Today we will consider an interesting and unusual thesis that is discussed on forums and in social networks “Northern Cyprus, why not…”
Indeed, a lot is written on the Internet about the fact that you cannot buy real estate, vacation, go and even live in Northern Cyprus. And there are many colorful explanations why you can’t love Northern Cyprus. Let’s try to understand this phenomenon. You can’t, because it’s really bad, or because those who write have had an unpleasant experience. So, in order… North Cyprus: why you can’t buy real estate? We see the articles of the victims, some Ivan Ivanovich and Mari Ivanovna, shouting:
- You will be deceived
- sell real estate with problems
- You will not re-register the property for yourself
- You will not be allowed to buy it
- You will not be able to sell/donate/bequeath your property and so on…
All the negativity revolves around deception and possible problems. I want to say that the result of such an experience, as a rule, is several reasons:
1. Self-confidence
There are a lot of real estate offers on the Internet, the format “I’ll look for it myself on the sites”, “I’ll figure out myself that I’ve never bought apartments in Gorodishchevo or something”? Without intermediaries it is cheaper, why do we need an agent? We don’t need an agent. As in the film “Formula of Love” 🙂 🙂 🙂
In the post-CIS countries, a realtor, or an agent, is a kind of shadow who “walks on his heels” and always asks for money – a negative figure! Such an incomprehensible character! And by intuition, a reflex is born, negatively developed over the years: “Why do we need a blacksmith? No, we don’t need a blacksmith.” Understand that everything is different in Northern Cyprus! The “agency interest” is already initially invested by the developer in the price of the cost of an apartment or villa. Since all real estate transactions (for the most part) on a legislative basis take place through official real estate agencies. There are, of course, many individuals without documents and licenses. But more on them later…
We will also continue the series of articles on the topic “why not”, as it turned out – this is a sought-after and popular topic.
Toplam (total) that we have…
As a result, I reviewed a bunch of landing pages (incomprehensible private agents), as well as read the blogs of compatriots “living” in Northern Cyprus. Our Buyer throws himself headlong into the “whirlpool of foreign real estate”. I would especially like to note that real estate, not in my native Gorodishchevo, about which it is easy to find out everything and check documents in the Land Cadastral Chamber, namely foreign, mysterious and unknown. And what happens?
- We do not speak Turkish
- We don’t know the local laws
- We have no idea how to check real estate for cleanliness
- How to make a deal and protect yourself… We don’t know either
And what happens? The Internet is full of theses “why you can’t buy real estate in Northern Cyprus”. Friends, this has nothing to do with the concept of common sense. This is the same if you compare it with the fact that in Russia you ask “incomprehensible Caucasians” to help you open 2-3 outlets in the local market. And according to all the rules of the game – you need to give the money immediately at the first meeting, sitting in their car 🙂 Who would do this in their homeland? Of course, no one! No offense, friends, we treat all nationalities well, but understand that there is a certain stereotype. Here, a similar situation… 🙂 🙂 🙂 Very touching in such “stories” is the desire to get everything for free, and as much as possible.
“He’s a good agent”
Communicating with “such agents”, such forum members often say, but there, I was offered:
- Residence permit “for the entire family up to the 7th generation”
- Miele appliances
- Accommodation for 30 days by the sea
- Business class flights for the whole family
- Legal services for 1 year in advance
- Free 50% discount on real estate
- Lots of bonuses and gifts from the agent
- In fact, he said that by paying £1,000 I could become the rightful owner of a property in Northern Cyprus.
Guys, wake up, where is there a free lunch? The answer is obvious: “free cheese is always in the mousetrap”. That’s right 😉 A beachfront property cannot cost £40,000-60,000. In North Cyprus, there are no very cheap properties. It is a popular seaside resort in Europe. It has a mild climate and safe living.
Average Property Prices in North Cyprus
Studio apartments (0+1) – from 85.000 GBP / from 99.908 EUR
Apartments 1+1, 2+1, 3+1 – from 120.000 GBP / from 141.047 EUR
Villas 2+1, 3+1, 4+1 – from 320.000 GBP / from 376.128 EUR
On the Veles Property page in the real estate catalog you can see various real estate options, both from construction companies and from private owners.
