Northern Cyprus, the Mediterranean's third-largest island, is strategically positioned south of Turkey and east of Greece.

Real estate transactions are conducted in British pounds. However, the Turkish lira is the primary currency for retail, dining, and other everyday transactions.

The climate in Northern Cyprus is characterized by hot summers from May to September, with temperatures ranging between 30-40°C. Winters, primarily in December and January, are mild with temperatures between 10-20°C.

Northern Cyprus can be accessed via Larnaca Airport in the south, with transfer services available to the north, or through Ercan Airport in the north.

First off all the prices for property are less expensive compared to other countries around the Mediterranean Sea and is considered to be one of the top 5 countries to invest in according to a survey Forbes did in 2000. The country is under a high development so the time is right now to get the most out of your investment. You can read more about it in the Forbes Magazine’s article here. 

With its 340 sun days per year it will give you a long summer and very short winter, great for the one looking for living in luxury in a warmer country.

Northern Cyprus is a muslim country, they are very open minded and few practice the religion. Greeks, Romans, Arabs, Venetians, the Ottomans and the British have all ruled the island. They have all left their mark on the landscape, architecture, culture and food of this amazing island.
The locals are extremely friendly and helpful.

The country has a stable and safe environment with great economic growth and a favorable tax system. Add to that…

• Most of our properties lie by the beach or within walking distance to one
• The locals are extremely friendly and helpful
• It is a low cost living here
• The climate is pleasant all year round with four seasons
• The coasts are intact an have the Mediterranean's cleanest water and fantastic mountain ranges
• There are scenic bays and golden beaches
• It is an ideal island for nature lovers with fantastic flora with wild orchids and a fantastic animal life with unique bird species
• Cyprus has an exciting history with several ancient places to explore
• You will find 18-hole golf courses with a high international standard
• The culinary food experiences with a large selection is a must to explore.
• Northern Cyprus has a very low crime rate - one of the safest places in the world.
• With outstanding healthcare without any waiting times and first-class dental- & eye health care at very good prices
• Only about 4 hours flight from Sweden

Yes, it is imperative to have a legal representative. Miracle Estate can facilitate the provision of a lawyer when required.

Regardless of the investment outcome, you will receive the contract of sale in your name after 24 months. Miracle Estate possesses the financial resilience to cover any potential investment losses.

Yes, the contract will be issued in your name after a period of 24 months.

Yes, you will have the opportunity to sell your apartment and benefit from capital appreciation after 24 months.

Yes, Miracle Estate’s after-sales department provides comprehensive rental management services.

Miracle Estate’s after-sales service ensures that your apartment is well-maintained during your absence.

As a foreigner, you are permitted to own one apartment in your name. However, a husband and wife can collectively own two apartments, and adult children can also own properties in their names.

Yes, you can apply for a residence permit.

Tourists are allowed to stay for 60 days within a 180-day period.

Yes, cryptocurrency transactions are accepted.

Yes, it is secure. We ensure that the title deeds are legitimate and transferable to foreign owners.

• Deposit: £5,000 (to be paid upon whitelisting and deducted from the first down payment)
• Lawyer’s Fee: £1,500-£2,000
• Stamp Duty & Registration: 6.5% of the sales price (to be paid upon contract registration)
• VAT: 5% of the sales price (to be paid upon key handover)
• Transfer of Title Deeds: 6% (to be paid 1-2 years after possession)
• Connection for Water & Electricity: £1,500-£3,000 (to be paid upon key handover)
• A/C & White Goods: Varies based on size and quality (Studio – £2,252 to £5,198, 1 Bed – £2,828 to £6,314, 2 Bed – £3,404 to £7,430, 3 Bed – £3,980 to £8,546)
• Total Taxes: 17.5%

We collaborate with a third-party guarantor, a unique service in the region, ensuring your investment is protected.

