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PROPERTY GUIDE
By Rachel Watson
WHY BUY [PROPERTY] IN NORTHERN CYPRUS………..
Low property [such as apartments] prices [in Northern Cyprus], beautiful
countryside, historic towns and unchanged beaches and traditions.
Low property prices [in Northern Cyprus], beautiful countryside, historic towns
and unchanged beaches and traditions. The cost of living [in Northern Cyprus]
is also surprisingly low and makes other places look expensive. The food is
good and a meal out costs £5, a beer 50p, and an espresso 15p. And if the
Cyprus problem gets solved, there is the possibility that property
[flats/apartments etc in Kyrenia and elsewhere] prices [in Northern Cyprus]
could take off, rewarding early buyers.
Why not?
There are still restrictions on foreigners buying properties [flats/apartments
etc in Northern Cyprus] with land, which includes anything with a garden. The
way round this is to set up a company, which can be arranged by agents. Such
restrictions are expected to be removed as part of Cyprus' preparation for
joining the EU but there is some opposition caused by fears that foreign buyers
[of flats/apartments etc in Kyrenia etc] will snap up agricultural land.
Northern Cyprus has no major problems with crime and corruption.
What do the Turkish Cypriots [of Northern Cyprus] think of foreign buyers
[of properties]?
It would be understandable if [Northern Cyprus] Cypriots have mixed
views about overseas buyers [of flats/apartments etc] regarding the country
[Northern Cyprus] as good for cheap property [such as flats/apartments etc in
Kyrenia]. Houses [and apartments/flats etc in Northern Cyprus] from £20,000 may
look like a bargain to UK buyers, but it is worth remembering that the average
annual income in Northern Cyprus is about £4,500. Agents [located mostly in
Kyrenia] say that most people [in Northern Cyprus], however, welcome the
foreign investment [in properties such as apartments/flats etc].
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What are the costs [related to property purchases in
Northern Cyprus]?
Both buyers and sellers [of properties in Northern Cyprus] pay commission to
estate agents [of Northern Cyprus, located mainly in Kyrenia], with charges
ranging from 3 per cent to 6 per cent. There is also a form of stamp duty
equivalent to about 2 per cent of the price. Some agents [of Northern Cyprus,
located mainly in Kyrenia] charge from 5-10 per cent of the purchase price [of
properties such as apartments/flats etc], which includes agency fees, legal and
translation costs but excludes stamp duty and survey costs [of Northern
Cyprus]. For properties [such as apartments/flats etc in Kyrenia etc] with land
the charge is about 12 per cent, which covers the cost of setting up a company
[in Northern Cyprus] to buy the property [such as apartments/flats etc in
Kyrenia etc]. Many agents agents [of Northern Cyprus, located mainly in
Kyrenia] levie a 10 percent charge to cover fees and legal costs.
What's on the [property] market [in Northern Cyprus]?
Properties [such as flats/apartments etc in Kyrenia] come in a wide variety of
prices. For anyone seeking rustic solitude a 3-room house near the city, in
need of work. Could be yours from £50,000. AIso available are assorted seafront
properties [such as flats/apartments etc in Kyrenia] - a new villa at Tatl?su,
will cost you £54,000. A luxury, architect-designed seafront villa with a
heated pool is offered at £112,000 [in Kyrenia etc]. Positioned close to the
natural beauty spot of Alagadi Beach [close to Kyrenia], otherwise known as
'Turtle Beach' these houses are in an ideal for the golf enthusiast as they lay
at the end of the newly constructed,18 hole championship golf course. These
houses are perfect for fulfilling the dream of owning a golf house at a
fraction of the cost.
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