Buying property in Turkish Cyprus for Saudis

The real estate market in Northern Cyprus has witnessed a growing demand from Saudi investors in recent years, thanks to the numerous advantages offered by this distinguished real estate destination. In this article, we will explore how Saudis can buy property in Turkish Cyprus.

From reasonable prices to a smooth legal environment, passing through promising opportunities in the fields of tourist and student rentals, buying property in Turkish Cyprus has become an attractive option for Saudis looking to expand their investments or live in a semi-European environment at Middle Eastern prices.

In this comprehensive guide on buying property in Turkish Cyprus for Saudis, we will take you step-by-step through the property ownership journey: from choosing the ideal location and property, to understanding the legal conditions and requirements such as obtaining a permit to purchase property in Turkish Cyprus and transferring the Turkish Cypriot title deed for Saudis, in addition to explaining how to obtain residency in Northern Cyprus through property purchase.

Advantages of Buying Property in Turkish Cyprus for Saudis

Stable and Safe Investment Environment

Real estate investment in Northern Cyprus is highly appealing to Saudis due to the relatively stable political and economic environment in the region, in addition to the real estate laws that encourage foreign investors, especially for Gulf and Saudi citizens.

High Investment Returns

Buying an apartment in Northern Cyprus or a villa in Turkish Cyprus allows Saudis to achieve rental returns of up to 7-10% annually, especially in tourist areas near the sea or universities.

Competitive Prices and Expected Increase in Property Value

Property prices in Northern Cyprus are still relatively low compared to markets such as Turkey or Dubai, making investment in this market an opportunity to buy property at a low price now and sell it later at a higher value with the expansion of the region and increased demand.

Attractive Tourist and University Environment

Northern Cyprus is characterized by its natural beauty and mild climate throughout the year, in addition to the presence of international universities such as Near East University and Eastern Mediterranean University, which supports real estate investment in Northern Cyprus for Saudis, whether for student or tourist rentals.

Steps to Buy Property in Turkish Cyprus

Choosing the Right Property According to Your Goals

Start by determining the type of property that suits your goals: Are you looking to buy an apartment in Northern Cyprus for Saudis for investment or residence? Or do you prefer a villa in Turkish Cyprus as a recreational place? Areas and prices vary depending on proximity to the sea, universities, or commercial centers.

Field Visit or Engaging a Trusted Company

It is recommended to visit Northern Cyprus and tour the properties, or deal with an accredited broker such as Mbany Real Estate, which helps Saudi investors choose the ideal property according to their budget and goals.

Signing the Preliminary Contract and Paying the Deposit

After choosing the property, a preliminary sale contract is signed between the parties and a deposit is paid (usually 5%-10% of the property value), and here the official purchase procedures begin.

Opening a Bank Account and Transferring Funds

A bank account should be opened in the buyer's name in one of the local banks in Northern Cyprus to transfer the funds required to purchase the property, which facilitates dealing with official authorities and documents the purchase process.

Conditions for Buying Property in Northern Cyprus for Saudis

Permit to Purchase Property in Turkish Cyprus

It is necessary to obtain a permit to purchase property in Turkish Cyprus from the Ministry of Interior, which includes security approval and is an essential step before completing the transfer of ownership.

Maximum Property Ownership

Foreigners (including Saudis) are allowed to own one property (apartment or villa) on land not exceeding 1 donum in area, but ownership can be expanded by establishing a local company in the buyer's name.

Supervision of a Licensed Local Lawyer

A specialized lawyer should be appointed to follow up on all legal procedures and ensure that the property is free of disputes or mortgages. It is always preferable that the lawyer has experience in dealing with Northern Cyprus properties for Saudi investors.

Cost of Buying Property in Turkish Cyprus

Property Prices in Northern Cyprus for Saudis

Property prices in Northern Cyprus for Saudis start from about $60,000 USD for small apartments, and reach more than $320,000 USD for luxury villas overlooking the sea.

Purchase Expenses and Legal Fees

• Title deed fees (transfer of ownership): 3%
• Value Added Tax (VAT): 5%
• Lawyer's fees: between 1000 - 2000 Euros
• Real Estate Registration Fees: 1%

In total, the cost of buying property in Turkish Cyprus may reach an additional 6-10% of the total property price.

Transferring the Turkish Cypriot Title Deed for Saudis

Official Procedures for Transferring the Deed

The Turkish Cypriot title deed is transferred to Saudis after receiving security clearance, paying the required fees, and documenting the contract at the Land Registry Department.

Importance of Registering the Property in the Buyer's Name

The buyer is not considered an official owner until the ownership is transferred in their name in the "Tabu" (title deed), so signing the contract is not enough, but all legal procedures must be completed to guarantee rights.

Real Estate Investment in Northern Cyprus for Saudis

Student and Tourist Rentals

With more than 90,000 foreign students in Cypriot universities, renting to students is an excellent investment option, and coastal properties are suitable for seasonal tourist rentals.

Continuous Development of Infrastructure

Northern Cyprus is witnessing rapid development in infrastructure projects, which enhances the value of properties and is an important factor supporting real estate investment in Northern Cyprus for Saudis in the long term.

Residency in Northern Cyprus Through Property Purchase

Residency Visa After Buying Property in Northern Cyprus

Once ownership is obtained, you can apply for a residency visa after buying property in Northern Cyprus, and a temporary residence permit is easily granted and can be renewed annually.

Upgrading to Long-Term Residency

After several years of regular residency and continuous ownership, you can apply for long-term residency, which grants greater freedom of movement and investment within the island.

Best Locations to Buy Property in Northern Cyprus for Saudis

Famagusta

An ideal location for those wishing to invest in student real estate, especially near universities, and apartments are available at attractive prices.

Kyrenia (Girne)

It is one of the most beautiful coastal cities, and it suits Saudis looking for a villa in Turkish Cyprus for housing or recreation.

Iskele and Yeni Boazici

A preferred destination for those looking to buy property in Northern Cyprus for Saudis at reasonable prices, close to the sea and nature.

Mbany Real Estate: Your Ideal Real Estate Partner

Experience in Dealing with Saudi Investors

Mbany Real Estate is considered one of the leading companies in the field of real estate brokerage in Northern Cyprus, offering integrated services from consulting to transferring the Turkish Cypriot title deed for Saudis.

Additional Services for Investors

Mbany Real Estate services include:

• Legal advice.
• Organizing real estate visits.
• Property management after purchase.
• Following up on residency applications.

Frequently Asked Questions: Buying Property in Turkish Cyprus for Saudis

Conclusion: Buying Property in Turkish Cyprus for Saudis

Given the flexible legal environment, reasonable prices, and active investment climate that Northern Cyprus provides, buying property in Turkish Cyprus for Saudis is a strategic option for those looking for safe investment or semi-European residency.

Whether you are looking to buy an apartment in Northern Cyprus for Saudis, or a villa in Turkish Cyprus for Saudis, you will find promising opportunities in this market.

To maximize your benefit, we advise you to cooperate with trusted entities such as Mbany Real Estate, which offers you a professional investment experience starting from a guide to buying property in Northern Cyprus and ending with achieving a guaranteed return.

Do you want to start your investment journey in Northern Cyprus? Don't wait, and start today with a successful step towards a secure real estate future.