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Questions and Answers | Buying a property in North Cyprus

What are the extra costs of buying a property in North Cyprus?

Additional costs of the property depends whether you are purchasing a newly built or off plan property form developer or a resale property. When buying a resale property, usually, the new owner only pays for legal fees, the cost of drawing up the agreement and for the transfer of full title deeds to his name (6% of the sale price). When purchasing a newly built property, the buyer pays the cost of connecting electricity and water meters, one-time property tax (VAT) 5% of the purchase price, which is paid upon receiving the keys from the property. To obtain title deeds in your name 6% tax needs to be paid. Please note if you purchase property located in a development with communal swimming pools, gardens, etc a monthly fee needs to be paid to the maintenance company. Monthly fees can vary from 40 to 100 pounds.

Дата вопроса: 20.09.2012
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