The process of buying a property in Cyprus
Northern Cyprus
The process of buying a property in Cyprus
We are bringing you the opportunity to buy a property in Northern Cyprus (outside the EU).
We work with the largest developers on the island.
We own property in Cyprus and know the local market in detail.
We are the direct agent of the developer, which means that our clients buy directly from the seller at the seller's price without any additional price increase.
We do all pre- and after-sales services using our partner’s services.
We have a wide range of projects as we cooperate with 10 developers.
We will recommend which projects are suitable for investment and which for owner’s use.
You do not pay us any commission for brokering the deal.
1. Property selection
Based on your requirements we will prepare several interesting offers for you to choose from.
We will get you in touch with our Czech-speaking colleague in Cyprus who will personally assist you in selecting the ideal property.
2. Viewing
You can travel with us or on your own.
If we travel together, we will show you around, show you the projects, introduce you to the local culture, history and gastronomy.
Genuine prospective buyers have free accommodation and transfers from and to the airport, you only pay for your flights and meals.
3. Booking
Once you have selected a property, a reservation deposit is required to book the selected property.
The deposit fee is approximately 5% of the property purchase price. Without the deposit fee payment, the property may be booked by other prospective buyers. The deposit can also be paid in cash during your stay in Cyprus.
4. Purchase
All legal steps are conducted for you in cooperation with our local lawyer. The solicitor will prepare the Purchase Contract and after your approval, you will sign the contract with the solicitor or you can grant your lawyer a power of Attorney so that s/he can go through the process on your behalf.
A complete legal service package costs usually between CZK 45-70,000 for each business case.
You will pay the purchase price on the date specified in the Purchase Contract in line with the payment conditions of each project or in line with the individual terms agreed with the respective developer.
You will pay a 0.5% stamp duty for registration in the Land Registry within 21 days from the conclusion of the contract.
A contract registration tax amounting to 6% of the purchase price must be paid when the contract is registered with the local authorities.
5% VAT on new development is payable on completion and handover of the selected property, however the date may vary with individual developers.
The 6 % Title Deed Registry fee for new owners is payable once you are granted a permission to purchase and the Title Deeds are transferred to your name.
In comparison, in the Southern Cyprus there is only one fee and that is 19% VAT.
5. Interior design and furnishings
You can choose standard furnishings or agree on individual requirements with our Czech colleague on site.
6. Property handover and final official inspection
Once the construction is completed, the property will be officially inspected and handed over.
7. Rental and management
You can use the services of an on-site developer or property manager to take care of the rental and management of the property, so that you do not have to worry about anything.
8. What will be the property running costs?
You will pay for energy and water consumption only during your stay in the property.
Throughout the year the property is rented out and the utilities are paid for by the tenants.
The property insurance will cost you approximately €65 to €120 per year, which is going to be automatically deducted from the rental income by the management company.
The annual property tax in Northern Cyprus is approximately CZK 3/m2.
Annual maintenance fee
The usual rate is between CZK 1,500 and 3,500 per month. This maintenance fee includes services related to the running of the project in which your property is located, such as daily maintenance of the pools, 24/7 security, lawn mowing, watering and maintenance of the green areas, use of the fitness centre, SPA facilities, or any repairs and maintenance of the buildings.
Further information
Water, electricity and gas are cheaper here than in the Czech Republic.
Cyprus is an island of universities and there are about 130,000 students from all over the world.
The British law applies here (former British colony).
The process of buying a property here is much easier compared to the Czech Republic.
How do we handle the running of your property after the purchase?
We will take care of the water and electricity transfer to your name.
We will arrange your property insurance in Northern Cyprus.
We will take care of the rental and management of your property together with the developer.
The high season here is long and we rent all year round.
We value every client. After the sale we communicate and assist with any further requirements and queries you may have.
CYPRUS PROPERTIES
Video call to Cyprus
Use this great opportunity to get more information from a Czech speaking colleague in Cyprus. Write your request in the form below and we get in touch.
Map of Cyprus
Contact Form
CYPRUS PROPERTIES
Contact information
If you are interested in any projects, get in touch with me or I will arrange a video call with a colleague from Cyprus so you can find out what you need to know.
Real estate agent
+420 725 293 246
E-mail Address
Legislation
The website operator is DVB Komerční nemovitosti s.r.o., ID No: 10732349, with registered office: Česká 235/36, Kutná Hora 284 01. The legal person is registered with the Commercial Register. File Number: C 346772 filed with the Municipal Court in Prague. Data mailbox: w68h56v
Not a VAT payer.