What are the costs involved when buying a property in Northern Cyprus?
The solicitors costs are in the region of 1000 (be aware that some solicitors charge an hourly rate fee, that could work out very expensive). We can always refer you to the solicitor we work with, who is more competitive and charges at 700. The stamp duty is 6% of the property value, but more often than not the valuation is lower than the selling price of the property. Some may consider to build their own house as the stamp duty will be payable on the cost of the land rather than the built property if the permission to purchase is received before the construction begins. Also the buyer has to bear in mind the sales tax (VAT) at 5% on newly built property. Sales and stamp duty tax is payable to the Land Registry office when the permission to purchase is granted and the porperty is completed as well as a nominal registry fee (in the region of 200). The buyers also should enquire about the other costs in relation to the electricity, water and gas installations. Sometimes, the costs are bu
The solicitor’s costs are in the region of £ 1000 (be aware that some solicitors charge an hourly rate fee, that could work out very expensive) when buying a property in Northern Cyprus. We can always refer you to the solicitor we work with, who is more competitive and charges at £ 700. The stamp duty is 6% of the property value, but more often than not the valuation is lower than the selling price of the property. Some may consider to build their own house as the stamp duty will be payable on the cost of the land than the built property, if the permission to buy is received before the construction begins. Also the buyer has to bear in mind the sales tax (VAT) at 5% on newly built property. Sales and stamp duty tax is payable to the Land Registry office when the permission to buy is granted and the property is completed as well as a nominal registry fees (in the region of £ 200). The buyer also should enquire about the other costs in relationship to the electricity, water, gas installa
