What extra purchase charges are there?
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 Registry’s 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 C
