Are you looking for value for money (cheap north cyprus property)? The good news is that the whole of the North Cyprus property market is much more affordable, like for like, than the equivalent properties in other comparable European Mediterranean locations. This includes villas and apartments at both the luxury and economy price levels. This is the main reason why many people are attracted to buying the cheap North Cyprus property as they seek their dream home in the sun.
There are so many reasons other than cheap prices, for buying North Cyprus property. Yet when we ask our North Cyprus International (NCI) enquirers why they are seeking property in the north of the island, more often than not, the first reply is “because North Cyprus property is cheaper than elsewhere.”
Of course – everyone loves a bargain and there are sometimes genuine property discounts and resale homes priced at below market value. But here is some important advice: buying the very cheapest North Cyprus property does not necessarily give you the best value for money and can sometimes lead to unforeseen property problems. We at NCI will help you buy safely and use our 15 years’ experience to avoid any issues in the future.
If you are seeking new-build luxury property, you do not need to read this article, which is written to help those seeking low-cost North Cyprus resale properties. You should search instead on our list of Platinum Properties.
However, if you are planning to view cheap resale property, use our Buying Cheap North Cyprus Resale Property checklist (see below) to avoid the often invisible pitfalls which can occur to inexperienced North Cyprus property investors who often choose to view the very cheapest properties without knowing the reason for these below market value prices.
What factors affect the price of a North Cyprus property?
Your starting point is often to use Rightmove, Zoopla, other portals and perhaps our NCI website. You will often start searching purely by size – number of bedrooms. You will have built up an idea of the average prices for a studio, 1,2 3 or 4 bedroom apartment, villa or bungalow in the North Cyprus property market. Then you notice that there is a huge difference in the price range between the cheapest properties, of the same size, and the most expensive. So why is this?
There are obvious reasons why some properties with the same number of bedrooms would be more expensive or cheaper than other North Cyprus villas or apartments of a similar size. Bearing in mind that new build properties are generally more expensive in any case, here are the main factors:
- Location and closeness to beach/sea
- Quality of Sea/mountain views
- Quality of build/age
- Whether new build or resale (new build are generally higher priced)
- Quality of furnishings (if included)
- Facilities on the site (if on a site)
- Closeness to amenities, shops, restaurants, golf course etc
- Closeness to Kyrenia or Famagusta cities
- Total size in m2
- Rental Guarantees (for new build)
- Whether title deed is ready, whether individual or shared and/or in Owner’s Name
- Whether 5% Vat is paid or still due
If you see a resale apartment or villa, for example, which seems to have everything you wish for and yet it is priced well below market value – even as low as half the price of others which seem similar – you should ask the question: why is this?
Is all cheap North Cyprus property a genuine bargain?
The short answer is no!
We are talking here about used or “resale” property, as this is usually the cheapest.
Generally, both owners and north Cyprus estate agents are fully aware of the market value of a resale property. This is affected by factors such as size, location, views, quality etc. There are of course sometimes genuine used property bargains. Genuine North Cyprus property discounts would be found when for personal reasons of the owner, the property is priced low for a quick sale – sometimes due to needing to return to a home country for family or health reasons etc. In addition, both developers and private owners may be willing to offer discounts for cash purchases more readily in the quieter winter months, than in the summer when there are more visitors viewing properties and properties are selling more quickly.
There are, however, less visible factors which would cause the value of a property to be priced cheaper than the market value and which could potentially cause future problems which could require more investment to correct the problems.
These issues are sadly not things which are always explained to potential purchasers during viewings nor are they factors which are easily visible on first viewing. These include long-term lack of title deed, the legal problem connected to the site, unpaid management fees of previous owner or problems with the management of a complex.
See our section on “Buying Cheap North Cyprus Property checklist”.
Is every property on Rightmove or Zoopla legally checked before listing?
The short answer is no! Therefore, it is extremely important to go with a north Cyprus property agent such as NCI as we do basic legal checks on all the properties which we list on our website. Sadly, not all North Cyprus property agents follow this guideline.
Rightmove and Zoopla are NOT responsible in any way for the accuracy of the property descriptions nor the legal status of any property which appears on their portals. Rightmove, Zoopla and other portals are only marketing portals and issue disclaimers that they have no responsibility for the legalities of any property advertised on their sites.
You MUST use an independent lawyer and never part with any deposit or money unless these legal checks have been carried out.
Why do North Cyprus International (NCI) properties appear to be more expensive than on other websites?
On our North Cyprus International (NCI website) we try to check the legal status of all properties prior to listing. This means that our properties often appear to be more expensive than properties on the websites of other North Cyprus estate agencies. We refuse to list properties which have issues with their paperwork or other legal issues. We want you to have genuine value for money whilst buying a cheaper North Cyprus property and not a headache down the line!
