Our Position in the Real Estate Market in Northern Cyprus
At North Forte Real Estate, we hold a unique position in the real estate market of Northern Cyprus. With our professional approach, local knowledge, and customer-centric service, we have become one of the most trusted and preferred real estate companies in the region.
The extensive portfolio we offer to our clients provides a wide range of options to meet various real estate needs. With expertise in different areas such as residential, commercial properties, land, and rental properties, our specialized team strives to meet the specific requirements of each customer.
Our position in the real estate market of Northern Cyprus is strengthened not only by our extensive portfolio but also by our deep understanding of the local market. We keep track of current trends in the market and provide our clients with the most accurate information and advice, enabling them to make informed decisions.
At North Forte Real Estate, customer satisfaction is always our top priority. We provide personalized and attentive service to each of our clients, making efforts to understand their needs and meet their expectations. We aim to earn the trust of our clients and establish long-term relationships.
Our position in the real estate market of Northern Cyprus is solidified by our experience in the industry and customer-centric approach. As a growing and evolving company, we remain committed to providing the best service to our clients and being there to meet their real estate needs.
At North Forte Real Estate, we are determined to maintain our leadership position in the real estate sector of Northern Cyprus and continue to add value to our clients. By working with us, you can be sure that you have found the right address to meet your real estate needs.
Services Offered by North Forte Real Estate
At North Forte Real Estate, we offer comprehensive services to meet the real estate needs of Northern Cyprus. With a team specialized in various areas, we aim to provide our clients with the best experience and meet their requirements effectively. Our services include:
Real Estate Consultancy: We work with experienced real estate consultants to understand our clients' expectations and help them find the most suitable property. Whether it's residential, commercial, land, or rental properties, we assist our clients in finding what meets their needs.
Investment Consultancy: For clients interested in real estate investment in Northern Cyprus, we provide expert guidance. Conducting market analysis, we identify the most profitable investment opportunities and help optimize our clients' investment portfolios.
Sales and Leasing Services: When our clients want to sell or lease their properties, we support them with effective marketing strategies. Using accurate pricing and advertising techniques, we ensure our clients sell or lease their properties quickly and profitably.
Legal Consultancy: Real estate transactions can involve complex legal processes. We provide legal consultancy to our clients by collaborating with expert lawyers according to their needs. This ensures our clients complete their transactions safely.
Purchase Services: When our clients find properties that meet their criteria, we accompany them through the purchase process. We provide professional support in price negotiations, contract preparation, and utility arrangements, ensuring our clients complete their purchase smoothly.
At North Forte Real Estate, we are committed to providing personalized and tailored services to our clients. We understand the unique needs of each client and strive to offer them the best solutions. By reaching out to us for your real estate needs, you can be sure of receiving reliable and professional service.
Northern Cyprus has become an attractive destination for both real estate investors and holidaymakers in recent years. Especially the real estate opportunities for sale, rental properties, and high-yield investments in the Turkish Republic of Northern Cyprus are drawing investors. Compared to many European countries, the real estate market in Northern Cyprus offers higher return rates and shorter depreciation periods. In this article, we will explore the advantages of real estate investments in Northern Cyprus and the opportunities they present for investors.
Northern Cyprus has been drawing attention with its increasing tourism, construction projects, and international investor interest. The Cyprus real estate market, especially in areas like Kyrenia, Nicosia, and Famagusta, is rapidly growing, offering great opportunities for investors looking to purchase properties for sale, villas, and commercial real estate.
One of the greatest advantages of the Northern Cyprus real estate market compared to European markets is its high rental yield and short depreciation periods. On average, properties in Northern Cyprus can offer returns in 10 to 17 years, which presents a particularly attractive opportunity for investors as they can see returns relatively quickly.
For example, villas for sale or rental apartments in Kyrenia offer high rental income in the short term. Additionally, the long tourism season helps increase rental incomes, reducing depreciation periods.
Investing in Northern Cyprus real estate is considerably more affordable than in many European countries. In major cities in Europe, property prices have been rapidly increasing, and the costs of investments providing high returns are significantly high. On the other hand, Northern Cyprus real estate is offered at much more accessible prices, but still provides high return potential.
For example, apartments for sale and villa investments in Cyprus are available at much lower prices compared to similar properties in Europe. Also, rental incomes have seen higher growth rates than many European markets. This allows investors to achieve substantial profits in a shorter time frame.
Northern Cyprus offers properties for sale, high rental yields, and profitable investment opportunities for investors. The high rental income, short depreciation periods, and low investment costs make Northern Cyprus highly advantageous compared to real estate markets in Europe. By investing in Northern Cyprus, you can secure your future.
If you are considering real estate investment in Northern Cyprus, North Forte Estate can provide you with detailed information on the best apartments for sale, villas, and land opportunities. Visit our website to learn more and guide your investments in the right direction. www.northforteestate.com
1. Drafting the Sale Agreement
Begin by signing a sale agreement between the buyer and the seller. This document should detail the property specifications, sale price, payment terms, and obligations of both parties.
2. Stamp Duty Procedure
After the sale agreement is signed, it must be submitted to the Tax Department for stamp duty (also known as "pullatma"). This process formalizes the agreement and is necessary for the subsequent application for property acquisition permission.
