Which type of property in Northern Cyprus is best for you?

If you are considering purchasing a property in Northern Cyprus there are many options open to you. The Villa Shop have a wide choice of properties ranging from new build, off plan and resale's, these properties are available to buy on individual private plots or communal complex developments, but which is right for you?

New Build Off Plan Developments and Properties in Northern Cyprus

By far the most popular way to but a property in North Cyprus is to purchase a new build off plan apartment or villa. With this type of property you usually have the option to choose you plot and accordingly the type of property.

From your initial enquiry The Villa Shop can help and advise you through the process, once you have chosen your plot and property type the build process typically takes twelve to fifteen months for a private villa, house or bungalow or twelve to twenty four months for an apartment on a complex development. During the build period you will make staged payments to the developer via your solicitor as per your contract agreement. On completion the final payment is made and the keys are handed over to you. Once your permission to purchase has been approved by the North Cyprus TRNC Government Council of Ministers the taxes will become due for payment (vat, stamp duty, etc), once paid the title deeds are transferred to your name.

It should be noted that the permission to purchase procedure is currently taking up to two years, this can be an advantage to those buying-to-let as it gives an opportunity for rental income to help pay the purchase taxes.

Resale Property in North Cyprus

As the North Cyprus property market has grown over the last few years many properties have become available to buy on a second hand re-sale basis. The advantage of buying a resale property is what you see is what you get, many of these properties have had the government taxes paid by the previous owners representing a typical saving to you the buyer of around 10% compared to buying a property off plan. Other advantages to consider are internal and external furnishings, the connection of the electricity and water supplies to the property and air-conditioning; many resale properties are offered for sale with such items included in the price.

Properties on Complexes and Developments

If you choose to purchase a Northern Cyprus property on a complex development you will usually find several on-site facilities such as communal swimming pools, shops and mini markets, letting offices, bars and restaurants. Your property will have private terraces or garden areas and the site will have shared sunbathing and garden areas.

Monthly site maintenance fees vary dependant on the size and location of the development and the facilities available; developers typically quote between £40.00 and £60.00 per month. An advantage of buying a property on a development is a fixed monthly fee covering everything from gardens to pool maintenance.

It should be noted these fees do not include individual property management though. Properties on complexes and developments are often favoured by investors planning to let the property out and people buying for occasional or holiday use.

Buying Property on a Private Plot in Northern Cyprus

This option is usually chosen by those planning to spend more time in Cyprus or people buying with the intention of letting out the property for a fixed period until their retirement then using it themselves on a regular basis.

The advantages are quite obvious, your plot is private, usually enclosed by walled boundaries, you have a private driveway, carport or garage - so if you purchase a car in Cyprus you can store it safely. You will also have a private swimming pool and private gardens with the option to personalise them as you feel.

On the cost side you will have to pay for garden and pool maintenance yourself, typical monthly charges for swimming pool maintenance vary between £25.00 and £60.00, again this is dependant on the size of the pool and the operating system - standard chlorine pools are more expensive to maintain than the new Australian type fresh water salt purification systems.

Apartments, Villas, Bungalows or Penthouses?

The Villa Shop are UK based North Cyprus Estate Agents, we offer a wide variety of apartments, penthouses, villas and bungalows for sale in the TRNC (Turkish Republic of Northern Cyprus).

Apartments range in price from around £30,000 for a one bedroom property up to £75,000 for a large city centre penthouse, apartments are usually on the lower floors and penthouses are on the top floor and often include a roof terrace; generally penthouse apartments in North Cyprus are more expensive than standard apartments.

Villas and bungalows come in all shapes and sizes, again they range from compact one or two bedroom units from around £50,000 to large five bedroom properties and luxury seafront villas, sometimes with their own private beach - priced up to half a million pounds! A typical villa will have three bedrooms and a private swimming pool and will be priced between £80,000 and £125,000 dependant on size, specification and location.

Buy To Let Rental Income in Northern Cyprus

One of the most commonly asked questions we are asked is 'how much rental income can we expect'? While we cannot guarantee any rental income figures quoted we are happy to advise as follows.

A two bedroom apartment on a complex development with access to a shared swimming pool will usually rent out for £200 to £300 per week during the summer season. A three bedroom villa with a private swimming pool will attract rental revenue of around £500 to £600 per week in the summer months.

As a free service to our clients The Villa Shop will advertise your property on our North Cyprus Rental Property web page for as long as you own it. In addition there are several internet based agencies who will market your property for a fee, we always recommend you market your own property from the UK directly in local shops, by word of mouth amongst family, friends and in the workplace.

Another popular idea is to advertise your property in local golf clubs - the New North Cyprus Esentepe Golf and Country Club is now open for business, so why not exploit the local assets?