask for clarification. Any ambiguities may lead to misunderstandings and conflicts in the future.
4. Conduct a detailed analysis of the real estate market in North Cyprus. This will help you understand which types of property and in which areas are most sought after and therefore most profitable for investment.
5. Consider your long-term plans and goals. If you plan to live in North Cyprus for a long time or even move there permanently, you should consider buying a property rather than renting.

By following these tips, you can avoid many of the problems and risks associated with buying real estate in North Cyprusand make the process as convenient and safe as possible.

Dealing with real estate transactions in North Cyprus can be a complex process, requiring knowledge of local legislation and an understanding of the specifics of the market. However, with the right approach and compliance, it can be a great opportunity to invest or relocate to this beautiful region.

We strongly recommend that you familiarize yourself with the legislation and carefully approach the process of real estate transactions in North Cyprus. Do not forget to consult professional agents and legal advisors to help you avoid problems and minimize risks.

If you have any questions or need more information, you are always welcome to contact us. We will be happy to help you make a successful transaction and enjoy all the benefits of owning a property in North Cyprus!