Last updated on May 21st, 2023 at 11:51 am
The state of Northern Cyprus, located in the Mediterranean Sea, has long been known to people as an elite resort, where a unique mild and warm climate prevails, as well as incomparable natural beauty, qualitative medicine and good level of education.
A few decades ago, Northern Cyprus became not only a recreation area, but also developed into a profitable investment platform with perfect weather all year round!. So the acquisition of commercial real estate on the island will not only be a great start in business, but will also help to develop and multiply it.
What types of real estate are commercial premises?
Commercial premises:
- Office buildings.
- Shopping centers.
- Warehouses.
- Hotels.
- Restaurants.
All of the above types of premises are in high demand among businessmen due to their high profitability. What is it connected with? This is due to the fact that there is very little competition on the island in this niche.
The nuances and features of the acquisition of commercial premises (real estate) in Northern Cyprus!
The acquisition of commercial premises, as well as other residential and non-residential real estate in Northern Cyprus is not difficult, but, like in any niche, this kind of legal operation has its own peculiarities and nuances.
The usual procedure for buying premises on the island is carried out according to the following algorithm:
- Making a deposit.
- The procedure for verifying the conformity and authenticity of the documentation with the owner of the object.
- Registration by a legal organization of the act of purchase / sale.
- Familiarization of both parties with the documentation.
- Payment of a special fee, which is called a “stamp”. As a rule, such a fee is half a percent of the total value of the property.
- Payment of fees for the provision of legal services. Payment is made by one of the parties to the transaction or in equal shares by both entities.
- Next comes the stage of approval by the Commission of the Land Committee of Northern Cyprus of the purchase / sale documents.
- Final stage, full payment of the transaction.
Payment can be made both in cash and by bank transfer. The peculiarities of the purchase of commercial premises include the fact that you can be approved for a loan for the purchase of an object, while you do not need to provide any packages of documents, certificates and look for guarantors.Copy textCopy HTML
