Northern Cyprus offers much more advantageous opportunities to buy a house compared to Turkey. There are several reasons for this. One of the important reasons is the developing structure of Northern Cyprus. New living spaces are being established in Northern Cyprus, which is developing both economically and socially. Very luxurious, comfortable and well-located residences create new life projects. Despite all these opportunities, housing prices are much more affordable.
It is much easier to buy villas by the sea or in a different location, which is a dream in Turkey, in Northern Cyprus. There are many advantageous options in terms of both price and location. When you look at the increasing real estate prices in Turkey, you can easily see that there is quite a difference. As Rocs Homes, you can call investment consultants to reach the best alternative that suits your expectations and needs in the options of land, villa or flat for sale in North Cyprus.
Our expert consultants offer you specific options with accurate analysis and evaluations. We find and help you get the options that best fit your purpose, budget, lifestyle and future plans.
If you are still thinking about buying a house in Northern Cyprus or buying a house in Turkey, let’s briefly touch on the different opportunities that Northern Cyprus offers;
Buying a House in Northern Cyprus Provides Double Profits
Buying a house in Northern Cyprus is also a good investment. Cyprus is known as the holiday paradise of dreams. By buying a house in Cyprus, you can both have great opportunities for a holiday and earn income by renting your house. It is easy to rent out houses in Cyprus due to the intense tourism. The purchased house pays off in a short time.
Housing in Northern Cyprus is Very Affordable
Northern Cyprus is literally a world of real estate opportunities. It is possible to buy luxury housing at very affordable prices from newly built housing projects. Options such as flats, residences, holiday homes, plots or villas can be evaluated. Houses that cannot be approached in Turkey can be purchased at a much more affordable price in Cyprus. The reason for this is the developing social and economic structure of Northern Cyprus. In new housing projects, it becomes even more advantageous to buy a house with easy payment opportunities.
Real Estate Tax is Low in Northern Cyprus
Property tax in Northern Cyprus is 10%. This price does not increase as the house is valued. In other words, there is a very low property tax of around 200 TL per year. It is also taken for withholding rent. No additional property income tax is required. There is also no tax in Turkey, there is no application in the form of semi-double tax. Withholding tax is payable only for the rented house. There are also many tax deductions when buying a home. There is a very low property tax of 1 TL per square meter.
What Are the Taxes Paid When Buying a House in Northern Cyprus?
When buying a house in Northern Cyprus, the stamp fee is first paid for the contract. Title deed transfer fee, VAT and withholding taxes are paid. There are also discounts on stamp duty and other taxes. There are also highly discounted data prices in taxes. A 3% deed transfer fee is discounted for first purchases. Taxes payable;
- Stamp Duty
- VAT
- Stoppage
- Title Deed Transfer Fee
How Does the Process Work When Buying a House from Northern Cyprus?
Buying a house in Northern Cyprus is quite easy. An application is made with a contract to the Ministry of Internal Affairs for a sales permit. The buyer must not have committed a crime and have a clean criminal record. Other than this, no other condition is required. The sale permit is granted to everyone. The ministry may not allow it if it is only problematic housing. These problems may occur in very old residences, whereas in new residences such problems do not occur. The stamp fee is paid when making the contract. An application is made to the ministry with the necessary documents. Once the Ministry approves, the title deed transfer process can be completed.
