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I am delighted to introduce MyCyprusHome, the preferred choice for those looking to invest in real estate in Cyprus.

At MyCyprusHome, we are committed to offering you the unique beauty and quality of life that Cyprus has to offer. Whether you are looking for a sea-view villa, a modern apartment in the city center, or an investment property, you will surely find the perfect option in our extensive portfolio.

Expert Team

Our experienced and professional team provides you with personalized solutions.

Local Knowledge

We closely follow the local market in Cyprus and provide you with the most accurate information.

Extensive Portfolio

We offer you the most up-to-date real estate options in every corner of Cyprus.

After-sales Support

We continue to support you even after the completion of your purchase process.

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Frequently Asked Questions

Cyprus, especially Northern Cyprus, has become an attractive destination for foreign buyers, who are looking for investment opportunities, vacation homes, or places to retire. Its Mediterranean climate, favorable legal framework, and affordable property prices have made Northern Cyprus a top choice for real estate investments. Here are some of the most frequently asked questions (FAQs) to help.

Can Chinese citizens buy property in Northern Cyprus?

Yes, Chinese citizens can legally buy property in Northern Cyprus. Foreigners, including Chinese citizens, are allowed to purchase one donum of land (approximately 1,338 square meters) for residential use. If you want to buy larger plots of land or multiple properties, setting up a local company may allow you to own more land.

Chinese citizens can buy a wide variety of properties, including:

  • Apartments: Popular in urban areas and coastal towns such as Kyrenia and Famagusta.
  • Villas: Often sought after for their privacy and stunning sea views.
  • Land: For those looking to develop property or invest in future developments.
  • Commercial properties: Ideal for those looking to set up a business in Cyprus.

Property prices in Northern Cyprus are affordable compared to other Mediterranean countries. The cost of properties varies depending on location, size, and type:

  • Apartments: A two-bedroom apartment could cost between €50,000 and €120,000.
  • Villas: Prices for coastal villas range from €150,000 to €500,000.
  • Land: Prices for land vary, but a donum of land typically starts at around €50,000.

There are some legal complexities, particularly related to the ownership of land before 1974. Some properties in Northern Cyprus are built on land that was owned by Greek Cypriots before the island was divided. It’s crucial to work with a qualified and independent lawyer to ensure that the property you are buying has a clear and legitimate title. The three main types of titles in Northern Cyprus are:

  • Turkish Freehold Title: Safe and legally clear.
  • Pre-1974 Turkish Cypriot Title: Owned by Turkish Cypriots before the island’s division in 1974.
  • TRNC Title: Property allocated by the Turkish Republic of Northern Cyprus after 1974.

The legal process for buying property in Northern Cyprus includes the following steps:

  1. Select a property: Work with a reputable real estate agent to find a property that meets your needs.
  2. Hire a solicitor: Engage a lawyer to handle the legal aspects, ensuring the title is clear.
  3. Sign a contract: Once you agree on the price, a purchase contract is signed, and a deposit (usually 10-30%) is paid.
  4. Apply for permission: Foreign buyers must apply for permission to purchase from the Council of Ministers, which can take 3-6 months.
  5. Transfer the title: Once permission is granted, the title deed is transferred, and the balance is paid.

When buying property in Northern Cyprus, you will need to consider several taxes and fees, including:

  • Stamp Duty: 0.5% of the purchase price, payable when the contract is signed.
  • VAT: 5% on new properties (resale properties are usually exempt).
  • Transfer Fee: 3-6% of the property’s value, depending on the type of title.
  • Solicitor’s Fees: Legal fees typically range from €1,000 to €2,000.
  • Estate Agent’s Fees: Agents charge 3-5% of the property’s value.

Yes, Chinese citizens can apply for a mortgage to finance their property purchase in Northern Cyprus. Several local banks offer mortgages to foreign buyers, usually requiring a 30-40% deposit. Some developers also offer financing options, particularly for off-plan properties. It’s also possible to apply for international mortgages from banks outside of Cyprus, though these can have different interest rates and terms.

