Vendors Guide to Selling Property in the TRNC
Are you prepared to sell your property in Northern Cyprus and don’t know where to begin? Let Coast & Country do the work for you! For a free valuation of your property, Contact Us now.
Why Sell with Coast & Country Homes?
A member of Our Resale Team at Coast & Country will come to view your property and assess and prepare the following, at no charge.
- Free Property Valuation
We provide an HONEST property valuation based on the current market state, comparable properties SOLD (not on the market) as well as the property itself. We will suggest a price we know will sell based on these and other factors and give you this information, We don’t believe in inflating prices to get a listing, and we don’t want your property to sit on the market.
2. Professional Marketing Materials
Our Marketing and Design specialist will make an appointment to come to the home to take the following:
a. Professional photographs
b. Stunning video internally and externally
c. Room Measurements
d. Inventory List Preparation
e. Detailed description write up of the home
3. International Marketing Portals and Strategy
Your property will be featured on at least 5 of the best international property portals reaching English, Russian, Scandanavian, and Turkish markets.
We have a large database whereby we send mail-shots featuring your property. Sole Agency clients receive a full page dedicated mail shot.
We actively market on Social Media and receive excellent results this way.
Professional signage at and near your home is crucial to increase our success rate with the sale of your property. This is provided at no charge.
Finally, we have local and international partners. We find teamwork is essential in this highly competitive property market, which is why we have trusted local and foreign partner agents to boost your properties visibility.
If you are interested in selling your property, contact us at info@cypruscoastandcountry.com or call at +90.533.841.4910 to schedule your free Valuation or have a chat to learn more.
Potential Costs Associated with Selling your Property
Although Coast & Country only gets paid agreed commission when we sell your property successfully, there are other costs you should be aware of that you may or may not be liable for.
1.Legal Fees
Although you may have paid Legal Fees when assigning POA and purchasing a property in North Cyprus, it is required to use a solicitor to sell your property as well. This requires a new POA and is a separate fee and transaction, which can cost typically up to 1500 gbp.
2. Administrative Fee
If the title deed of your property is still under the name of the Developer, you are most likely liable to pay an Administrative Fee which covers the Developer’s legal costs required to prepare a transfer of contracts. Your initial sales contract will be transferred into the new Buyers name.
3. Capital Gains Tax
Every private individual has a once in a lifetime tax free sale option for a house and land not exceeding 1 donum (14,400 square feet or approximately 1338 square metres). Should the land exceed 1 donum in size, the once in a lifetime tax free sale option may only be used in connection with the property and the first 1 donum and so Capital Gains Tax will be payable upon the remainder of the land at 2.8%. On all subsequent sales, Capital Gains Tax will be payable at 2.8%, provided you do not sell more than 3 properties in one year, making you a professional Vendor.
For professional Vendors (those selling 3 or more properties), there are no tax exemption rights. Capital Gains Tax is payable on every sale at a rate of 4.7%.
Please note, if you have not yet taken title deed in your name, and the title deed is in another name or Company name, and you sell the property for more than you paid for it, you will most likely be liable to pay 2.8% Capital Gains Tax to the owner for the difference between the price what you bought it for and the selling price. Therefore if you bought it for 80,000 gbp and are selling for 100,000 gbp you may be liable to pay 560 gbp in Capital Gains.
4. VAT
This depends if you are a deemed a Professional Vendor, and / or if your Contract states you must pay VAT.
Please note that the above is for information purposes only. All legal and tax details can only be finalized at time of purchase and with a TRNC solicitor or professional TRNC Conveyancing consultant.