Property

[Stan Lockley]

Have been looking recently at property prices in North Cyprus.
I noticed in the last twelve months there were a lot of Sold properties . It now appears the Sold properties on Estate Agency websites have in the main disappeared.

Do you think there has been a down turn in the market.

[waddo]

Would not surprise me at all! Estate agents fees, solicitors fees and Government taxes can take a big bite out of the money you think you will make on the sale of your property! But I do hear that a lot of properties are being sold for CASH these days - people with a suitcase full of notes, the same as used to happen in the South in the late 60's and early 70's!!

[Reyntj]

Somebody told me they are passing a law that doesn't allow foreigners to buy property using trusts and all existing ones need to be registered to the individual within a short time period . No idea on the validity of this info but huge swathes of land have been bought on this basis so wouldn't surprise me . Grapevine stuff.. but surely the 12 % tax has put off buyers especially off plan sales as now there is 6% up front on sales contract .before all the taxes could be deferred so this hits peoples ability to fund the off plan purchase where payment plans exist .

[benjaminbutton]

Am going through all this kerfuffle NOW, so its not bar talk. Have had house valued at a sensible price (some are stupid prices), then you start to hit the skids. a) obviously you have to have Power of Attorney. IF YOU ARE UNFORTUNATE TO BE OVER 85, you then have to be assessed by (1) a Neurologist (2) Psychiatrist. They are then asked to sign a letter to say you are mentally competent to know what you are signing. HOWEVER they will almost certainly say you are OK, BUT THEY WILL NOT SIGN ANYTHING in the event they might be sued in case something goes wrong with the sale. 7 Private hospitals have been approached and its thumbs down every time. THEN THE REAL PROBLEMS START, IN OUR EVENT WE HAVE TO GO BACK TO UK. You take with you a letter from a Notar written in Turkish and English. Sign it together with your Passport number. It is witnessed by a Notar in UK. Nothing is mentioned why, all they do witness is your signature and passport number. It is then sent by registered post by UK notar together with a Postal Order for 25 (or it may be 15 pounds) to TRNC offices in London. They do whatever (takes about 10 days) and send back via registered post to your address in UK if you are still there OR via DHL to address in TRNC.

Then and only then can you can actually sell. Obviously advertising and virtual tour can be made. ONE WORD OF WARNING, PROSPECTIVE PURCHASERS ARE ALMOST 100% DEMANDING THE HOUSE TO BE FULLY FURNISHED AND I MEAN FULLY. YOU CAN REMOVE PRIVATE PICTURES, ANY CLOTHESE YOU THINK WILL FIT IN ROUGHLY SEVEN MOVING BOXES. BUT ALL STUFF IN GARAGE, AIRING CUPOARDS, CUTLERY, ETC HAS TO BE LEFT. OBVIOUSLY IF YOU HAVE THREE DINNER SETS AND LOADS OF ELECTRIC EQUIPMENT IN KITCHEN LEAVE ONE OF EACH AND TRY AND SELL THE OTHER TWO PERSONALLY TOGETHER WITH EXCESS KITCHEN ELECTRIC STUFF AND POTS AND PANS, AS AN INVENTORY OF EVERTHING IS MADE. Im sure I've missed something out, but its a minefield and wish I wasn't having to go through it, Before long I will be advertising loads of kitchen stuff.

[Maisiemoo]

I've just started the process! Estate Agent indicated that the market is not as buoyant as last 2 years mainly because Brits are not buying, rather selling up and moving back to the UK or elsewhere and it's because of the mess residency is causing. Personally if I get a buyer they're welcome to all my furniture etc which is now 20 years old!

[ljarvo]

The people who are buyers are certainly changing and I think it’s going to be more challenging to sell property - doesn’t help the rumours about making it more favourable for Turkish people to buy over foreign buyers etc

[Reyntj]

Maisemoo you are probably speaking to British orientated agents ..the Brits have not been the main buyers here for some time so that's not the reason albeit it. might be the agents experience if they have historically concentrated on UK expat sales and many Brits now gravitate to when selling...maybe not the correct strategy . There are Turkish buyers now as they only have to pay 6 % tax and are seeking rental yield which is mostly higher than in turkey and also hedging against further falls in tl. Turkish buyers are hard work...and drive a hard bargain it's in their nature.

[Reyntj]

https://lgcnews.com/new-laws-to-curb-pr ... oreigners/

So the news I heard on the grapevine was correct .

Also :

"Transitional provisions will accommodate existing contracts awaiting title deeds"

Will the new law mean you have to take the deeds and not hold it on contract ? Can't really find the info I suppose it will all come out in the wash once finalised .

A lot haven't taken deeds to avoid tax especially new builds in iskele . Mostly other nationalities .

[Stan Lockley]

It would appear one of the reasons for this legislation is to stop money laundering.

If they spent as much time and effort keeping out the Criminals that are probably on ‘the run’ from their own countries that would help.

I was only researching North Cyprus for property , but it does seem to have a problem with Wise Guys who probably seem to think they are safe because of the lack of Extradition.

If the government want sales to be mainly aimed at Cypriots there is going to be a lot of unfinished buildings in the future creating a blot on the landscape.

It certainly looks a lovely country so I can see the attraction.

[ljarvo]

Yes these are rumours I was hearing too…going to make it difficult to sell - even more so if you hold Pre 74 title.

They are of course planning to make it easier for a Turkish person to buy increasing the amount of residences they can buy to three!

[Reyntj]

I hadnt heard about the pre74 bit I presume you mean will only be for tc moving forward..as you say rumour big probably true and we will find out at some point .

[ljarvo]

They are likely (rumour) to only give permission to purchase on Pre74 title to only T Cypriot and Turkish … theory being they want them to own the good title property and not foreigners !

[Charlotte55]

I am so sorry to read this and feel sad for you.
fingers crossed for you !
C

[pedmoreapollo]

I am really glad we sold up 8 years ago and now just visit. I love North Cyprus but not all the complications It must be a nightmare trying to dot all the I's and cross all the t's when selling. We just had to pay Capital Gains tax