Yes, buying property in Northern Cyprus is generally safe as long as you follow the correct legal procedures. It is essential to work with a trustworthy solicitor and a reputable real estate agent. Ensuring that the property has a clear legal title is crucial, as there have been instances of property disputes related to land ownership from before 1974.

Yes, Chinese citizens can rent out their property in Northern Cyprus. Many property owners choose to rent out their homes to tourists or long-term tenants, especially in popular coastal areas like Kyrenia and Iskele. Rental income is subject to a flat 10% tax in Northern Cyprus. Short-term holiday rentals can be lucrative, especially during the tourist season, and platforms like Airbnb are widely used.

Yes, purchasing property in Northern Cyprus allows Chinese citizens to apply for temporary residency. The process is relatively straightforward and requires you to provide proof of ownership, a clean criminal record, and evidence of sufficient financial means. Initially, residency is granted for one year, with the option to renew annually. After several years of continuous residence, it may be possible to apply for permanent residency.

Yes, foreign nationals, including UK citizens, can purchase property, but they are generally allowed to own only one property per person with a maximum land area of 5 donums (approximately 1.67 hectares).

It’s crucial to hire a solicitor to conduct due diligence. The process includes signing a contract, paying a deposit, and applying for permission from the Ministry of the Interior.

The process can take between 6 to 18 months, though you can live in the property while waiting for approval.

Expect to pay 0.5% stamp duty on the purchase price, 3% transfer fee when the title deed is transferred, and 5% VAT.

Most properties in Northern Cyprus are freehold, but it’s essential to confirm the type of title deed.

Options range from apartments and villas to commercial properties, with beachfront and city developments popular.

Mortgages are available for foreigners, but many buyers use private financing or buy outright. Terms may be stricter for non-residents.

Property prices in Northern Cyprus are generally lower than in other parts of the Mediterranean, making it an attractive investment location.

Yes, you can rent out your property. Northern Cyprus is a popular tourist destination, making short-term rentals a viable option.

Northern Cyprus is not internationally recognized except by Turkey, so it’s vital to consult a legal expert to ensure the property you buy has secure title deeds and is free from legal disputes.

Yes, Russian citizens can purchase property, but they need to follow local regulations. Typically, foreign buyers are limited to one property per person with a maximum area of 5 donums (about 1.67 hectares).

It’s crucial to confirm the title deed is secure and free from disputes. Look for “Turkish title” or “exchange title” properties, but consult a legal expert to ensure safe ownership.

Foreigners, including Russians, must obtain permission from the Ministry of the Interior, which can take several months.

The process typically involves signing a contract, paying a deposit (usually 10-30%), and applying for permission to purchase. It’s advised to work with a local solicitor to ensure the transaction is legally sound.

 Expect to pay a 0.5% stamp duty on the contract value, 3% title transfer fee, and 5% VAT. These fees may vary depending on the property type and value.

Mortgages are available, but terms are often stricter for foreign buyers. Most Russian investors opt to pay in cash or arrange private financing.

Prices vary depending on the location, but Northern Cyprus generally offers more affordable real estate compared to other Mediterranean locations.

Prices vary depending on the location, but Northern Cyprus generally offers more affordable real estate compared to other Mediterranean locations.

Northern Cyprus is recognized only by Turkey, so it is essential to ensure the property has a valid and uncontested title. Consulting with an experienced lawyer is necessary to navigate these complexities.

Yes, there is a growing Russian-speaking community in Northern Cyprus, making it easier for Russian nationals to integrate and navigate the real estate market.

Latest from Blog

Northern Cyprus. Our blog offers insightful articles on its rich history, vibrant culture, and rapidly growing real estate market. Whether you’re interested in buying property, learning about market trends, or exploring the unique landscapes, we provide expert advice and detailed guides to help you make informed decisions. With an ever-expanding expat community and attractive investment opportunities, Northern Cyprus is a destination worth exploring. Let us be your trusted resource!