If you do choose to view non-NCI bargain properties – do use the checklist during your viewings and make sure you have all the legalities and history of the property checked by an independent lawyer prior to parting with any cash.
The NCI North Cyprus Cheap Resale Property Checklist
NB This checklist applies to resale properties (used properties). Please contact NCI for questions to ask about developer new-build properties.
Questions to ask
- Why is this North Cyprus Property cheaper than market value? A reputable agent should immediately be able to answer and explain why!
2. Does this North Cyprus property have a Title Deed and is it in the Owner’s Name? Is is Individual or shared?
a. Is there a title deed? Is there a title deed available? Don’t accept “there will be a deed later on”. If there is not yet a deed, you need to know why. It may be in process, or it may never come. If you never get one, you may get a bargain and be able to live in it, but your only paperwork will be the contract of sale and it will be hard to resell. This may be why it’s cheap. You may be willing to take this risk, but it’s important to be informed.
b. Is the title deed in the Owner’s Name? This is the best. If the property is advertised as having “title deed in owner’s name” ask to see a copy of the deed or better still, have it emailed to your lawyer. Even though the deed will be in Turkish you should clearly see the name of the owner on the deed. This will be a private individual and not the original developer. If it’s still in the name of the developer, you will be liable for 5% VAT when you purchase, even if the previous buyer paid the VAT, you may have to pay it again.
c. Is it an Individual or shared title deed? Individual deed properties are usually more expensive, so if it’s cheap, it’s likely to be shared. Find out if the deed is individual or shared as this will usually not be mentioned in the advertising. Shared (where you have a deed as a share of the land on which the property is built) is often the norm for apartments and is acceptable but bear in mind that you cannot borrow money for a mortgage with a shared deed. If you are going for a bank mortgage don’t waste time getting excited about cheap properties with shared deeds. If it’s a villa with a shared deed and you are hoping eventually to get your individual deed, then make legal inquiries as to the chance of an individual deed application being possible later on. This will cost you money but may be worth taking a shared deed to get a very good priced villa – that choice will be up to you.
3. Has the VAT been paid on this property?
Every property built has to have 5% vat paid to the government. You need to check whether it’s been paid on the property you wish to buy. If the Title Deed is not yet in the owner’s name, you may have to pay it again, even if it has been paid.
4. Who is the management company? What is the fee and what does it cover? Is the current owner up to date with payments?
a. Who is the management company? Are they doing a good job? (You cannot resell easily if the site is poorly maintained). Ask other owners on the site what they think.
b. What is the monthly or annual fee and what does it cover?
c. Is the buildings’ insurance included in the fee? Good sites will include this or make it available at additional cost.
d. Is the current owner up to date with their payments? (There could be problems having the deed transferred to your name if the current owner is behind).
Buying your cheap North Cyprus property – should you pay the deposit to the agent?
So you have found your bargain property, asked your questions and feel reassured. Your real estate agent tells you that you need to pay a reservation deposit (“holding deposit”), usually of £1,000 or £2,000, in order to take it off the market. Some agents in North Cyprus ask you to pay it to them.
At NCI we recommend that this deposit is ONLY paid to your chosen North Cyprus lawyer. This is because the lawyer still needs to verify the information above, as well as carrying out other checks on whether or not there are any outstanding debts, mortgages or other legal issues associated with the land on which the property is built.
How can North Cyprus International (NCI) help me buy a cheap property safely?
North Cyprus property is a fabulous investment. Prices are rising and there is a huge demand for owning a piece of this paradise island, both from British buyers, ex-pats working in the Middle East and many from all over the world. As with any overseas property purchase, you have to do your due diligence. Nothing in life is without risk – and we at NCI can help you reduce that risk by only showing you the cheaper properties where all the checks have been carried out. We believe it’s always worth paying a little bit more to ensure that you buy a GENUINE property bargain safely. Our professional staff at NCI have 15 years’ experience in helping hundreds of happy property owners from all over the world to find and buy their dream North Cyprus home in a way which will avoid future property problems. We may not be the cheapest. But we will show you the best!
Before you go…
Why should I buy North Cyprus Property?
As you seek your bargain apartment, villa or bungalow – don’t forget the other reasons for investing in the North Cyprus property market apart from the cheaper prices! The fabulous Cyprus climate. The beautiful and varied geography of North Cyprus. The friendly Turkish Cypriot people. The delicious Cypriot cuisine. The accessible location in the Eastern Mediterranean with two airports, Ercan and Larnaca, linking residents to Turkey, Europe and the whole of the middle east. The non-euro affordable cost of living. The property market priced in pounds sterling which avoids currency exchange for British buyers. The fact that cars drive on the left, the same as UK! And many more….
Contact us at North Cyprus International (NCI) for details of inspection trips, property viewings and complete our easy online Property Questionnaire to be sent your property matches.
North Cyprus International. We may not be the cheapest. But we will show you the best!
+44 207 112 8086 +90 548 861 0600