Navigating the Purchase Process

Buying property as a foreigner involves specific, manageable steps:

1. Secure Independent Legal Counsel: Hire a local lawyer before making any payments to handle contracts and crucial title deed checks.

2. Sign Contract & Pay Deposit: A reservation deposit (e.g., £2,000-£5,000) secures the property. The sales contract is then signed and registered.

3. Apply for Permission to Purchase: Your lawyer submits this to the Council of Ministers. Approval typically takes 2-4 months but is usually a formality.

4. Complete Payment & Transfer Title: Finalize payments. The title deed (koçan) transfer and final taxes are completed once permission is granted.

Key Considerations for Buyers

• Costs Beyond the Price: Factor in ~15-20% for taxes and fees. This includes a Title Deed Conveyance Tax (9-12% for foreigners), 5% VAT on new builds, and legal/agent fees.

• Understand Title Deeds: Ensure the property has a clear, individual “TRNC Title Deed.” Your lawyer must verify this for legal and title security.

• Market Liquidity: The resale market can be slower; plan for a 6-18 month sales period. This underscores the need for thorough market intelligence before investing.

Conducting deep Market Intelligence and ensuring Legal And Title Security are the pillars of a successful purchase in Kyrenia.