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Additional Costs When Buying Property in North Cyprus
There are some additional costs besides the property price that you should be prepared to pay:
- Slicitor's fees
The purchase permit application costs between 700 GBP and 1,200 GBP.
- Stamp duty: 0,5% of the sales price. Paid within a month after signing the contract.
- 3% Transfer Fee
Tax which is due to be paid to the Registry Office. This is one time option. If you use this option once, the tax payable for future property purchases will be 6%.
Note: Tax is paid when the title is registered in your name, but not at the time of signing the contract.
- 5% VAT
Both taxes (Transfer fee and VAT) are paid upon Land Registry's valuation of the property purchased (which is practically 40% less than the market price of a property).
- Water & electricity connection fee is around 800 GBP.
- Other Costs
For a standard family (four persons) total of all the local taxes (electricity, water, telephone, municipal ...) is not more than 150 - 200 GBP per month. Yearly property tax is around 50 GBP.
You can buy cheap wrought iron furniture or better quality furniture imported from Turkey.
We recommend YATSAN Furniture Store in Lefkosa for reasonable prices.
They are located only 5 minutes away from Lefkosa roundabout when you come from Kyrenia.
There are no government restrictions on selling your property. The seller pays 0% tax while selling for the first time in North Cuprus. For the second and third time - 3,5% (if he sells up to 3 properties per year, if more than 3 properties per year - 6,25%).