Show House
Pine Tree 1 - Classic 130 m2
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| Buyers Guide |
| Buying Costs |
• All property sales transactions in Northern Cyprus are normally conducted in British Pounds Sterling.
• Purchase Tax for foreigners in North Cyprus is 3% (reduced from 6% to 3% for the first time buyers) on the nominal value of the property as assessed by the Land Registry Office (LRO). The LRO valuation is not directly related to the market value and is typically around 50% of the purchase price.
• Legal service costs are normally a fixed price of £1000 or as negotiated with your solicitor. This service includes: İ) land search, ii) drafting contract, and iii) application to Council of Ministers for permission.
• Some property purchases in Northern Cyprus may require a connection fee to the electricity and water utilities based on the cost of supply. Allow £500 but check that this is itemised in the contract.
• We can recommend several reliable lawyers that offer a complete service.
• Purchase Tax and VAT is not normally included in the purchase price. The taxes are fixed by the government valuation of the property at the final approval. This valuation usually 1/2 of the normal purchasing price.
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