There are never ever any guarantees that your investment wont depreciate in value. But when you are considering buying or investing in property, you can decide whether this investment is the right decision by calculating the amortization period. Research done shows in general that the amortization period is high in cities such as Istanbul, where the property market is active. However, the depreciation period in Northern Cyprus is considerably lower than the depreciation periods in these megacities. If you want to make a successful property investment, you should choose regions with low property prices but high rental income. Almost every city in Northern Cyprus meets these criteria. The popularity and value of Cyprus have been increasing in recent years. Northern Cyprus is a place of interest to many tourists. The island has attracted attention as a calm, quiet, and low-population island country.

It depends on what you want to do with your investment. If you are planning to buy an OFF-PLAN property the developer provides advantages of back-up services, easy payment terms, onsite rental services and warranties a development company can offer you in a new country. A RESALE property which can be a little lower in price, always fully ready and can even include all the furniture, with perhaps more established surroundings and the VAT often fully paid – but without the kind of back-up services a North Cyprus developer can offer. Maybe this is the best for you but note there may be hidden advantages or disadvantages you have not considered.

The Benefits of Off-plan/New building Developer Properties

• Investment value – most property investors buy generally off plan properties and they are generally seen as better investments and likely to rise more in value in a shorter period.
• Custom design option – you will have the opportunity to enhance and change your property after your preferences before you take it in possession.
• Payment plan options – many developers have low deposits and interest-free payment plans over the build period (if off plan), or beyond (usually with interest) for key ready new build properties.  These plans tend to take the place of bank mortgages in Northern Cyprus, where banks do not lend to foreign individuals.
• Developer warranties – the North Cyprus building standard has a 5 year structural warranty and a 1-2 year internal warranty.  These give great peace of mind when moving into a new home.

We work to minimize the downsides, but typical downsides could be:

• Hidden costs
• Delayed title deeds. This is due to the process the developer has when the project is finalized.
• Considering Resale?  If you plan to sell the property in the future  before you have the Title Deeds, you will need the consent and co-operation of the property developer.  For this reason we do not advise investing in a new build home as a property you might wish to sell quickly.

The benefits with purchasing  a Resale

• Value for Money – If you find a property where the owner is keen to sell quickly, you can make a bargain. In addition, the owner will often include all the furniture thus minimizing your moving in costs.
• Speed of purchase – as this is most probably a fully finished property, the buying process can be very quick in Northern Cyprus and just a few weeks from signing the contract, you will be able to move in.
• Fully finished property – You are able to inspect exactly what you are buying.“What you see is what you get”!
• More established surroundings – As this is an older property, it may have a more established neighborhood and an established landscaped garden or trees. Some people say “it has gone through its teething phase” but this does not always apply!
• VAT already paid – the 5% VAT in most cases are paid already.

The downsides might be:

• You must be ready to pay cash up front. As you are buying from an individual rather than a company. Most likely we can not negotiate a payment plan for you. Generally a resale purchase is a 100% cash purchase.
• As you are buying an older property you may find that there is renovation, repair or modernisation work required.
• There will be no building warranties, unless you are buying a resale on a developer site where there is still some “time to run” on an initial warranty. We will off course investigate this for you.

A broker is a person who facilitates transactions between traders, sellers or buyers. Think of a broker as a middleman who ensures that the transaction can run smoothly and that each party has the necessary information. Brokers exist in many industries, including insurance, property, finance, and trade.

A broker works for either a property buyer or the seller to negotiate the sales and manage the documentation involved in closing the transactions.

Property brokers are sometimes confused with property agents. However, the brokers are agents who have had experience in property and have passed a broker licensing exam. Having a broker license allows property brokers to run a firm with agents working under them.

