Buying Property in North Cyprus
 

Hello All,

Right, let's jump straight in !!

It is my hope that my wife, daughter and I will move to Cyprus to live for good within the next 18 months or so.

All things being well, at 46 I'll be able to put my feet up for good :) so will obviously be in the position to look after my family, so passing the main criteria for residency as a UK Ex-Pat.

The banking side is all ok (I just wouldn't bank in Cyprus for obvious reason !!) :( -- (Don't get me started on the European Bankers and the EU :thumbdown: )

Now looking at property in North Cyprus the property is clearly cheaper than the South, but on reading up on why this may be, there are clearly risks involved if I don't take due care.

Being the type of person who would look outside myself to check if it were raining, even if someone told me it wasn't, I was wondering if there was an extra layer of checks I could take.

It seems fair to say that it certainly isn't the case that all properties in the North can be laid claim to by Greek Cypriots if there ever was some form of re-unification between North and South, as there were a) like for like swaps and compensation for some assets post 1974, & b) the title was in the name of a Turkish Cypriot pre-1974.

But, irrespective of what a North Cyprus Developer or Solicitor may say to me in re-assurance, or even if they have 'deeds' in hand, is it possible to verify their right to sell by checking with land registry / Government records in the South.

I do have further questions, but I'll await your response to the above first.

Kindest regards

Triplock

PS It would not be helpful or constructive to simply state that every thing in the North has just been stolen. I sense there are legitimate pathways through.

Re: Buying Property in North Cyprus
 

First question that comes to mind is, why would you want to purchase? Prices are falling in the North too. Many people have retired in Cyprus and just rented here. Rents are falling all the time.
If you still intend to purchase, you may purchase a property in the South, after all propery checks have been made, rent it out, and the rental income will pay your rent in the North, with probably a profit along the way too.
Something to think about, without all the uncertainty of purchasing in the North at this time.

Re: Buying Property in North Cyprus
 

Brits have this weird obsession with buying properties. Do what other nations do - RENT !

Re: Buying Property in North Cyprus
 

Thank you both for your replies.

Firstly the reason for wishing to purchase, once I am happy that the Seller has the legitimate right to do so in Northern Cyprus, is based purely on the maths over, say a 15-20 year term.

If I rent for that period, then that sum could've bought me a property if I had purchased original.

Saying that. I am not adverse to looking at buying in the South with a view to renting it out, with the income off-setting the cost of my rental in the North.

I'm back out in Cyprus for a few weeks in January, so will have a nose around then and consider my options.

The bottom line in all of this though is the sooner I get out of the UK the better. After 45 years, have had enough !!!

Tks

Triplock

Re: Buying Property in North Cyprus
 

Planning for a 15-20 year term is taking a long term plan right enough. Your last sentence has me worried. Just hope your desperation to leave the UK does not rule any sound decisions you take.

Better to rent for a few months, possibly a couple of years, till you get the feel and the nature of how things work on this island. This also means on both sides of the Green Line. During that period, you will have talked to a lot more people on the ground, and you have found your perfect place.

Re: Buying Property in North Cyprus
 

If you decide to buy in the North make sure any title deeds are checked by the land registry in Nicosia.
Why not consider buying a property in the UK to rent out and let the rent for that cover your rent in Cyprus. That way if for any reason you decide in the future to return to the UK you are not in a position where you have a property that you are unable to sell here and you would already have a property in the UK to return to. Properties in Cyprus take a very long time to sell and many expats find themselves stuck here for years when their love affair with the island ends.
Also by renting in Cyprus if you decide the area you have chosen isn't right for you it is easier to relocate.

Re: Buying Property in North Cyprus
 

Some proposals Expats should be looking at regarding owning property in the UK http://www.telegraph.co.uk/finance/n...ns-bubble.html

Re: Buying Property in North Cyprus
 

Dear All,

Thank you once again for your advice and guidance.

Taking on board your comments, and after doing further research, buying property in the North would seem the wrong thing to do on several levels.

Although the politics do not concern me, there remains a lot of uncertainty as to who owns what, and what with Turkey wishing to join the EU, I feel that Turkey may cut North Cyprus loose to comply with membership.

Therefore, I'm now only going to look in the South.

To ensure that the reality of living in Cyprus matches my expectations, I'm going to stay in Pathos for a month in January. Weather wise this is the coolest time of the year and it is also 'out of season'. It is never a good idea to make a decision when the sun is shining and the sea is warm as that can cloud your judgement, so I'll experience the 'worst' part of the year first.

Mind you its freezing in the UK at the moment, so 60 degrees will feel positively tropical !!

Thanks again

Triplock :fingerscrossed:

Re: Buying Property in North Cyprus
 

I am thinking of moving to North Cyprus, I used to live in Southern Cyprus just before the Euro crashed. So why are most of the expats moving from N.Cyprus the cost of living is much cheaper, weather is great, please if anyone has any answers for me prey do tell as we were going to retire there. Thank you

Re: Buying Property in North Cyprus
 

Turkey is shipping people over to increase their numbers in the North. Turkish Cypriots no longer feel welcome in thir own country and are leaving. Many British Expats are now finding out that their properties are not their's to own and have lost their money.

It may be cheaper to live in North Cyprus, but the atmosphere is rapidly changing.

Re: Buying Property in North Cyprus
 

I would suggest that both south and the north must be approached with caution. How many deeds are outstanding, how many have mortgages on the land....is the land turkish....or greek....the north trades on exchange land..ie those displaced from the south were givdn points which were exchanged for land in north...is this valid...it is argued that there is a domestic remedy for such a situation..the echr acknowledge this as valid...some greeks have settled...some wont...both sides have good and not so good...on the questionof settlement...I dont think it will happen for a long time if at all...good luck.

Re: Buying Property in North Cyprus
 

Thank you for your response, its much appreciated Silverbug x

Re: Buying Property in North Cyprus
 

above all take your time... treat hype with suspicion...the north is lira...south is euro...there are differences in prices...north less developed...but unfinished properties (both sides)...some nice areas...neubliss

Re: Buying Property in North Cyprus
 

If I was moving to Cyprus I'd rent out my property in the UK, this would more than pay for renting in Cyprus.
Where I live a 3 bed semi fetches £600+ PCM (726 Euros), this would more than cover a Cyprus rental and the electricity