What is currently for sale in North Cyprus
- Villa with private pool 500 meters from the sea for 550.000 pounds
- Studio by the sea with installments for 60 months for 156,000 pounds
- One bedroom apartment in a complex with a swimming pool by the sea for 164.000 pounds
- Studio in a complex of high-rise buildings with installments for 80 months for 72,400 pounds
- Ready villas with pool in the suburbs of Kyrenia for 430.000 pounds
- Duplex unique villa in Alsancak for 439.000 pounds
- Luxury villa in a secluded location for 934.000 pounds
- Ready-to-move studio in the popular Esentepe region for £140,000
- Studio in a project on Long Beach for 82,000 pounds
2. Elementary greed
Greed is expressed in the desire to save on everything and especially on legal fees. I just want to shout to such a buyer: Wait! Come to your senses! Northern Cyprus is a foreign country, it has its own legislation and its own legal procedures. Are you familiar with the text of our law on the purchase of real estate by foreigners? Do you know how to secure your real estate investment in the TRNC?
Believe the experience of the owner of the company Julia, and this is 20 years of living in the TRNC, studying Turkish and Northern Cypriot law at the Faculty of Law and working with real estate transactions, you need a lawyer when making a transaction. And it does not matter whether you purchase primary real estate from a developer, or secondary from a private owner. If you want to sell/rent/donate/bequeath/register
It includes:
1. Checking the property for encumbrances – pledge, mortgage, court decision, arrest, memorandum 2. Preparation of a purchase and sale agreement with translation into Russian 3. Preparation of powers of attorney 4. Registration of the contract in the tax and land cadastre 5. Re-registration of water and electricity meters 6. Registration of a taxpayer for the payment of annual property tax 7. Registration of a residence permit for the buyer 8. Obtaining permission to buy real estate by a foreigner More information about the buyer’s CHECKLIST can be found on our YouTube channel Velesproperty: https://www.youtube.com/watch?v=SiqcSooRx2o Here is the answer to the question “why can’t you buy real estate in Northern Cyprus?”
3. Irresponsibility
Many times we hear statements: “Wow, what a good blogger Aphrodite Kovidovna. How beautifully she paints the island. So she can find me an apartment or a house. And it is cheap and without any agent fees.” First, always remember that no one works for free. If a blogger has Instagram and an audience, then they make money on it. And by selling you a property, she will also earn her commission. Secondly, if you have problems after the purchase, will the blogger help you solve them? I think the question is rhetorical. When you contact an agency, you are working with an official legal entity. It is professionally responsible for the services provided to you. In North Cyprus, any official real estate agency must have a professional insurance policy. If your transaction is executed with violations, then the agency is necessarily responsible for this. And then there will be someone to ask. This is very important! Do not hesitate to ask the agency for copies of its licenses.
The main document confirming the seriousness of a real estate agency is a realtor’s license. Licenses are registered and are issued with the name of the director and the name of the company. In case of justified complaints about the activities of the agency, it can be deprived of its license, and an administrative case can be opened against the director.
You can see all licenses of Veles Property in the Licenses section.
Therefore, to the question “Northern Cyprus, why you can’t buy real estate”, we answer: you can buy if you do it through official companies.
4. Passion for excessive savings
If I buy directly without intermediaries, then I won’t have to pay a commission or they will give me a discount there. Everything is cheaper than through an agent, Ivan Ivanitch and Marya Ivanovna argue. This is again a gross mistake! This rule simply does not work in Northern Cyprus.
The commission is paid to the agency by the seller (private owner or construction company), the legally established rate for the agency commission in the secondary market is 5%. In the primary housing market, the commission differs depending on the construction company. If you contact the seller of secondary housing directly, then do not expect to get a big discount. The seller will simply keep this 5% for himself. But working with the managers of the agency, you have an excellent chance to conduct successful negotiations and get a good discount on the object you have chosen. At the same time, the agency, as it received its 5% commission, will receive them. Since the seller of real estate signs a commission agreement with the agency and fixes the amount of the commission paid in it. And this will not affect you, as a buyer, in any way. Firstly, the real estate manager knows the market perfectly. And secondly, he is well aware of the seller’s capabilities and will always try to get the most favorable conditions for you as a buyer. And if you are still thinking about why you can’t buy property in North Cyprus? My opinion is as follows:
With a good sales manager, you can safely choose an apartment or villa in Cyprus!
Contact our manager to get a selection of properties. Our contact number: +90 548 841 48 38. Source: Veles Property The article was prepared by: Veles Property Director Julia Ozerce and Valerii Veles For a residence permit, buying or selling real estate, issuing apostilled powers of attorney, translation of documents, obtaining visas to the USA, Canada and other countries, please contact the administrator of Veles Property. He will refer you to the right specialist.
