Buy a house in Famagusta

Welcome to ATLAS Real Estate Agency! Famagusta is a city in Northern Cyprus with a rich history, wonderful climate and promising opportunities for real estate investment. Located on the eastern coast of the island, the city attracts with its mild Mediterranean climate, developed infrastructure and stable economic environment, creating ideal conditions for living and investment.

How can I buy a house in Famagusta?

Buying a home in Famagusta is an exciting and significant step that requires careful planning and an understanding of local rules and regulations. Here is a detailed process of buying a house in this beautiful city:

• First of all, it is important to determine your budget and home search criteria. Consider factors such as size, location, proximity to infrastructure and other personal preferences.
• Using our agency’s services, you will be able to view a wide selection of available homes that meet your criteria. We will organize showings so that you can personally evaluate each of them.
• After selecting a home, a thorough due diligence of the property should be conducted to confirm that it is legally clean, free of encumbrances and legally built.
• Then a preliminary sale and purchase agreement is drawn up and signed, which fixes the terms of the transaction, price and terms of fulfillment of obligations.
• In accordance with the terms of the contract, payment for the real estate is made, which may be made in several stages.
• After all payments have been completed and the terms of the contract have been fulfilled, the title is registered with the relevant state authorities.

Is there taxation and insurance when buying a house in Famagusta?

Taxation

When buying a property in Famagusta, you will need to pay several types of taxes:

• Transfer Tax: This tax is payable once and is calculated as a percentage of the value of the property. The interest rate may vary depending on the value of the property.
• Annual Property Tax: The amount of this tax depends on the assessed value of your property and is paid annually.

Insurance

Property insurance in Famagusta is not compulsory, but it is highly recommended. It helps protect your property from unforeseen risks such as fire, earthquake, flood and other natural disasters. You can choose different insurance packages depending on what risks you want to cover.

Our experts at ATLAS Agency will help you navigate all the nuances of taxation and insurance.

Is investing in Famagusta real estate profitable?

Investments in real estate in Famagusta are considered profitable due to the constant growth in the value of objects, developed tourism and high rental income potential. The city attracts investors with its stability, beautiful nature and quality of life.

How can a foreigner buy a house in Famagusta?

Foreigners are free to purchase real estate in Famagusta, subject to the acquisition permit, which is a formality. We assist our clients in preparing and submitting all necessary documents.

What’s the downside of living in Famagusta?

As with any place, Famagusta has its own peculiarities. For example, it can get quite hot in the summer months, and in some areas there may be water shortages. However, these minor inconveniences are offset by the quality of life, natural beauty and friendliness of the locals.

Can I buy a house in Famagusta without having citizenship?

Yes, foreign nationals can purchase real estate in Famagusta without the need to have Cypriot citizenship. This opens up excellent opportunities for foreign investors and buyers from all over the world.

What mistakes are made when buying a house in Famagusta?

The most common mistakes are buying without checking the legal purity of the object and not taking into account the additional costs associated with the purchase. At ATLAS we guarantee full transparency of the transaction and provide full legal support.

Contact our managers

If you are interested in buying a house in Famagusta or would like more information, do not hesitate to contact our managers. We are always happy to provide detailed advice and help you find the perfect home in this wonderful corner of Cyprus.