3. Application for Property Acquisition Permit
Once the stamp duty is processed, submit an application to the Ministry of the Interior for a property acquisition permit. The application should include:
Identification details of both the buyer and seller
The sale agreement
General information about the property
After submission, wait for the approval of the acquisition permit.
4. Payment of Taxes and Fees
Upon receiving the acquisition permit, all applicable taxes and fees must be paid within 75 business days. These include:
Stamp Duty: Paid to the Tax Department
Property Transfer Tax: Paid to the Land Registry Office
Value Added Tax (VAT): If applicable, paid to the Tax Department
5. Title Deed Transfer
After all taxes and fees are paid, the title deed transfer is completed at the Land Registry Office, officially transferring ownership to the buyer.
Property Ownership Limits and Investment Permits
Residential Units:
Turkish Citizens: Up to 6 units
Foreign Nationals: Up to 3 units
Villas or Detached Two-Storey Houses:
Turkish Citizens: Up to 3 units
Foreign Nationals: Up to 2 units
Land Acquisition:
Maximum area: 1,338 m²
Only 1 residential unit can be built on the land
For investments in tourism, education, health, industry, agriculture, technology, or R&D sectors (excluding "build-sell" projects), a special investment permit is required. The minimum investment amount for such permits is €10,000,000.
Taxes Payable When Purchasing Real Estate in TRNC
When purchasing real estate in the Turkish Republic of Northern Cyprus (TRNC), both buyers and sellers must comply with various tax and fee obligations. Here are the main taxes to be aware of during the process:
Value Added Tax (VAT)
VAT is generally paid by the buyer at a standard rate of 5%.
However, if the seller is not a professional company and the transaction involves second-hand land or residential property, no VAT is charged.
Title Deed Transfer Fee
The transfer fee is usually paid by the buyer.
For foreign nationals, the transfer fee is 9% of the purchase price on the first acquisition.
For Turkish nationals:
6% transfer fee on the first acquisition
8% transfer fee on the second and third acquisitions
Withholding Tax
Withholding tax is generally paid by the seller.
If the seller is a professional company, the rate is 4%.
If the seller is an amateur, the rate is reduced to 2.8%.
Amateur sellers can be exempted from withholding tax once in their lifetime.
Stamp Duty
When purchasing a property in a project with a deferred delivery date, the sale contract is registered with the Land Registry Office.
In this case, stamp duty is paid at a rate of 0.5% of the sale price.
This legally records the buyer’s ownership rights.
Taxes on Transfers by Gift
Different tax rates apply for property transfers by gift:
0.2% for gifts from parents to children
0.4% for gifts between spouses
0.4% for gifts from grandparents to grandchildren
Additionally, withholding tax must be paid to the tax office on gift transfers.
Residence in the Turkish Republic of Northern Cyprus (TRNC)
Since European Union laws and regulations are not applied in the TRNC, EU citizens do not have the right to reside or work in the TRNC. Those who wish to obtain a residence permit should follow the steps below:
Original passport and a copy
Title deed (original) and copy if property is owned, or original sales contract and copy
Original tenancy agreement and copy, if renting
A letter from the local mukhtar for residence proof
Bank documents showing regular income to sustain living in the TRNC (this requirement has been removed as per the new rules, see below for details)
2 passport photos
Required amount of stamp duty (e.g., 6 TL, amount may vary)
Apply to the immigration department of the local police station with the above documents.
After application, candidates are referred to Nicosia State Hospital or authorized health clinics for a health test.
Contagious diseases such as HIV, hepatitis, and tuberculosis are checked.
With health test results, applicants complete their residence permit application at the immigration office.
The residence permit allows living in the TRNC but does not grant the right to work or start a business.
The residence permit is generally valid for 1 year and must be renewed annually.
Hospital control is not repeated during renewal.
Turkish citizens or foreigners who purchase a house or land in the TRNC and obtain the title deed can apply for a residence permit for up to five (5) years.
Previous Requirements: Applicants were required to have a bank balance of at least 30,000 USD and a regular income declaration.
Revised Requirements: Financial adequacy requirements have been completely removed.
Clarification: For buyers who have not yet obtained the title deed but whose sales contracts have been registered with the Tax Office, the residence permit period is limited to two (2) years. In this case, applicants must present a bank deposit and rental agreement.
Residence permits are not required for children under 18, only for adults.
Different procedures apply for obtaining TRNC citizenship.
Types of Title Deeds in Northern Cyprus
Turkish Title Deed (Türk Tapu):
Title deeds issued for properties built on land owned by Turkish Cypriots before 1974. These deeds document properties belonging to the Turkish community in Cyprus prior to the division of the island.
Equivalent Title Deed (Eşdeğer Tapu):
Title deeds issued for properties built on land previously owned by Greek Cypriots, with the equivalent in southern Cyprus. These deeds facilitate the documentation of properties located on land retained by Turkish Cypriots after the division of Cyprus.
Allocation Title Deed (Tahsis Tapu):
Title deeds issued free of charge for properties built on land allocated to mujahideen, families of martyrs, and individuals invited from the Republic of Turkey after the peace operation. These deeds document properties provided to individuals who were displaced or migrated after the war in Cyprus, aiming to support them.
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