Read more about it here: https://miracle-estate.com/buying-process/

• You will pay the taxes upon purchase the first time.
• Stamp Duty (payable at purchase contract registration) – 6.5% of the purchase contract price
• VAT (payable to the vendor at key handover) – 5% of the purchase contract price
• Property Tax – 1,5TL per sqm/year
• Land Registry Transfer Fee – 6% of the purchase contract price (when full amount has been paid to the vendor, the permission to purchase has been granted by the Council of Ministers and the title deed is ready for the transfer)
• Rental Income Tax – 10%

If you are an overseas buyer and must have a payment plan, then you are best to go for a new-build developer loan property. If you are an overseas buyer and wish a key ready, completed property, then generally you will need to be a cash buyer. This is because the currently lengthy “permission to purchase” process for overseas buyers means that bank loans and mortgage funds take too long to be released and the seller will prefer to sell to a cash buyer.

Are there North Cyprus bank mortgages for overseas buyers?

The answer is Yes and No.  North Cyprus bank mortgages are not currently a practical route for overseas buyers. In North Cyprus 50% LTV Bank Mortgages have gradually been introduced for overseas buyers pre-covid by selected North Cyprus banks and branches of Turkish banks in North Cyprus. Due to the current property boom in North Cyprus starting in 2022, it has become the sellers’ market. This means that any seller of a good quality resale apartment or villa knows that they will most likely get an offer from a cash buyer.  Considering the time scale for banks to release the 50% funds to overseas buyers, sellers are understandably reluctant to accept offers from overseas buyers needing a bank mortgage. The process for purchasing a property in North Cyprus involves something called “application for permission to purchase”. This is generally a formality, but takes time and involves police checks in the passport country of the buyer. Waiting times vary, please check with your North Cyprus lawyer. However, it can take up to a year

New build North Cyprus Property Developer Installment Plans is an option.

As a property seeker requiring a new build property you can take advantage of developer loans and installment plans. The first payment is normally around 25-35% of the sale price and then you pay the balance either interest free over the build period (which can be anything from 1-3 years) OR with interest over an extended period.  The longest periods currently available are around 7 years. Every developer has a different plan though, therefore we can’t outline a standard developer payment plan here.  Let us look into what that very specific developer you are interested in buying from. We have established relationships with the developers and can often negotiate discounts for our buyers. A key ready North Cyprus home with a developer payment plan or installment plan is very rare to get.  This is because 99% of all developer loans are on off plan or under construction properties. Most new build sites are selling out well before they are completed.  So, if you are seeking a key ready, build home, you must go for a resale (for which you currently need to be a cash buyer). Please also bear in mind that the sale price of developer new build properties can be up to double the cost of the same size older property due to the huge increase in North Cyprus land value, materials and building costs over the last few years. It can be best to try to raise money in your home country, where interest rates are also lower, and become a cash buyer. There are private loans available for North Cyprus property purchase. We can introduce you to a bank. Again, interest rates are high and loan period are short. The terms are currently 50% maximum LTV (loan to value), over a maximum of 5 years.  The interest rates may be high – these are high and linked to Turkish rates.  These loans are only available on properties with Individual deeds and there are arrangement fees of at least £2,000. Important to understand that the monthly payments are very high and cannot in any way be compared to a UK or European mortgage monthly payments, which are usually over at least 20 years.

North Cyprus bank mortgages for Kimlik Card holders (Turkish Cypriot nationals)

Kimlik holders can purchase very quickly as there is no “permission to purchase” process involved.  Many North Cyprus banks and branches of Turkish banks in the TRNC will offer mortgages to Turkish Cypriots holding Kimlik cards and resident in the TRNC (subject to T and Cs). The property will need to have an individual deed, they do not accept  shared deeds). Please contact your local bank for details. The maximum LTV is usually 50% of the sale price, but this may vary. Bank interest rates in North Cyprus tend to follow the interest rates of Turkish banks and they are fluctuating and can get as high as 12%. These high rates are another reason why it’s not really practical for an overseas buyer to get a North Cyprus loan or bank mortgage, it might be more beneficial to take a loan in your home country.

