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Costs of buying property in Northern Cyprus

Below is an approximate example of the additional costs that you can expect when investing in a property in Northern Cyprus. The figures have been calculated using a valuation figure of £100,000.

  • Purchase Tax of 3%: £100,000 x 3% = £3,000
    [Purchase Tax is 3% for the first purchase only. For second and after Purchase Tax is 6%. Purchase Tax is payable on transfer of title. Purchase Tax is based on the Land Registryís valuation (assessment) of the property. Assessed value is usually considerably less than (around 60% of market/sale price) the selling price since only bricks, mortar and size of land are taken into consideration, not fixtures and fittings.]

  • VAT (KDV in Turkish) of 5%: £100,000 x 5% = £5,000
    [VAT is also payable on transfer of title]

  • The costs of the electricity meter, water meter, and charge levied by the Telecommunications Office for connection of telephone lines sum up to approximately £280. (Gas (LPG) is bottled in Northern Cyprus)

  • Charges for provision of sewerage/drainage facilities: Currently at £460 approximately per immovable property (eg per apartment)

  • Solicitorís (legal) fees are around £1,000
    [Legal Fees usually include search, preparation of sales agreement, application to buy from the Council of Ministers and transfer of title at District Lands Office services]

  • Municipality Fees: 1% x £3,000 = £30
    [1% Municipality Tax on 3% Purchase Tax]

  • TOTAL £9,770 (9.77% of purchase price or valuation, assuming that the two amounts are equal)
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