North Cyprus properties for sale from leading English owned North Cyprus Estate Agents
Welcome to the website of The Homebuyers Estate Agency, English owned North Cyprus Estate Agents with strong links to the beautiful, sun drenched Island of Cyprus. This website is your window to a large and varied choice of North Cyprus properties for sale. We have on our books a wide selection of North Cyprus villas and North Cyprus apartments. Did you know Property in Northern Cyprus is currently cheaper than on any of the other Mediterranean Islands. As the prices of both villas and apartments are so competitive, now is a great time to think of investing in property in North Cyprus.
We are officially registered North Cyprus Estate Agents with an excellent selection of North Cyprus villas. Did you know that it is possible to purchase a villa in North Cyprus in its own grounds with a swimming pool for less than £100,000? When you browse around this website you will find North Cyprus properties for sale at prices that represent outstanding value for money.
There are some North Cyprus apartments that cost as little as £35,000. Of course this would only be a studio flat; however, properties in North Cyprus such as a 3 bedroom penthouse with commanding views of the sea can currently be bought for less than £70,000. So if you ever wanted a place in the sun but thought you could not afford it then think again. An apartment in North Cyprus is more easily affordable than you imagined.
North Cyprus Property market overview
North Cyprus is the most beautiful part of Cyprus; it has miles of unspoilt sandy beaches and breath taking mountain views. North Cyprus is Spain 30 to 40 years ago. Anyone buying now is getting into the Northern Cyprus Property market in its early stages. These properties in North Cyprus are so cheap at the moment, that if you compare the price of North Cyprus property with that in South Cyprus, you find that properties sometimes only a few miles apart; one on the South side of Cyprus and the other on the North Cyprus side have a price differential of 3 or 4 fold. Yes, that is correct; at the moment property in North Cyprus is 3 to 4 times cheaper than property in South Cyprus. This is even more surprising when you realise that EU citizens can travel freely around any part of Cyprus, this means you can fly direct to Cyprus and stay or live in North Cyprus.
The big question is, how has this situation arisen? The answer is not a simple one, but continue reading and you will learn all the facts. Once you know them and can find your way through the propaganda maze you will realize that buying North Cyprus property represents a once in a lifetime opportunity to have a home on a beautiful Mediterranean Island and watch your home suddenly jump in price at some time in the future. So what follows is why North Cyprus property is so cheap.
Why North Cyprus Property is cheap - You cannot fly direct to North Cyprus
Well this is true, at present there are no direct flights to North Cyprus from UK. However, you can fly to Turkey, land, wait on the airplane for 30 – 45 minutes and then continue your journey to Ercan, North Cyprus. This adds about 90 minutes onto the flight time. You can however fly direct to Cyprus via Larnaca or Pathos on the South side and as you can pass freely through any of the checkpoints between North and South Cyprus it in practice means that you can fly direct to North Cyprus. You should also know that companies like Monarch and flyglobespan have recently introduced cheap flights to Larnaca
Why Property in North Cyprus is cheap – The Northern Cyprus property market is in its early stages.
In order to understand why North Cyprus property is so cheap it is important to understand how early in the property cycle we are. In 1974 the Island was divided into North and South Cyprus. In 2000 as South Cyprus time to join the EU was approaching they started to hold reunification talks. As the possibility of a solution drew closer, there was an increase in the number of people buying property in North Cyprus. Between 1974 and 2001 only a few hundred UK citizens per year bought Northern Cyprus Properties. After 2001 the numbers increased to about 1,000 to 1,500 per annum and because of the opening of the checkpoints has remained at this number ever since (there are about 20,000 foreign citizens that currently own property in North Cyprus). So you can say that the North Cyprus property market is 6 years old.
Why North Cyprus Property is cheap - Who owns the land in North Cyprus and propaganda?
When the Island was divided into the South (Greek side) and the North (Turkish Side) Greek Cypriots lost their land on the North side and Turkish Cypriots lost their land on the South side.
It is now evident to everyone involved in resolving the Cyprus problem that there will in the future be separate Turkish Cypriot and Greek Cypriot states. This has given a boost to the Turkish Cypriot (North Cyprus) side and it has removed most of the question marks previously hanging over land ownership in Northern Cyprus. There is now a common belief that if the land in North Cyprus has a dwelling built on it then it will remain in the hands of the new owners. This is one of the reasons why there is a building boom at the moment.
However, there are some properties you should be very cautious about buying. Do not buy an old Greek Cypriot house that was built before 1974, if anything is going to go back to the original Greek Cypriot owner these houses will be on top of the list. There are some areas close to the dividing line between the South and North Cyprus that will be given back to the Greek Cypriots, do not buy in these areas. Also if you do buy land do not wait to long before building, as some of the empty land may be returned to the previous Greek Cypriot owners.
Remember when you land at Larnaca airport on the South side as you step off the airplane you are setting foot on what was previously Turkish Cypriot Land, and that land is not going to be given back.
It is propaganda surrounding the land issue that is keeping property prices down in North Cyprus.
Why North Cyprus Property is cheap – There are no mortgages in North Cyprus
Sorry to report that there is no official system for mortgages in North Cyprus, this is one of the reasons the price of property in North Cyprus is so cheap. Some of the developers offer a "mortgage" but in reality what it means is that you are paying money to the developer as interest rather than a final payment on handing over the keys. You then have a longish period of time in which to pay the developer the outstanding amount. This is of course done by the developer to increase sales. There is one very important point to remember about this type of “developer mortgage” the developer will not sign over the deeds into your name until the “mortgage” has been fully paid up. So you could potentially be asking the developer in 10 years time to sign over the deeds. This could cause all sorts of legal and tax problems. You should also bare in mind that if for any reasons you have a problem with the developer or build quality of the property then with the builder holding the deeds you are in a very weak position. Our overall advice is to tread very cautiously with such “mortgage” offers.
Expenses when buying property in North Cyprus
To purchase a property in North Cyprus you have to pay a 0.5% tax on the value of the property at the time of signing the contract in order to register the sale. It is essential this is done in order to safeguard your interests.
• On hand over of deeds, when you have your permission to buy, usually 6 to 9 months later you pay 5% VAT only one new properties and 3% purchase tax on all properties.
• There is an annual property tax depending on size of property, about £100 to £150.
• Solicitors cost for the purchase procedure are in the region of £1,250 to £1,350.
We hope this information helps you. Of course there are many other factors to consider before purchasing property in North Cyprus, so please contact the owner of The Homebuyers Estate Agency by e-mail:
at Homebuyers Estate Agency, and he will be happy to share his experience with you.