Buying a property in North Cyprus should be an enjoyable process and we at NCI want to take the stress out of your decision making. To reserve a property once on the island it is customary to pay a non-refundable deposit to take the property off the market. The exact amount of this will vary dependant upon the type of property you are reserving and the period for which you need it to be held before paying the balance.
Usually the minimum is £2,000 although for more expensive villas it can be between £5,000 to £10,000 due to the huge demand for such properties. Usually this holds a property for 30 days, giving you and your lawyer time to prepare the contract for signing. If you need longer before paying the full payment (for resales) or first payment (new build) t’s sometimes possible to negotiate longer than 30 day reservation period for a higher reservation deposit (subject to the agreement of the seller or developer).
If you are buying a developer new build property, your reservation deposit is also not refundable, but is usually transferable to another property with the same owner or developer (prior to contract sign). This can be paid to your lawyer or directly to the seller. We do not recommend paying your deposit to a property agency. Payments are usually be made by credit card or bank transfer.