Cost of Buying Property in Northern Cyprus

Typically, you should budget between 8% and 20% of the property value to cover additional costs.

When purchasing an apartment or villa in Northern Cyprus, it’s crucial to budget for all associated costs involved. Just like in any country, the total expense of acquiring a property extends beyond the listed price on the property itself.

At Senilk Real Estate Consultancy, we aim to help our local and international clients avoid unexpected costs and make the purchasing process as smooth as possible. This guide provides an overview of the additional costs you may encounter, making it easier for you to estimate your expenses from the initial reservation deposit to receiving your keys.

Costs Vary by Property Type

In Northern Cyprus, the costs of buying depend on the type of property and whether the property has been previously owned. Typically, you should budget between 8% and 20% of the property value to cover additional costs. The lower percentage applies to properties where most initial costs have already been paid.

To help clarify, we’ve categorized properties into three types:

1. Resale Property – Title in Owner’s NamePurchased from an individual who has already transferred the title deed into their name. VAT is already paid, and the property may come furnished.
2. Resale Property – Title Not in Owner’s NamePurchased from an individual who hasn’t yet transferred the title deed. VAT is typically payable by the buyer, even if it has already been paid once.
3. New Build PropertiesPurchased directly from the developer. VAT (5%) is always due, payable when possession is taken. Additional furnishing and equipment costs should also be considered.

Typical Costs of Buying

Here’s a breakdown of the additional costs you may encounter:

• Legal Conveyancing Fees – Paid upfront, typically around £1,500.
• Stamp Duty (0.5%) – Payable upon contract registration.
• VAT (5%) – Applicable to new builds or properties sold as “professional sales.”
• Transfer of Title Deed Tax (6% or 12%) – Half is payable upon contract signing.6% for Turkish Cypriots or Turkish nationals.
  12% for all other nationalities (since February 2023).
  
• Transformer Fees – For new builds, these cover electricity and water connections.
• Furnishing and Equipment – Costs for air conditioning units, white goods, and furniture if not included.

Example Costs for a £100,000 Property

When purchasing a property valued at £100,000 in Northern Cyprus, it’s essential to understand the additional costs involved. These costs vary based on the type of property—whether it’s a resale with the title already in the owner’s name, a resale where the title is still with the developer (classified as a “professional sale”), or a brand-new property purchased directly from the developer. Each scenario carries unique charges, which can significantly affect your overall budget.

After purchasing your property, you may need to pay an initial site-management fee. This covers communal expenses such as landscaping, pool maintenance, and shared facilities, particularly in developments with shared amenities. These fees vary based on the property type, location and additional services:

• These estimates do not include site management fees or costs associated with securing a mortgage.
• For information about mortgage costs, refer to Mortgages in Northern Cyprus.

If you’d like a detailed cost projection for a property, reach out to us via email atinfo@senilkrealestate.com. Our experienced team is ready to guide you every step of the way.