In recent years, there has been a significant increase in demand from foreigners to buy property in North Cyprus. This is primarily because the purchase price of real estate in this country is lower than in European and neighboring countries. Additionally, North Cyprus is a tourist destination with favorable economic and living conditions, making it an attractive investment option for many people, including immigrants.
If you are interested in investing in North Cyprus real estate or buying and using a villa or an apartment for different purposes, it's important to be familiar with the rules and conditions of buying property in this country so that you can make informed decisions. One of the important things to know is the types of property deeds in North Cyprus. In this article, we will examine the types of cyprus property title deeds from different aspects and mention the conditions and costs of issuing each of them.
Types of cyprus property title deeds in North Cyprus
There are several types of cyprus property title deeds that you should be familiar with, based on the conditions and type of purchase of your property. The types of real estate documents in this country include:
Turkish ownership deeds
Since Northern Cyprus is under the supervision of Turkey, all types of real estate title deeds cyprus issued in this country are of Turkish type and are of great value. It's important to note that people originally from Northern Cyprus can get a Turkish ownership deeds. Therefore, to have a Turkish property deed, you must buy the property from a Turkish owner.
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Foreign ownership deeds
The most common type of property title deeds cyprus in NorthCyprus is the foreign ownership document intended for Europeans. It's important to know that foreign ownership deeds cyprus are as valid and valuable as Turkish ownership documents, and as a foreigner, you will not have any problems buying property with this type of deeds in this country.
Exchange ownership deeds
Exchange ownership title deeds are another type of real estate cyprus property title deeds. This type of cyprus property title deeds was introduced simultaneously with the division of Cyprus into two parts, North and South. People who lived in South Cyprus had to exchange their properties that belonged to the territory of North Cyprus with the existing properties they owned in the southern part. As a result, these ownership documents have legal value and will not cause any problems for you.
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Pending ownership deeds
As another type of cyprus property title deeds, we should mention the pending ownership document, which has an uncertain status and is not recommended for buying property. In fact, the pending property documents are not recognized by any of the parts of North and South Cyprus and therefore have little value.
TRNC title deed
TRNC title deeds were issued to war victims living in South Cyprus who lost their property during the war. These title deeds were considered as compensation equivalent to the value of lost property for people living in the southern part of Cyprus.
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Conditions for issuing all types of property deeds in North Cyprus
Currently, each foreigner can only buy one property in Northern Cyprus, and the property must be residential and have a maximum area of 5 donums (a common Turkish unit of measurement). However, under certain conditions, it's possible to buy more than one property in different sizes. You can obtain expert advice from Antalya Estate Group to be fully informed about the conditions in this case. Additionally, obtaining a license from the Council of Ministers (TRNC) is a requirement for issuing a cyprus property title deed.
Taxes to obtain a property title deed in Northern Cyprus
It's important to note that a certain tax is considered for the issuance of all types of property deeds in North Cyprus. There are also additional costs such as stamp fees and property transfer fees that you should be aware of. The value-added tax, which includes annual real estate costs along with municipal tax, is calculated at the rate of 1 lira per square meter. The document transfer tax will be 3%, and the value-added tax will be 5% of the sale price of the property.
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Get expert advice on buying property in North Cyprus
To get more complete information about the types of property deeds in North Cyprus, value-added tax, and other administrative procedures for buying property in this country, you can take full advantage of expert advice from Antalya Estate Group. They provide guidance and support during the entire process of buying a property suitable for your budget and conditions. They try to offer you the best options and assist you from start to finish.