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Everything Need To Know About Property In Cyprus-converted

Planning to buy a property in Cyprus? Consider North Cyprus because it is one of the most viable decisions. Read on for more details to ensure that your investment is safe and you are not taking any hasty steps.

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Everything Need To Know About Property In Cyprus-converted

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  1. Planning to buy a property in Cyprus? Consider North Cyprus because it is one of the most viable decisions. Read on for more details to ensure that your investment is safe and you are not taking any hasty steps. A. Buying a property in North Cyprus is a good decision because: 1. The property prices are the cheapest in the Mediterranean region. 2. The place is not as populated as many other places in the vicinity, like Spain or South Cyprus. 3. The real estate market prices are comparatively lower, but the area is fast catching up. The prices have not gone down in some time now. If this is your second home, this is the perfect place to invest overseas to let out for sub-letting. If this is your primary home, it is ideal to reside and settle down.

  2. 4. You can expect to find the perfect place in a pollution-free zone. Plus, it is the perfect opportunity to indulge in some organic farming and more. Life quality is way better and healthier comparatively, and all this at much lower expenses. B. As a foreigner, single or married, you can buy only a single property. You can also invest in 1 donum of land equal to 1,338 sq meters. Only if you are buying a Turkish title is exempt from this restriction. C. Every property you buy in North Cyprus needs to be approved by the Council of Ministry. It takes about six months for the Council to approve or otherwise. D. What are the different titles for buying property in Cyprus? There are four titles of purchase:

  3. 1. Turkish Title - It is the property owned by Turkish Cypriots in 1974 before Cyprus was divided. 2. Foreign Title - It is the property owned by a foreigner, mostly a European before the division, in 1974. 3. TRNC Title or eshdeger - This is a property provided by the government to a Turkish Cypriot who had lost their land in South Cyprus in 1974. 4. Turk Mali Degil or TDM means that this is not a Turkish Title. It comprises land that was granted to settlers in North Cyprus in 1975. Most of these lands were majorly owned by Greek Cypriots. Even though this title is risky, foreigners favored it because of the cheap prices.

  4. 5. Leasehold Title - The government gives long-term leases for 49 years of its properties. The applications for leasehold title can be made directly, or through a lawyer, or to the Minister of Tourism. E. Difference between buying a freehold property vis-a-vis a leasehold property When buying a freehold property, your application needs to go to the Interior Ministry. When buying a leasehold property, the application goes to the Tourism Ministry. F. The process Step 1 - Find the property in Cyprus. Step 2: Discuss the contract terms and involve a lawyer to draw the contract. Step 3 - Pay the advance and apply to the Council of Ministers for a permit. Sep 4 - Once the permit is granted, the seller must pay the full amount. The transfer of all rights is then completed.

  5. +44 1279 249 949 http://redlandpropertygroup.com/

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