Buying a Holiday Home in Northern Cyprus

Because the price of property in Northern Cyprus is so competitive when you compare like for like across the Mediterranean region and because the entire real estate sector is gaining strength and momentum in the TRNC, many more people are considering buying a holiday home in Northern Cyprus now than at any other time before.

The obvious investment potential is also another strong factor drawing property investors to consider TRNC’s real estate market, but because buying a home overseas can be quite a daunting process with many unknowns, a language barrier and a great deal having to be left to trust, here are our top ten tips to help you buy abroad successfully.

1) It helps if you have a firm idea of what it is you’re looking for from your holiday home in Northern Cyprus before you even set foot on the plane to come on a viewing trip - i.e., the amount of space you’ll need both inside and out, the proximity of a property to other homes, restaurants, shops and amenities, whether you want a house, flat or bungalow etc. This will help you narrow down your search and save you and any North Cyprus estate agents you contact a great deal of time because you can simply view appropriate properties from the off rather than spending days trailing round everything!

2) If you’ve been to North Cyprus before you’ll probably have a firm idea of where you’d like to live. The majority of holiday homes being built are either east or west of Kyrenia with some apartments available actually in Kyrenia itself, alternatively there are a number of new developments springing up around Famagusta. If you haven’t been to TRNC before try and do some research into the different areas because they all have their own distinct charms and features and each given area seems to attract a very specific type of person.

3) The prices of property for sale in Northern Cyprus do tend to vary from location to location - just like they do in the UK for example - with some areas being deemed more desirable and therefore being slightly more expensive. Once you have a fair idea of which general areas you prefer, spend some time on the internet looking at properties for sale in that area so you can get an idea of what’s a fair asking price for the location and property type you’re interested in. That way if someone tries to sell you a home in your preferred area that seems too expensive you can question them on the price!

4) Ideally you need to view a really good cross section of properties before making your final purchase decision. Different developers have different standards and you should not take it as read that the first home you see is the best. Some property developers in Northern Cyprus build exceptionally well, others leave a little to be desired. Also, if buying property off plan ensure you view developments or homes that have already been completed by your preferred developer so you get a really good idea of what to expect when your holiday home in TRNC is completed.

5) Get a solicitor! I cannot stress this point firmly enough - get a good solicitor and NOT one that your developer/builder also uses. You have to have independent legal advice and assistance as you have to be sure your solicitor is acting solely in your best interests!

6) Make sure any contract you sign details any changes, terms, conditions, promises or wishes agreed upon verbally between you and your builder. Also make sure it has your stage payments listed, a completion date with agreeable contingency period and what your builder will give you if he fails to meet the completion date! It’s no good having a cut off date in the contract if it doesn’t say what financial recompense or assistance you’ll be given if your holiday home isn’t completed on time.

7) Because the laws of inheritance change from country to country you should make a will to cover all of your assets in Northern Cyprus - i.e., your holiday home, back account deposits and car.

8) Hold back your final payment until you are 100% happy with your home and all things on your snagging list have been completed. When buying a brand new house there are always, always going to be teething problems so when these have been sorted out then you can make the final payment - it’s a good incentive for the builder to get your home finished!!

9) Don’t be rushed into making a decision by an eager estate agent or enthusiastic builder - North Cyprus is not going to run out of holiday homes for sale for the next twenty years at least! You will of course be put under some pressure to buy by sales people because they make their commission only when you sign on the dotted line - but this is your holiday home we’re talking about, not their commission! If you want to go back to the UK to have a think about the homes you’ve seen you can always give a solicitor in North Cyprus power of attorney to act in your absence so when you do finally decide what you want you don’t have to come back to the island to sort everything out.

10) Keep your wits about you at all time. If something seems too good to be true it probably is, if something seems too expensive ask why. Also, as stated, don’t be tempted to act without the assistance of a solicitor even if encouraged to do so to save time or money or something...and don’t make a decision in Northern Cyprus that you wouldn’t make back home.

Good luck with buying your dream property in North Cyprus.