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.
Guide to Buying Property in Northern Cyprus (KKTC)
If you're considering buying property in the Turkish Republic of Northern Cyprus (KKTC), the process can be complex. Here's what you need to know about the purchasing procedure and taxes:
Purchasing Procedure:
The process of buying property is subject to the legal regulations of Northern Cyprus. The basic steps include:
Research and Inspection: Research the property you're interested in and check the title deeds. At this stage, you may also seek assistance from a lawyer.
Sales Contract: A sales contract is prepared between the buyer and the seller. This contract includes details of the property, the price, and payment terms.
Title Deed Transfer: After signing the sales contract, the title deed transfer process is conducted. The title deed is registered in the name of the buyer at the Land Registry Office.
Taxes:
Taxes related to property purchase include:
Capital Gains Tax: Typically paid by the seller and applied at a rate of 4% based on the sale price.
VAT (Value Added Tax): Applied at a rate of 5% depending on the value of the property. It can vary depending on whether the sale is subject to VAT or not.
Transfer Fee: Typically paid by the buyer and ranges from 3% to 6% of the property value.
Stamp Duty: Calculated on the contract amount and usually paid by the buyer. Applied at a rate of 0.5%.
Legal Services:
A lawyer can guide you through the property purchase process and protect your interests. Legal services may include:
Reviewing title deeds and documents
Preparing and reviewing the sales contract
Following up on the title deed transfer process
Frequently Asked Questions:
Can Non-Citizens of KKTC Buy Two Properties? Yes, but a separate purchase permit may be required for each property.
Can My Spouse and I Each Buy a Property? No, you're considered one household, and existing property restrictions limit one property per household.
Can I Sell My Property Before Obtaining a Purchase Permit? This depends on the contract. Consult your lawyer to determine if you have the authority to sell the property without a purchase permit.
Buying property in Northern Cyprus can be complex, but you can simplify the process with professional assistance. Reach out to us for more information or assistance.
Value Added Tax (VAT): This tax is generally paid by the buyer and is standardly at a rate of 5%. However, in cases where the seller is not a professional firm, VAT is not paid for second-hand land and housing purchases.
Title Deed Fee: The title deed fee is generally paid by the buyer and is standardly 6% of the sales price. However, an amateur buyer can pay a discounted rate of 3% as a one-time transaction in their lifetime. For subsequent purchases, tax is paid at a rate of 6% based on the approved price by the land registry office.
Withholding Tax: This tax is generally paid by the seller. If the seller is a professional firm, the tax rate is 4%, but if the seller is an amateur, the tax rate decreases to 2.8%. Amateur sellers can be exempt from this tax once in their lifetime.
Stamp Duty: When purchasing a property from a project with future delivery, the sales contract is registered with the land registry office and stamp duty tax is paid at a rate of 0.5% of the sales price stated in the contract. This way, the buyer's property rights are legally recorded.
Different tax applications exist for transfers made through donations. For example, the tax rate is 0.2% for transfers from parents to children, 0.4% for transfers between spouses, and 0.4% for transfers from grandparents to grandchildren, and withholding tax is also paid to the tax authority.
Residency in the Turkish Republic of Northern Cyprus (KKTC)
Due to the non-application of European Union laws and regulations in the Turkish Republic of Northern Cyprus (KKTC), EU citizens do not have the right to reside and work in KKTC. Those wishing to obtain residency permits should follow the steps below:
Required Documents for Application:
Original passport and photocopy
Title deed (original) and photocopy or sales contract (original) and photocopy, if applicable
Rental agreement (original) and photocopy, if renting
Letter from the local muhtar for the residence certificate
Bank documents showing regular income to support living in KKTC
2 passport-sized photographs
Required amount of stamp duty (e.g., around 6 TL, amount may vary)
Application Process:
Submit the above documents to the immigration department of the local police station.
After application, applicants are referred to Lefkoşa State Hospital or authorized health clinics for a health test.
Tests for contagious diseases such as HIV, hepatitis, tuberculosis, etc., are conducted.
Upon receiving the health test results, applicants proceed to the immigration office to complete the residency permit application.
Residency Permit and Validity Period:
The residency permit allows living in KKTC but does not grant the right to work or establish a business.
Residency permits are typically valid for 1 year and must be renewed annually.
During the renewal process, hospital checks are not repeated.
Important Points:
Residency permits are not required for children under 18 years old; they are only applicable to adults.
There are different procedures to become a citizen of KKTC.
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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