Ah, North Cyprus! With its pristine beaches, awe-inspiring historical wonders, and the irresistible allure of the Mediterranean, it’s no wonder the area is becoming the darling of property enthusiasts and sun-seekers alike. Tucked in this gem are districts like Kyrenia, Famagusta, and Iskele, each with its own distinct charm. Let’s examine North Cyprus’s property market as it exists today!
But first, a bit of background for the uninitiated.
A Glimpse into North Cyprus
- Venetian Period (1489-1571): The Venetians took control of Cyprus from the Lusignan dynasty. During this time, many fortifications, including the famous walls of Nicosia, were built as defence against an anticipated Ottoman attack.
- Ottoman Period (1571-1878): The Ottomans seized Cyprus from the Venetians and introduced administrative reforms, land adjustments, and brought in settlers from Anatolia. The island enjoyed relative peace under Ottoman rule.
- British Colony (1878-1960): Initially acquired as a result of a defensive agreement with the Ottomans against Russia, Cyprus became a fully-fledged British colony in 1925. The period saw infrastructural developments but also gave rise to nationalistic sentiments among the Cypriot Greeks.
- Independence and Intercommunal Strife (1960-1974): Cyprus gained its independence in 1960. However, tensions between the Greek Cypriots and Turkish Cypriots escalated, leading to intercommunal violence, which was aggravated by external interventions from both Greece and Turkey.
- Division and the Modern Era (1974-Present): A coup backed by the Greek junta in 1974 seeking to annex Cyprus to Greece was followed by a Turkish military intervention. The island was effectively partitioned, leading to the creation of the Turkish Republic of Northern Cyprus in the north in 1983. While tensions and negotiations have continued since, Cyprus remains a place of diverse cultural heritage and historical significance.
Why North Cyprus, You Ask?
If you’re considering taking the plunge into overseas property, North Cyprus’s property market might be the one you are looking for. Here’s why:
- Economic Strength: This region’s got an economy on the up-and-up, especially with its tourism sector booming.
- Pocket-Friendly Prices: You’ll often find properties here with more attractive tags than the southern counterpart. More bang for your buck, we say!
- A Burst of New Developments: From swanky resorts to cosy apartments, the landscape is brimming with choices.
A Word on Legalities
Alright, let’s touch on the nitty-gritty. Property laws here have had their share of evolution. There’s been a bit of a shakeup in the past, but now things are more streamlined and foreigner-friendly. If you’re diving into property here, you’ll mostly come across these land ownership categories:
Types of Deeds Available in TRNC:
- Pre-1974 Foreign Deeds: Lands owned by foreign nationals, predominantly British expatriates, verified and registered under the Cypriot Land Registry before the events of 1974.
- Pre-1974 Turkish Title: Lands that were owned by Turkish Cypriots before 1974. Ownership of properties under this title is widely recognised and considered secure.
- TRNC Deeds: These are post-1974 deeds approved by the Turkish Cypriot authorities. Within this category:
- Exchange Deeds (Takas): These titles were issued to Turkish Cypriots in exchange for properties they left in the South. They have undergone legal scrutiny and are widely accepted for transactions.
- Gift Deeds (Hibe): These deeds were granted as gifts to individuals, usually in recognition of governmental or military services. As a category, they might carry certain restrictions and specificities, so it’s essential to approach them with careful due diligence.
There are also some laws on foreign property ownership in the TRNC which you should be aware of, but don’t worry – we can advise further and recommend you suitable legal advice to assist with these issues from a list of lawyers here on the island.
Laws on Foreign Property Ownership in the TRNC:
- Eligibility: Foreign nationals are eligible to purchase property in the TRNC, but there are restrictions on the quantity and size of the properties.
- Quantity Restriction: A foreign individual can own only one property. This limitation applies whether it’s a plot of land, an apartment, or a house.
- Size Limitation: The maximum land size a foreigner can own is approximately one donum, which is about 1,338 square metres.
- Permission to Purchase: After deciding on a property, foreigners need to obtain the “Permission to Purchase” from the Council of Ministers. The procedure involves background checks, and the approval can take several months to over a year. However, during this time, the property can still be occupied or rented out.
- Residency Status: Ownership of a property in the TRNC does not grant automatic residency. Foreign property owners should apply separately for residency if they wish to stay for an extended period.
- Transfer of Title Deeds: After receiving the Permission to Purchase and settling all payments, the title deed (‘kocan’) can be transferred to the foreign buyer’s name, making them the official owner.
- Local Legal Advice: Due to the complexities and specificities of TRNC property laws, it’s highly recommended that foreign buyers seek advice from local legal professionals before finalising any property transaction.
Spotlight on Investment Hotspots
Kyrenia (Girne)
Ah, Kyrenia! This district, with its vintage Venetian harbour and age-old fort, is North Cyprus’s tourism crown jewel. Those harbour views, especially at sunset, are something to write home about!
Famagusta
Another district catching the limelight, Famagusta’s beaches are the stuff of postcards. A delightful mix of the old and the new, it’s perfect for those dreamy beachside villas.
Iskele
Iskele’s on the rise, friends. This district is renowned for its expansive beaches and a surge in modern residential developments.
Visit our website for a closer look at the smorgasbord of options – from off-plan projects to spanking new properties and charming resales. Dive deeper into our off-plan projects here.
FAQs To Get You Started
Kyrenia, or Girne, is a tourism hub known for its picturesque Venetian harbour and rich history, making it a prime spot for real estate.
Absolutely! North Cyprus’s property market typically offers more competitive property prices, especially when compared to its southern counterpart.
The laws have evolved over time and are now quite favourable for foreign investors. Always good to do your research or consult an expert, though!
Oh, most certainly! Apart from the ones we’ve highlighted, we’ve got a vast portfolio of off-plan, completed new projects, and resale properties. Dive right in!
Feel free to book a free online consultation with our friendly property investment consultants. They’re here to help!
Wrapping Up
North Cyprus, with its blend of old-world charm and new-age appeal, promises a real estate experience like no other. From its enchanting districts to the range of properties, there’s something for every kind of investor. And with the right insights and a dash of adventure, your North Cyprus property dream can turn into a delightful reality! Cheers to that! 🥂