When buying property in North Cyprus, there are several taxes and fees to consider. Here is an overview of the most common costs when buying a property in North Cyprus:

1. Stamp Duty

• Stamp Duty: 0.5% of the purchase price.
• This tax is typically paid when the purchase contract is signed.

2. Property Transfer Tax

• 6% of the purchase price is paid upon registration of the sales agreement
• 6% of the purchase price is paid upon transfer of title

3. VAT (KDV – Katma Değer Vergisi)

• VAT: 5% of the purchase price.
• This tax is usually applied to new properties or when the seller is a developer. It often doesn’t apply to resale properties, but this depends on the seller and the specific circumstances.

4. Registration Fees and Legal Costs

• Legal Fees: Around £1,000 – £1,500 GBP, depending on the services provided.
• Registration Fees: Typically £100 – £200 GBP for registering the purchase contract and other legal documents.

5. Additional Costs

• Water/water meter connection – £1500
• Electricity/meter connection – £1500
• Wireless internet connection (WIFI) – £200
• Property tax – 1.5 TL per square meter/year
• Municipal Fees: These can vary but are generally modest and may include maintenance fees for shared areas in apartments.
• Insurance: Many buyers choose to insure their property, which can cost from £100 GBP and upwards annually, depending on coverage.

Summary of Costs for Buying Property in Northern Cyprus:

In total, additional costs on top of the purchase price can amount to around 12,5 % – 17,5 % of the property’s price, depending on taxes, fees, and whether the property is new or a resale.