What is a Pre-Sale?
In North Cyprus real estate, a pre-sale refers to the process of selling properties, such as villas or condos, before they are built or completed. It allows buyers to purchase a property that is still under construction or in the planning stages.
During a real estate presale, developers or builders offer potential buyers the opportunity to reserve a property by paying a deposit or signing a contract. Buyers often get the advantage of securing the property at a lower price compared to its expected market value upon completion.
Pre-sales in North Cyprus are beneficial for both buyers and developers. Buyers can secure a desirable property early, at a lower price, and have the opportunity to customize certain aspects of the property. Developers, on the other hand, can use presales to gauge demand, secure financing, and ensure a certain level of sales before the project is completed.
It's important for buyers to research and understand the terms and conditions of a real estate presale, as well as the reputation and track record of the developer, to ensure a smooth and satisfactory experience.
Can you sell before completion?
Yes, it is possible to sell a presale property before completion in North Cyprus. This is known as an assignment sale. In an assignment sale, the original buyer of the presale property sells their purchase contract to another buyer before the construction is completed and ownership is transferred.
However, it's important to note that developers may have specific rules and regulations regarding assignment sales. They may require the original buyer to obtain their permission or pay assignment fees before transferring the contract to a new buyer. These rules and fees can vary depending on the developer and the terms outlined in the presale agreement.
Additionally, it's crucial for the original buyer to consider any potential tax implications, including capital gains taxes, associated with selling the presale property before completion.
How much down payment is required for a presale property in North Cyprus?
Presale properties in North Cyprus typically require a substantial down payment, which can range from 35% to 40% of the purchase price.
The down payment is usually paid in full before construction period.
What are the benefits of buying a presale property?
Buying a presale property allows buyers to secure a property at a lower price compared to its expected market value upon completion. It also provides an opportunity to customize certain aspects of the property and potentially benefit from price appreciation during the construction period.
Hidden costs of a pre-sale project
When buying a presale property in North Cyprus, there are several potential hidden costs that buyers should be aware of.
These include:
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5% VAT: VAT is paid when you get your sales contract of property.
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Trafo or Water & electricity connection fee is around £1500 - £2500.
Our Investment Process
STEP 1
Consultation
STEP 2
Property Selection
STEP 3
Negotiation & Purchase
STEP 4
Closing & After Sales Support
Our Quality Guarantee
At North Cyprus Properties, we take pride in providing you with quality service. Our Investment Consultants are here to ensure that you get the best possible return on investment. We guarantee that our properties are developed with your needs in mind, ensuring that you get the property that suits your needs. Invest in paradise with North Cyprus Properties today!