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Buying property in Northern Cyprus under quarantine

15 دسامبر

Buying property in Northern Cyprus under quarantine

The COVID-19 pandemic has been a shock and a challenge to the real estate market. However, quarantine also creates some opportunities. First, the market got rid of one-day developers, and only reliable companies with a stable economic model remained.

Also, the demand of buyers is becoming more exacting, which forces developers to be more attentive and offer only high-quality properties.

Stages of purchasing real estate remotely:

  • For each client individually selected and offered a wide choice of properties, taking into account all the wishes and requirements;
  • Then organized online-tour through any convenient messenger to you (Whatsapp, Viber, Skype);
  • After choosing a property, the realtor starts negotiations on behalf of the buyer with the developer or owner, agreeing on the most favorable conditions for the future owner of the property;
  • Further, there is a remote signing of the reservation of the object. To do this, you need to open an account with one of the banks in Northern Cyprus and pay a deposit within 1-3 thousand GBP (Great Britain Pound); * If the transaction is not completed, the deposit is not refundable.
  • During the next month, the purchase and sale procedure takes place: a complete check and verification of all documentation before purchase, the terms of the provided interest-free installment plan, and the payment schedule are discussed. 
  • If a bank loan is required, the realtor applies to its provision on behalf of the buyer. It is also necessary to issue a general power of attorney for a lawyer who will act on behalf of the buyer.  
  • The lawyer draws up a purchase and sale contract, after signing which the future owner pays the first installment, usually 30% of the value of the property. Next, the property is registered with the Cyprus Tax Office and the Cyprus Land Department.
  • From that moment on, you become a full owner, and in the future, you make all subsequent payments per the schedule specified in the purchase and sale agreement.

What are the benefits and opportunities for customers?

  • Saving time;
  • Information is always with you at any time it is possible to find out all the necessary clarifications and clarifications;
  • We are the guarantors of the most secure real estate transactions; 
  • Prompt communication with the agency and highly professional service (consultations and advice on any issues);
  • Customer support throughout the entire property purchase process;
  • Organization of an online tour of real estate. Opportunity for potential buyers, together with an agent, to inspect the object, layout, construction phase, and infrastructure in real-time;