Hello, dear property and adventure seekers in Northern Cyprus! Today we, a team of real estate experts, will tell you what you really should pay attention to when buying your future home or apartment on this sunny island. Let's dive into the world of numbers, but let's do it in a fun and relaxed way!
What is the cost of a dream?
First, to the point: “How much does it cost to buy my dream home in Northern Cyprus?” - you ask. The answer, like any good riddle, depends on many factors. If you're dreaming of a sea view villa in Kyrenia, be prepared to fork out upwards of £150,000. At the same time, a cozy apartment away from the coast can cost you up to £80,000. And yes, don't forget about the annual increase in real estate prices, which makes our wallets cry silently at night.
Pitfalls in the sea of expenses
In addition to the purchase itself, you will encounter various pitfalls along the way in the form of additional expenses:
- VAT on new builds sounds like a gimmick, but it's actually only 5% of the cost of your new home.
- A stamp fee of 0.5% sounds innocent, but multiply it by the cost of a villa by the sea!
- The title transfer fee is where the surprise comes in! 6% of the cost, although there is a possibility of reduction to 3% if you meet certain conditions.
- Annual land tax and utility bills - these points will make you think about starting your own vegetable garden.
Lawyer: Your Legal Hogwarts
Don't forget about legal fees . Think of the lawyer as a Hogwarts professor who, for a fee of £1,200 to £1,500, is willing to teach your contract some magical maneuvers around the legal pitfalls.
Hidden spending gems
What about furniture and household appliances ? Unless you want to end up in your new home with no chair and a saucepan for a hat, expect to shell out between £1,000 and £3,000 or more to furnish your new property with everything you need.
Visa to Paradise: Not Just for James Bond
And, of course, do not forget about the visa and residence permit . To stay in Northern Cyprus longer than your visa allows, you will have to run a little around the authorities and, perhaps, spend additional money on the services of a legal consultant.
Conclusion: Ready for an adventure?
Buying property in North Cyprus is not just a transaction, it is the start of your new exciting adventure. It is important to be prepared for various expenses and prepare for them in advance. But don't worry, because with us, your faithful companions, you can get through it all with a smile and optimism. Subscribe to our newsletter to receive more useful information about the real estate market in Northern Cyprus, and see you next time!
We hope this guide has helped you better understand what costs you expect when buying property in Northern Cyprus. For more detailed information and consultations, we are always at your service!