Can you pay for a key ready property in installments with the seller?

Occasionally we have been able to arrange very short-term payment plans between the buyer and the property seller for a small % of the sale price. These are usually only over a one-year period and therefore can’t be seen in any way as a mortgage.  Your lawyer can advise if this is a good idea and obviously not all sellers will agree.

This is the most important part before purchasing.

• Before 1974, Turkish Cypriot owned title deeds is 100% secure and free to transfer to any foreign buyer.
• Exchanged Deeds: Before 1974 they were formerly owned by Greek Cypriots. These deeds were issued to Turkish Cypriots for those who lost their properties in Southern Cyprus. All these documents which are called TRNC (Turkish Republic of Northern Cyprus) are approved and are thus safe deeds that can be owned by foreigners.
• Tahsi deed: Owned by Greek Cypriots before 1974. These documents were issued after 1974 by the Northern Cyprus government TRNC and given to Turkish Cypriot refugees or Turkish settlers from the mainland.

There are 5 District Courts and the Supreme Court that administer, practise and interpret the law in North Cyprus. This law was established by the Constitution of the country and largely follows English Law and Principles.

The foundation of the legal system was laid during the British Empire Colony Rules in the 1940’s and 1950’s. The majority of the fundamental common and equity laws are a mirror copy of the UK laws enacted during this period.

In matters of company and contract law, the Turkish Republic of Northern Cyprus utilises the legal framework of United Kingdom Case Law. There are many reputable and internationally educated, multi lingual law practises and Vision Group will always recommend those with a long and impeccable track record.

Do some research on the island and try to decide which part of the island you prefer to invest and live in. Larger areas that are invested in are Kyrenia, Esentepe, Long Beach and Famagusta

First we will have an initial meeting, either over telephone, online or in person depending on where you are located. 

The purpose of the meeting is to get to know you and to get to know what you are looking for and what budget you have for your investment. After that we book an inspection trip to Northern Cyprus for you, to look at some of the properties we have found that would suit your preferences.

An inspection trip is normally 3 days where we will take you around and show you properties that fit your budget and requirements. If you find a property that suits you we will connect you with an attorney to get the POA (Power Of Attorney) signed and hopefully sign a reservation agreement as well as getting the deposit paid (generally around £2000-5000).

If you are planning to join an inspection trip we can help you make an reservation for accommodation and arrange the transfer from the airport for you. Before you book any inspection trip, please contact us for updated information. 

If you find a property that suits you we will connect you with an attorney to get the POA (Power Of Attorney) signed and hopefully sign a reservation agreement as well as getting the deposit paid (generally around £2000-5000).

After 2-4 weeks the contract is ready to be signed and stamped.

When it is confirmed by the client, the attorney signs on the client's behalf and registers the contract at the land registry.

Client pays minimum 35% of the purchase price to the attorney's client’s account. Plus, a stamp duty, 6,5% of the purchase price.
When a contract is signed and registered, the attorney will transfer the funds into the developers account.

If there is a payment plan the balance will now be paid in agreed installments, most often up until completion. (Sometimes 12-36 month more)

Then the Key will be handed over by completion. The owner now also pays the VAT which is 5% of the purchase price.

After the site is completed the title deeds should be handed over to the owner. The transfer fee of these are 6%

For more details see our Buying Process information.

The following information is set up for you to be fully aware of how an Inspection Trip with Miracle Estate works, so that it can run as smooth and efficient as possible. We ask for your help and cooperation to follow these points when attending an Inspection Trip with Miracle Estate, and we appreciate your full understanding for these guidelines.

