Real estate in North Cyprus from the developer

Today we will discuss a rather interesting topic…

Real estate in North Cyprus from the developer. Then you ask, what do we (the agency) have to do with it? 🙂 Look at the very root… 🙂 And you ask the right questions, keep it up… Real estate agency and developers are one in North Cyprus. They can’t do without us, and we can’t do without them. If so, of course, we can say for ease of understanding… And interestingly, yes, you can also directly buy real estate from the developer. But there is, a fat “BUT”. The developer specializes only in the construction of complexes, houses, etc. And this is a huge problem in Northern Cyprus. Many people who come for the first time think, well, now I’ll go and buy it myself. What is the problem… And the fact is that not knowing the Turkish language and local laws is a direct path to problems or even the loss of the purchased property. And here, professionals come into play – real estate agencies. The most important thing is to choose a decent and honest agency. Which will tell you directly everything about real estate, will tell you about the “pitfalls”, and there are a lot of them (I assure you)…

Real-life example No1

There was a case when our company was asked to solve a problem. People purchased real estate. We found a “cool” sales specialist. He invited them to a viewing tour in the TRNC. Everything is as it should be: I drove, they looked, chose real estate and bought… As a result, he turned out to be an unscrupulous specialist – a “black realtor”. And people turned to us after a while. What is the catch, I tell you… They entered into a purchase and sale agreement with the developer. Since the realtor took them to the developer. And now it’s time to solve their issues with the registration of the title. It turned out that this developer had built a complex, but it was not built to the end. And therefore the developer could not make allocated titles for each apartment. Accordingly, each owner must have a registered contract in the land registry showing that (despite the fact that there is no title yet) your ownership is approved there. And so, by registering this agreement with the tax authority, you can re-register in the land cadastre:

• Electric meter for yourself
• And then re-register the property for yourself

Let’s move on…

Even if it is not possible to re-register the property, you have confirmed your ownership of this property. So, years later, it turns out that the developer could not complete the complex, and the person bought the property at the construction stage. There are no dedicated titles. And it turned out that an electric person cannot register a meter for himself. Because, an unscrupulous realtor sold this property, and did not bring the person to the end. He did not go through all the stages that are necessary in Northern Cyprus. And he did not register his contract in the tax office and in the land cadastre. In fact, there is no real purchase of this real estate anywhere. The developer recognizes his right to purchase. A person can live in this apartment. But he does not have a confirmed right to this apartment. The developer recognizes, but the state does not recognize it. No one notified the state authorities that the person had bought this property. And what we had to do, in the end… We saw two options for solving the problem:

• Or re-sign the purchase and sale agreement (and the developer does not want to sign a new contract, because the person has a small service debt)
• Or the second option, go and try to register at least an electric meter

As a result, we were able to register this agreement with the tax office. By paying around 1000 GBP in fine. But we could not register the documents in the land cadastre. Since according to the law, only 21 days are given for this. The “black realtor” simply did not do this. We were partially able to solve the problems of our new client.

Real-life example No2

The situation is similar to the story above. But only there did Veles negotiate with the developer, and he took the money of 1500 GBP for signing a new purchase and sale agreement. Allegedly, the person bought this apartment now. Although he has been living in it for 10 years. And we went through the entire registration process correctly and properly.

Real-life example No3

There was also a case when a realtor abandoned people and they registered contracts incorrectly. Contracts were imposed on the wrong property. There was a new case, quite interesting. It’s good that people turned to us… We were conducting a purchase and sale transaction and it turned out that the seller had two contracts for the same property. That they turned out to have sold the property, and forgot to revoke the contract. And we got to the bottom of it… And they did not pay money to the seller until they revoked this old contract. Then there was another case… Foreigners fall for the fact that they cannot get permission to buy real estate, since there is a military base nearby. Naturally, unscrupulous realtors will not tell you about this. Their goal: to sell quickly… forget, and that’s it… Real estate is cheap, and it beckons itself to buy 🙂 For example, a Cypriot can register a title for himself, and a Turk can also apply for it – a foreigner can’t, unfortunately! Why are we telling you all this?!?! We will tell you the whole truth about this or that property. Contact… in VELES.

Let’s continue the conversation…

And in the sequel… When you buy a property in North Cyprus (new), from a developer. Then the commission for agencies is already “sewn” into the price, initially, by all developers. This means that you can buy an apartment for 100,000 GBP from the developer directly and for the same price from real estate agencies. But, real estate agencies provide a huge number of additional bonuses. They will prompt, tell, drive around different objects (and not just one at a time). Then, they will make a residence permit, if the buyer needs it. They will go, for example, to local government agencies, and with knowledge of Turkish, they will help with the registration of real estate. They will look at the databases and say if there are any difficulties with the title. Are there any debts, etc. And it’s really very nice when you come, and they tell you the truth honestly and in front of your eyes. And not with such a concept as “just to sell”, and then let the client suffer. I’m talking about the fact that choose only professionals in the real estate market. For example, Veles Enterprises.

Veles Enterprises

I’m saying it’s not because I’m so comfortable or I want you to work with us, and not with someone else. And I say it’s because it’s the truth. Julia Ozerce, a professional in her field, knows several languages, including Turkish, and she is honest with all her clients. And today it is worth a lot! We have seen many times that people bought real estate from “infogypsy agencies” (let’s call them that). And then, they were offended by the approach and dishonesty in the conduct of business. They came to us, with tears, saying that there were problems with the title, or they let us down there: they agreed on one thing, but in fact it turned out to be another. My dear, please contact us. You will really find the entire service “from A to Z” in the company “VELES”. We are engaged in:

• “Veles Property” (real estate, rent)

• “Veles Residency” (residence permit, assistance in paperwork)

• Department “Veles Translations” (translation of documents)

• “Veles Visas” (visa section, Schengen visa)

• Tourism department of “Veles Tourism” (ticket purchase, hotel booking, transportation of pets)

• “Veles Consulting” (business consulting, company formation)

And there is no need to run around separate organizations. All in one place. So, GO! to our new office.

What is currently for sale in North Cyprus

Source: Veles Enterprises Article prepared by: Valerii Veles

If you have any questions regarding real estate, residence permit, purchase of air tickets, apostilled powers of attorney , please contact Veles Property. Our contact number is +90 548 841 48 38.