What costs are involved in buying property in North Cyprus ?
Lawyers in North Cyprus usually have a set standard fee for buying a property in North Cyprus usually this is in the region of £1000. Cyprus Island Homes will happily refer you to the lawyer we work with, whose rates are very competitive. Stamp duty is payable at 3% of the property value, but more often than not the valuation is lower than the purchase price of the property. Buyers may also bear in mind that sales tax (VAT) is payable on new build properties, VAT known locally as KDV is 5%. Both stamp duty and sales tax are payable to the Land registry office when permission to purchase has been granted and the property is completed. A nominal registration fee is also due usually in the region of £200. The purchaser should also enquire about other costs in relationship to electricity, water and gas installation. Sometimes these costs are included in the selling price but often there are separate costs involved, especially if your villa is being constructed away from a main road or vill
