An amazing thing is the ownership of the land under your home.
Not every country can be proud of such human rights protection as the Republic of Northern Cyprus.
The most important legal aspect of an apartment purchase in Northern Cyprus is the title to the land plot, the ownership right. If you decide to become an investor, you need to consider the law intricacies in this state. At the moment, the entire land is under a single title, but this was not always the case.
THE PAST LEGAL ASPECTS
Land plots in Cyprus are divided into those that until 1974 were in foreign ownership and the Turkish Cypriots and Greek Cypriots possession. Until 2008, there were several titles for plots:
Pre-74 – real estate that until the 74th year was in a foreigner possession or a Turk (except for Greeks and Greek Cypriots). The ownership does not imply legal claims from the island southern part.
Exchange – the object was owned by a Greek or Greek Cypriot before the coup.
The man left the northern part, he was asked to change the land to a similar one in the southern part, which was left by the Turkish Cypriot.
TMD are nationalized lands owned by Greeks or Greek Cypriots. The Northern Republic government is now paying compensation to the former owners.
Leasehold right – the land belongs to the state and is leased for resort development.
HOW THINGS ARE TODAY
Today the state government recognizes a single title: The Turkish Republic of Northern Cyprus, its goal is to normalize all documentation, all land plots and real estate status.
In 2010, the European Court of Justice passed a judgment that guarantees the sale and purchase transactions safety of in Northern Cyprus for residents and foreigners.
When buying land or real estate in North Cyprus, the buyer will not see information about land titles in the property documents: this column remains blank. This classification may be used by some local real estate agencies, but it is not recognized by anyone.
The only thing the buyer needs to wait for the title transfer to his name. To protect investor rights, the government has organized the sale and purchase agreement registration with the land committee.
Thus, foreign citizens do not violate the law when they decide to buy real estate. The right to dispose of land and property is supported by international documents. Transactions are completely legitimate and risk-free.
Our company provides full legal and consulting support for each client and organizes documents verification for all properties.