General information

• The maximum amount of people attending an inspection trip are 4 adults.
• Miracle Estate do not take any responsibility for children unsupervised or left alone at site.
• Please remember that you will be viewing various properties and developments which may still be under construction. Therefore, make sure you wear comfortable footwear and appropriate clothing.
• Check in time for your accommodation is from 12:00 noon onwards and check out time before 12:00 noon.
• For you to be able to complete your check in, you will have to send a copy of your passport prior to your arrival.
• Just like in a hotel, you are obliged to pay a deposit of £100-200 per unit to the developer upon your arrival. This money you will get back on your day of check out.
• If you run in to any problems with your accommodation you may speak to the property consultant attending the tour that will help you out.
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• Registration and Cancellation
• All inspection trip registrations must be completed five (5) days prior to the trip (5) starts.
• Incomplete registrations will not receive a confirmation email and will therefore not be registered to the inspection trip.
• If you wish to cancel an inspection trip registration, please email to our Sales Coordinator at [email protected]
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• Courtesy
• Please turn off cell phones (or put them on vibrate) prior to entering any property showing and during the presentations.
• You may receive some meals on the inspection trip (depending on the generosity of the developer), otherwise you are responsible to pay for all your meals and drinks during the trip.
• Off the agenda you are responsible for all transportation and charges for these.
• If you need assistant or information while in Northern Cyprus, you are welcome to speak to your consultant on the trip.
• You are always welcome to contact our head office for any further equations during office hours as follows:

- Monday – Friday 9.00-17.00 - Saturday 10.00-14.00. Outside office hours please contact your consultant. Most importantly, please abide by The Golden Rule while participating your Inspection Trip with Miracle Estate and treat others with the respect and courtesy with which you wish to be treated. Any complaints or violations of the inspection trip rules should be forwarded to Miracle Estate Sales Coordinator. Please contact our headquarter by sending an email to [email protected] if you have any questions. Thank you for your participation in the Inspection Trip with Miracle Estate!

Accommodation for property inspection trips is not provided for free. However, Miracle Estate can assist you with arranging accommodation options during your visit. We have partnerships with various hotels and rental agencies in the region, allowing us to help you secure suitable accommodations based on your preferences and budget.

Additional Questions:

Q: Are there different types of accommodations available for property inspection trips?
A: Yes, there are various accommodation options available, including hotels, resorts, apartments, and villas. We can help you choose the type of accommodation that best suits your needs and preferences.

Q: How can I request assistance with accommodation for my property inspection trip?
A: Simply contact our team, and we will guide you through the process of arranging accommodation for your trip. We'll discuss your requirements and provide recommendations based on your preferences and budget.

Q: Do I need to pay for the accommodation upfront, or can it be arranged upon arrival?
A: Depending on the accommodation provider's policies, you may be required to pay for your accommodation upfront or upon arrival. We'll provide you with all the necessary information and assist you with the booking process.

Q: Can I extend my stay beyond the duration of the property inspection trip?
A: Yes, you can extend your stay if you wish to explore the area further or take more time to consider your property options. We can help you with extending your accommodation booking and provide assistance with any additional arrangements you may need.

Q: What happens if I need to cancel or change my accommodation booking?
A: If you need to cancel or change your accommodation booking, please inform us as soon as possible. Depending on the provider's cancellation policy, there may be fees or restrictions involved. We'll work with you to make any necessary adjustments to your booking.

Yes, foreigners are allowed to purchase property in Northern Cyprus.

Foreigners are limited to owning one property in their name.

Please refer to our comprehensive buying process.

Detailed information can be found under the "What additional fees are associated with my real estate investment?" section.

Yes, bank loans are available if the title deeds are ready.

Maintenance costs range from £50-£250, depending on the project's scope, facilities, and property size.

Yes, Miracle Estate offers comprehensive property management services within our after-sales department.

You can anticipate annual returns ranging between 10-20%.

Northern Cyprus boasts both state and private hospitals. State hospitals provide free emergency services to non-residents, while private hospitals offer higher standards of care at reasonable costs compared to Western countries. For more detailed information, please visit North Cyprus International.

There are government schools and international private schools available to residents.

For the latest updates on infrastructure projects, please contact us directly.