Kyrenia, Cyprus
Top Facts
Top ten facts about buying in Northern Cyprus
- Northern Cyprus is governed by Turkey and is NOT formally recognised by many countries!!
- However, whilst some investors see this as a problem, many see it as an opportunity, with property prices around 50% of the equivalent standard in Southern Cyprus. You get a lot of property for your money!
- Cyprus was divided in 1974 following a Greek military coup which led Turkey to create a defensive zone to protect its citizens, which over time has been established as what is today, Northern Cyprus. It is a friendly, beautiful part of the world, largely unspoilt and with no sign of McDonalds or Pizza Hut anywhere in sight!! People cross the border with ease and tensions have been lessened since the respective leaders of Cyprus and Turkey dropped hints about the unification of the island.
- There are many stories about displaced Greek nationals claiming their homes back, and this serves to make investors nervous AND keep prices down. It is HIGHLY unlikely that after nearly four decades, present residents would themselves be displaced. There are precedents in other parts of the world where compensation has been paid to avoid problems. It would not make economic sense for Northern Cyprus to allow investors to be put at risk in this way. However... do your homework and don’t buy unless you feel comfortable.
- It can take up to two years to buy a property formally in the country. The Authorities run checks on all foreign buyers and these checks need to be approved by the military for security purposes. Once these are complete, you obtain a “Permission to Purchase” Certificate and your property can be registered in your name. Few, if any, developers tell you about this process, as they fear it will lead to a lost sale, but in practice all property owners have come to terms with it and it causes no real problems.
- Building standards vary throughout the world and Northern Cyprus is no different. Try to visit the property a few times during the building process to satisfy yourself that standards are being maintained. Developers with integrity will be happy to send photographs as the property is being built. If they’re not proud of their work, ask yourself why!
- Water is a scarce commodity in the region and buyers should be aware that during peak summer months, they may need to supplement the mains supply by purchasing additional supplies. Tankers deliver these for a modest sum.
- Electricity is also put under great pressure in the summer months when tourism is at its height, and power cuts can be expected.
- Flights into Northern Cyprus go either into Ercan Airport (about 20 minutes from Kyrenia), or into Larnaca in the south. Prices to the south tend to be cheaper and flights more frequent, but you can expect to pay around £45 sterling for a taxi to transfer you back to Kyrenia. Transfers from Ercan are usually free if you are hiring a car from the same company. It takes around 80 minutes to get from Larnaca, but usually the journey to Ercan goes via the Turkish mainland so you can expect a delay of around 1 hour. The choice is yours!!
- Paying bills; Water is provided by the local authorities and electricity by the national electric company (Kib-Tec). You will need to make arrangements to receive these bills and make prompt payments to avoid any problems, but this can be arranged with agents or simply with neighbours who live nearby. Since 2007, all property owners need a Turkish Cypriot to act as guarantor for them before they can receive a meter. Local rates are payable to the authorities which covers the costs of waste disposal, though you need to know where the bins are collected from and how often, as refuse collections are often centralised into one street corner, for example.