Important Tips

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Before Your Arrival

Please contact us at least two weeks before your arrival in Northern Cyprus and give us as much detail as possible about the type of property you are looking for, your most important priorities and your budget range. This is necessary in order for us to prepare the list of properties that exactly matches your requirements, and not to waste your valuable time while you are in Northern Cyprus.
While deciding on the property you would like to purchase, consider the location, frequency with which you will use it, and think about distances from town centre, airports, shops, restaurants, schools and rental potential. If you are primarily buying for rental income, we strongly advise you to consider Kyrenia central apartments, because there is a higher demand for rentals near Kyrenia town centre. Our experienced property management department can also fully manage your rental property for only £10 Stg per month.
If you are planning to retire, or stay permanently in Northern Cyprus, we recommend you to purchase around 15-20 minutes East or West of Kyrenia, where you can find all local amenities within easy reach.
Before arriving in Northern Cyprus, make sure you have sufficient funds with you to cover the reservation deposit on a property. The minimum required deposit in Northern Cyprus is normally £500 Stg., which can be paid by cash, credit card or bank transfer. Most reservation deposits to sellers are non-refundable, so it’s important to be sure of your financing before reserving a TRNC property.

While setting up your budget, remember to add approximately 10% of the purchase price to cover all other fees mainly legal and utility connection fees and taxes, i.e Stamp Duty (0.5%), Title transfer tax (3%) and VAT (5%). Apart from the Stamp Duty (0.5%) which needs to be paid within 21 days of signing contracts, the remaining taxes are usually paid on transfer of title, which can take approximately two years to be granted.

We are Registered Agent

According to the new estate agency law, all established estate agencies must be registered and obtain a license from the Interior Minister to be eligible to sell properties in North Cyprus. Buying through a registered Estate Agent will give you complete peace of mind, therefore, for your own safety, please stay away from the unregistered estate agents, or any other people who claim to be marketing properties. Royal Estates is a registered and licensed estate agency with Registration No: 007 (Registered as Uzunoglu Isletmeleri Ltd.) and also a member of the Turkish Republic of Northern Cyprus Estate Agents Union.
Our director, Mr. Zeynel Uzunoglu, is also an active member of the administration board of the TRNC Estate Agency Union.
At Royal Estates, we are committed to give you honest, unbiased and excellent professional assistance, tailored to your requirements, to acquire your dream home in North Cyprus, as free from stress as possible. Royal Estates’ Property Negotiators will show you exactly what you are looking for, carefully planning your viewings according to your personal requirements. From the moment you decide which property in North Cyprus is ideal for you, up until you get your keys and settle in, we will assist you in any way we can.

Appointing a Solicitor

Sellers do not need to appoint a solicitor when selling their properties in North Cyprus. Usually, the whole transaction is processed by the buyer’s solicitor. There are cases of property development companies insisting that buyers use their own solicitor or their draft sales contract. We strongly advise people against this practice, and we do not market properties for such developers. We can recommend you to a number of qualified solicitors who speak fluent English and have extensive experience in the property market.

Solicitor fees for processing an entire purchase from start to finish vary between £1000 Stg and £1500 Stg, and are not paid until a contract is drawn up and signed. In your absence, you can also leave a Power of Attorney to your solicitor to act on your behalf and sign any necessary forms, documents, contracts, applications, etc.

North Cyprus Bank Accounts

One of the first things you need to do when you have decided to buy a property in Northern Cyprus, is to open a North Cyprus bank account. If buying property off-plan, your developer will require stage payments to be made through a Cypriot bank account. If buying a re-sale property, the utility bills can be paid through direct debit, making your life easier.
Note: Banks charge a commission to receive funds from overseas, sometimes up to 0.5% of the money being transferred. We’re happy to assist you in setting up TRNC bank accounts and can recommend the better North Cyprus banks in the area.

Standard Payment Methods

Payments are usually made via bank transfer through the estate agent’s customer account, or sometimes through the buyer’s solicitor customer account. For re-sale, or newly completed properties, usually the owners require the full payment before handing over the keys. Payment terms for such properties are often a full single payment by bank transfer, but sometimes can be split into 2 or 3 payments. Usually, possession of the property is given only when full payment has been received. Some people seeking a property in Northern Cyprus choose to buy off plan and have complete control over the design and finish of their dream property. Buying off plan property has several advantages and significant financial benefits: firstly, if you decide to buy today, you secure your property at today’s prices, yet don’t move into it until it’s completed in 1 - 2 years, at which point its market value may well have significantly increased. This gives you an immediate return on your investment. The second financial benefit is the ability to make your payments over the duration of the building process. You, therefore, effectively benefit from an interest free finance period of between 1 and 2 years.
North Cyprus off-plan properties usually come with a stage payment plan from the developer, which can often be altered by negotiation before being included in the contract of sale. Payments are often requested by each stage of the construction i.e.

Signing of contract		%15
On completion of foundations		%20
On completion of concrete structure		%20
On completion of brickwork & plastering		%20
On completion of windows & floors		%20
On completion of all building works & Transfer of key		%5
Total		%100

If you are abroad during these stages, Royal Estates will take photographs of the progress and send them via email for your approval before you make the payment transfer.
Sometimes North Cyprus property developers request payments on a simple monthly basis, which some clients prefer, but we advise that payments be made on stage by stage construction, for clients’ security and peace of mind, and to be sure that the work is commencing according to schedule. A final payment is always with-held by the buyer until the property has been personally inspected and any ‘snags’ dealt with.

Please indicate your financial position and your preferences regarding how you would like to settle your purchase. As we are not tied to one specific contractor, we are in the best position to find the ideal property to suit your financial situation.