With its beautiful climate, safe streets, and cheap living opportunities Cyprus is a perfect place to settle for many. In this essay we will answer the question of can I buy a house with an exchange title deed for those who want to settle in Cyprus. Considering that different types of title deeds are stumbled upon frequently by future buyers who are researching about the local real estate market, it is highly necessary to shed light on the questions of is it safe to buy a property with an exchange title deed.
Over the recent years, Northern Cyprus has become an attractive country for investors and people who want to own a property due to affordable Cyprus house prices for sale. The demand for real estate in the island has also been increasing due several advantages that come with owning a property in Cyprus such as rental incomes you can gain from renting your property and the short turnover times of properties that vary between 8-12 years.
In our previous article, we informed you on Types of Title Deeds in Cyprus: How many are there? How are they different?. View this article to understand the different types of title deeds in Cyprus as they will be frequently encountered during your research regarding Cyprus house for sale.
Before answering the questions of can i buy a house with an exchange title deed? And is it safe to buy a house with an exchange title deed? let us briefly summarise the different types of title deeds in Cyprus. Due to political reasons, there are 3 different title deed (koçan) types in Cyprus.
- Turkish Title Deed: It is the title deed given to houses, lands, and workplaces owned by Turkish Cypriots or foreign citizens before 1974.
- Exchange Title Deed: It is the type of title deed for properties given by the TRNC state to Turkish Cypriots who had property in the south of Cyprus when they relocated to North Cyprus in 1974.
- TMD Turkish Mainland Deed: It is the title deed of property given by the Turkish Republic of Northern Cyprus as a reward to Cypriot citizens or people from certain countries after 1974 as an incentive for them to settle down in the country.
Those who encounter these types of title deeds, which are usually a determining factor in the prices of Cyprus houses for sale, are constantly wondering which title deed type is safe to buy when purchasing a property.
Is it safe to buy a house with an exchange title deed? Can I buy a house, flat or commercial property with an exchange title deed?
The title deed types that are special for Cyprus due to political reasons confuse many locals and foreigners. Naturally, the question of can i buy a house with an exchange title deed is an important question future buyers have.
Exchange title deed is a title deed issued by the TRNC state in return for real estate in the South. In other words, the property is guaranteed in return for real estate left by Cypriots who migrated from the South to the North. Without leaving any question in your mind, you can buy a house, villa, flat, summer house, shop or land with an exchange title deed in Northern Cyprus. Hence, we have now answered the question of should I buy a house with an exchange title deed?
For other details about the real estate market of Cyprus, you can take a look at our article on Things to Consider When Buying a House in Cyprus. If you are considering making a real estate investment in Cyprus, you can benefit from our free real estate consultancy service by contacting us via the contact button at the bottom of the page.
