The Turkish Republic of Northern Cyprus (TRNC) offers an array of investment prospects that are capturing the attention of both seasoned investors and first-time buyers worldwide. With its burgeoning real estate market, Northern Cyprus is becoming a hotspot for those seeking lucrative returns and vibrant living experiences.
Northern Cyprus market benefits from a supportive regulatory environment, competitive property prices, and a robust infrastructure development plan. Whether you’re interested in residential, commercial, or holiday rental investments, Northern Cyprus provides an attractive option with promising growth prospects.
If you’re considering purchasing property in Northern Cyprus, it’s essential to understand the process to ensure a smooth and secure transaction. Senilk Real Estate is here to guide you through every step of the process. We have compiled 4 four-step guides to ensure that your investment journey is both rewarding and seamless:
1. Select a Local Agency
Before making any financial commitments, the first step in securing your dream property is to consult a trusted property realtor and recognized lawyer in Northern Cyprus. It’s highly recommended to work with a local lawyer, as they are familiar with the local legal requirements and processes. Lawyers from your home country cannot assist with property transactions in Northern Cyprus, so seeking local expertise is crucial.
2. Set Up a Power of Attorney
If you are not in Northern Cyprus, you’ll need to set up a Power of Attorney (POA). This legal document authorizes your lawyer to act on your behalf during the transaction. Your lawyer will meticulously review the property’s paperwork, conduct necessary checks, and provide you with advice on whether to proceed with the purchase.
3. Make a Reservation Deposit
If you decide to move forward after receiving legal advice, you will need to make a reservation deposit to your property via a lawyer. This deposit, typically ranging from £2,000 to £10,000, will secure the property and take it off the market. The exact amount can vary based on the property’s value and the length of time you need to reserve it.
Be aware that reservation deposits are usually NON-REFUNDABLE once released to the seller, so ensure you are fully committed before proceeding. It’s important to note that we strongly advise against paying reservation deposits directly to agents or developers. Always route such payments through your lawyer to protect your interests.
4. Understand the Process
In Northern Cyprus, it’s common for possession of the property to occur before the Permission to Purchase (PTP) is granted. The PTP process can be lengthy, sometimes taking up to 18 months. As long as you have no criminal record and the property is not situated near a military base, obtaining the PTP should not pose significant issues.
The process of making property reservations in Northern Cyprus requires careful planning and local expertise. For further assistance or inquiries, don’t hesitate to contact us at Senilk Real Estate. We are here to help you every step of the way in securing your ideal property in Northern Cyprus.